USD 135 billion
Mining Equipment Market Size, Share, Growth Analysis, By Equipment Type(Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment), By Application(Metal Mining, Non-metal Mining, and Coal Mining), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2035 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
66
|Figures:
75
Mining Equipment Market Insights
Mining Equipment Market size was valued at USD 135 billion in 2022 and is poised to grow from USD 141.89 billion in 2023 to USD 211.23 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).
The rise in innovation in digital mine is projected to revolutionize important parts of mining over the next few years. Growing investments, in addition to government backing for digital mine innovation, is expected to drive mining equipment demand during the forecast period. Improvements and advancements in extraction technology and equipment have led to higher ore grades, extending the life of existing mines. The global breakout of the COVID-19 crisis has had major economic consequences in a variety of industries, including mining. Lower levels of economic activity due to lockdown restrictions during the global epidemic had a severe impact on coal demand. The mining industry is projected to develop into a climate-smart enterprise in the next few years. As a result, mining businesses have begun to look forward to using electricity instead of traditional fuels such as diesel. The mining sector requires a significant amount of power to extract and protect resources, which includes a variety of refining and extraction processes. The drop in average mineral grade has increased energy consumption and overall material production, driving up demand for powerful mining equipment.
The use of artificial intelligence (AI) in mining machinery improves efficiency while also increasing mine productivity and ensuring miners' safety. Smart data and artificial intelligence have also been employed in the worldwide mining business. Technological advancements in this field are expected to drive market demand throughout the projection period. In order for businesses to remain competitive, the adoption of automated technology in the mining industry is expected to raise demands for new mining equipment. The usage of advanced technology necessitates highly qualified labor and good network connectivity, therefore demand for these automated solutions and equipment is projected to be stronger in developed economies.
US Mining Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Metal Mining
Fastest Growth
Metal Mining
Growth Rate
5.10% CAGR
Global Mining Equipment Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Mining Equipment Market Segmental Analysis
The global mining equipment market is segmented based on equipment type, application and region. In terms of equipment type, the market is segmented into underground mining equipment, surface mining equipment, crushing, pulverizing & screening equipment, mining drills & breakers, others. By application the market is segmented into metal mining, non-metal mining, and coal mining. In terms of region, the global mining equipment market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Mining Equipment Market Analysis by Equipment Type
Surface mining equipment segment dominated the market, accounting for 38.9% of worldwide revenue in 2022. Growing demand for iron ore, coal, gemstones, and chromium in emerging markets is expected to create new opportunities for surface mining gear during the projection period. As the usage of this machinery spreads, it has permitted specific mining activities such as the discovery of high-quality deposits and the building of banks and stable surfaces.
The advancement of equipment has resulted in changes to underground mining's operational systems. The mine transport network is critical to underground mining. Underground mining equipment's robust manufacturing and high impact force make it an efficient piece of machinery for subterranean activities, boosting demand for mining gear during the predicted period.
The crushing, pulverizing, and screening machine type industry is estimated to develop at a CAGR of 4.3% during the forecast period. Crushing, pulverizing, and screening equipment manufacturers anticipate improved sales due to increased demand for fixed and mobile product lines. Mobile crushing, pulverizing, and screening machinery demand and use are also predicted to expand, contributing to the global market's growth.
Mining Equipment Market Analysis by Application
The coal mining sector led the market, accounting for 37.8% of worldwide revenue. The mining equipment market is predicted to increase significantly in coal mining applications. The growing need for electricity generation is attributed to the company's expansion.
The metal extraction section is estimated to develop at a CAGR of 6.1% during the forecast period. Metal mining is expected to become a more significant application area as a result of increased resource development and strong demand for costly metals such as silver, gold, copper, and iron.
Mining for rare earth metals has lately gained traction as a result of constantly improved technologies. The current substantial amounts of expenditure in new technology suggest that major metal mining companies should prioritize long-term value. Furthermore, fresh methods of exploitation will arise to maximize production while remaining cost-effective.
Global Mining Equipment Market By Application 2021 (%)
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Mining Equipment Market Regional Insights
By 2032, the Asia Pacific mining equipment market is projected to achieve a substantial revenue milestone of USD 70 billion, driven by the rapid integration of automated solutions and the continual modernization of mining methodologies. This region boasts a formidable array of coal and metal mining ventures, effectively catering to the escalating industrial demand for essential metals and minerals.
Over the forecast period, Europe is poised to experience substantial development, anticipated to achieve a CAGR of 4.5% in 2022. This growth trajectory is primarily attributed to manufacturers placing heightened focus on executing underground mining operations in the region, while concurrently prioritizing objectives centered around carbon emission reduction and bolstering worker safety.
Global Mining Equipment Market By Geography, 2021-2030
- Largest
- Fastest
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Mining Equipment Market Dynamics
Mining Equipment Market Drivers
Rising Usage of Electric Machinery in Underground Mining to Propel Market Growth
- The utilization of diesel engines in underground mining equipment poses numerous challenges, including heightened noise levels, increased heat emissions, and the release of pollutants, all of which contribute to unfavorable working environments. Moreover, the installation of diesel-powered machinery demands sufficient ventilation systems to manage emissions. In contrast, the adoption of electric mining machinery or battery-operated equipment presents a solution that enhances safety within these settings.
Mining Equipment Market Restraints
Environmental Concerns
- The negative impact of mining on the environment, such as soil erosion, deforestation, and water pollution, is a significant restraint for the mining equipment market.
Stringent Regulations
- The stringent regulations related to mining operations and safety standards can impact the growth of the mining equipment market, as companies need to comply with these regulations, which can increase their operational costs.
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Mining Equipment Market Competitive Landscape
Mining equipment manufacturers employ a variety of strategies, such as mergers, acquisitions, collaborations, new product development, and geographical expansion, to increase market penetration and meet changing scientific demand for equipment used in metal mining, nonmetal mining, and coal extraction. For example, in September 2022, Epiroc debuted the Boomers E10 and E20 drill rigs. The drill rigs have automated technology that enhance worker security and efficiency, as well as an extra battery-electric driveline for lesser environmental impact and better subsurface conditions.
Top Player’s Company Profiles in Mining Equipment Market
- Sandvik AB
- Liebherr Group
- Atlas Copco AB
- Joy Global Inc.
- Metso Corporation
- AB Volvo
- Doosan Corporation
- CNH Industrial N.V.
- Terex Corporation
- BHP Billiton
- Rio Tinto Group
- Vale S.A.
- Anglo American plc
- Freeport-McMoRan Inc.
- Newmont Mining Corporation
- Barrick Gold Corporation
- Glencore International AG
Mining Equipment Market Recent Developments
-
In July 2023, Komatsu Ltd. unveiled its ambitious plans to introduce the PC210LCE-11 and 200LCE-11, electric 20-ton excavators powered by cutting-edge Li-ion batteries, targeting markets in Japan and Europe. These innovative models marked Komatsu's proactive step toward establishing a niche for electric construction equipment, aligning with the company's commitment to achieve carbon neutrality by 2050. The launch of these excavators represented not just a product expansion but a strategic move to pioneer sustainable solutions in the construction industry, setting the stage for a future where environmentally friendly equipment becomes increasingly prevalent.
-
In July 2023, Metso made headlines with its acquisition of Brouwer Engineering in Australia, signifying a deliberate effort to bolster its global foothold in bulk material handling services. This strategic acquisition was geared toward enhancing Metso's service capabilities, specifically in the realm of bulk material handling, on an international scale.
Mining Equipment Key Market Trends
- Automation and digitization: Automation and digitization are becoming increasingly important in the mining industry, with the adoption of technologies such as autonomous drilling and hauling, real-time data monitoring, and predictive maintenance.
- Electric mining equipment: The mining industry is increasingly adopting electric mining equipment, which offers lower operating costs and reduced carbon emissions compared to traditional diesel-powered equipment.
- Shift towards underground mining: The demand for metals and minerals is driving a shift towards underground mining, which requires specialized equipment and technology.
- Sustainable mining practices: Sustainability is becoming a key focus for the mining industry, with companies adopting sustainable mining practices such as responsible sourcing, reducing carbon emissions, and using renewable energy sources.
- Collaborative partnerships: Collaborative partnerships between mining companies and equipment manufacturers are becoming increasingly important, with companies working together to develop new technologies and improve efficiency and safety in mining operations.
- Mining equipment rental: Mining companies are increasingly turning to equipment rental as a cost-effective way to access the latest mining equipment and technology, without the need for large capital investments.
Mining Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Mining Equipment Market, the Continuing digital mine innovation, is projected to revolutionize important parts of mining over the next few years. Growing investments, in addition to government backing for digital mine innovation, is expected to drive mining equipment demand during the forecast period. Improvements and advancements in extraction technology and equipment have led to higher ore grades, extending the life of existing mines. Sustainability is becoming a key focus for the mining industry, with companies adopting sustainable mining practices such as responsible sourcing, reducing carbon emissions, and using renewable energy sources. Mining companies are increasingly turning to equipment rental as a cost-effective way to access the latest mining equipment and technology, without the need for large capital investments.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 135 billion |
| Market size value in 2031 | USD 211.23 billion |
| Growth Rate | 5.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Mining Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Mining Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Mining Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mining Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mining Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mining Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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