Overview and Scope
Mining equipment refers to electrical or diesel-powered heavy-duty machinery that involved in excavation of material and are normally hauled to the surface with skips or lifts for further processing. It is used in underground and opencast mines.
Sizing and Forecast
The mining equipment market size has grown strongly in recent years. It will grow from $138.8 billion in 2023 to $149.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to global demand for minerals, rise in construction and infrastructure projects, urbanization and industrialization, commodity price trends, global economic growth.
The mining equipment market size is expected to see strong growth in the next few years. It will grow to $202.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to transition to clean energy, infrastructure investments, technology-driven operational efficiency, electric vehicles market growth, focus on sustainable mining practices. Major trends in the forecast period include introduction of electric and hybrid mining vehicles, application of drones and UAVs for surveying and exploration, digital twin technology for equipment simulation, incorporation of wearable technology for worker safety, development of modular and scalable equipment designs.
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Segmentation & Regional Insights
The mining equipment market covered in this report is segmented –
1) By Product: Mining Drills And Breakers, Crushing, Pulverizing And Screening Equipment, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment
2) By Powertrain Type: IC Engine Vehicle, Electric Vehicle
3) By Application: Metal Mining, Mineral Mining, Coal Mining
Asia-Pacific was the largest region in the mining equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global mining equipment market report during the forecast period. The regions covered in the mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in mining activities is expected to propel the mining equipment market going forward. Mining activity refers to the process of removing valuable minerals, industrial rock deposits, non-metallic mineral deposits, or metallic mineral deposits from the earth's surface, including the oceans. Mining equipment is used in mining activities to help in the process of excavation of deposits and resources from the ground, so an increase in mining activities will propel the market's growth. For instance, in November 2022, according to the Energy Information Administration, a US-based provider of energy information, the production of crude oil in the US in February 2022 increased by 14.05% to 11,316 barrels per day compared to 9,925 barrels per day in 2021. Therefore, the increase in mining activities is driving the growth of the mining equipment market.
Key Industry Players
Major companies operating in the mining equipment market report are Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co Ltd., Komatsu America Corp, Liebherr-International AG, Metso Oyj, Sandvik AB, Epiroc Mining Equipment, Boart Longyear Ltd., China Coal Energy Group Co Ltd., Vipeak Mining Machinery Co Ltd., Guangdong Leimeng Intelligent Equipment Group Co Ltd., Henan Baichy Machinery Equipment Co Ltd., Doosan Infracore Co Ltd., Atlas Copco Ltd., Zhengzhou Coal Mining Machinery Group Co Ltd., Thyssenkrupp AG, Bell Equipment Company South Africa, FLSmidth & Co A/S, H-E Parts International LLC, Paus GmbH, IZ-Karteks imeni P.G. Korobkova OOO, Tenova Mining & Minerals, Mine Master Ltd., CMM Equipments, Osborn Engineered Products SA Pty. Ltd., Normet Group, Remote Control Technologies Pty. Ltd., MacLean Engineering & Marketing Co Limited, Strata Products Worldwide LLC
The mining equipment market report table of contents includes:
1. Executive Summary
2. Mining Equipment Market Characteristics
3. Mining Equipment Market Trends And Strategies
4. Mining Equipment Market - Macro Economic Scenario
5. Global Mining Equipment Market Size and Growth
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32. Global Mining Equipment Market Competitive Benchmarking
33. Global Mining Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mining Equipment Market
35. Mining Equipment Market Future Outlook and Potential Analysis
36. Appendix
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