What is the global market size of Mining Equipment Market?

Mining Equipment Market size was valued at USD 128.45 billion in 2021 and is poised to grow from USD 135 billion in 2022 to USD 201.55 Billion by 2030, at a CAGR of 5.1% during the forecast period (2023-2030).

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 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.

Mining Equipment Market Report Snapshots

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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).

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. 'Caterpillar Inc.', 'Komatsu Ltd.', 'Hitachi Construction Machinery Co. Ltd.', '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'

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.

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.

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.

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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

Mining Equipment Market Dynamics

Mining Equipment Market Report Snapshots

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What is the global market size of Mining Equipment Market?

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