Mining Equipment Market Growth, Trend, Share, Report to 2030 (2024)

Global Mining Equipment Market Insights Forecasts to 2030

• The global mining equipment market was valued at USD 132.4 Billion in 2021.
• The Market is growing at a CAGR of 5.72% from 2022 to 2030
• The global mining equipment market is predicted to touch USD 208.9 Billion by 2030
• North America is expected to grow the fastest during the forecast period.

The global mining equipment market is on track to hitting USD 208.9 Billion by 2030, at a CAGR of 5.72% during the forecast period 2022 to 2030. Increased investment, along with government support for the digital mine innovation, is expected to trigger the demand for mining equipment during the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to the betterment of ore grades, thus extending the life of older mines.

Market Overview

Mining is the process of removing natural resources from the earth, such as coal and metals. Mining equipment is also utilised in this process. Utilizing specialised mining machinery like trucks, loaders, diggers, etc., the material is extracted underground and frequently hauled to the surface for additional processing using skip or elevators.

Worker safety is one of the main objectives in the mining industry. Many business players are addressing safety concerns by automating formerly done by human labour in order to help secure worker protection. Automation, or the use of devices and other control systems to carry out tasks that would otherwise be done by people, is becoming more and more common in mines all around the world. Because automation gives mines more control over their manufacturing processes, they are able to produce finished commodities of superior quality. In mining, automation has most significantly increased worker safety in a number of ways. Consequently, it is possible to establish a safer working environment through the use of technology.

Worker safety is one of the main objectives in the mining industry. Many business players are addressing safety concerns by automating formerly done by human labour in order to help secure worker protection. Automation, or the use of devices and other control systems to carry out tasks that would otherwise be done by people, is becoming more and more common in mines all around the world. Because automation gives mines more control over their manufacturing processes, they are able to produce finished commodities of superior quality. In mining, automation has most significantly increased worker safety in a number of ways. Consequently, it is possible to establish a safer working environment through the use of technology.

A growing urban population raises demand for natural resources like oil, which is expected to raise demand for mining equipment that drives the p the market growth over the coming years. The rise of population growth and natural resources has an impact on how well the climate can adapt, especially in emerging countries with rapidly shifting demographics and resource-dependent economies.

The increasing population will result in more consumption of natural resources, contamination of the environment, and changes in how land is used, such as urbanisation. Local ecosystems will be directly impacted by changes in global demographic trends in resource use and climate change. In addition, the population has grown considerably over the past several years, which has led to a rise in mineral consumption. Due to the fact that practically everyone uses these items, the need for them is driven by population growth, which is also anticipated to boost the market. A further aspect contributing to the surge in mineral demand is an increase in family income, which is good for the market's development.

The mining sector has been severely impacted by the COVID-19 epidemic, which has significantly reduced demand for mining equipment. Lockdown on the whole planet caused industries to close their doors, which halted the manufacturing of mining equipment. This further hampered its distribution network and supply chain. In addition to halting technological advancements in mining equipment, ongoing lockdowns also reduced demand for mining equipment. Due to the pandemic's impact on the world's financial crises, unemployment, and other problems that have caused individuals to lose more money than ever before, the market for expensive commodities like gold, silver, diamonds, and other gems has completely dried up. The demand for mining equipment was also adversely impacted by the ongoing travel restrictions placed on the import-export of raw materials and the recurrent cancellation of mining projects.

Report Coverage

This research report categorizes the Market for global Equipment Types based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the mining equipment market. Recent Market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Mining Equipment Market sub-segments.

Segmentation Analysis

• In 2021, the surface Mining Equipment category dominated the Market with the largest Market share of around 37.8% and Market revenue of 78.9 Billion.

Based on the Equipment, the global Mining Equipment Market is categorized into Surface Mining Equipment, Underground Mining Equipment, Mineral Processing Equipment, And Others. The surface mining equipment type segment dominated the market and accounted for around 37.8% share of the global revenue in 2021. Increasing demand for iron ore, coal, diamonds, and chromium in emerging nations anticipated to open new opportunities for surface mining equipment during the forecast period. As the usage of this equipment grows, it has permitted specific mining tasks such as resource discovery and the construction of embankments and stable surfaces.

Moreover, the underground mining equipment type segment accounted for significant share of the global revenue in 2021. Underground mining equipment's strong manufacturing and high impact force make it an efficient piece of equipment for subterranean activities, boosting demand for underground mining equipment throughout the predicted period.

• The Coal Mining Category dominated the market around 36.5% market share in 2021

The coal mining application led the mining equipment market and accounted for around 36.5% share of the global revenue in 2021. Mining equipment is predicted to develop significantly in coal mining applications. The rise is related to increased demand for power generation. As the extraction of coal has increased, so has the use of coal mining equipment. Therefore, it is anticipated that the coal mining category will continue to dominate the market during the projection period.

• The Metal Mining category is expected to grow at a CAGR of around 6.2% over the forecast period.

Based on the Application, the Mining Equipment Market is categorized into Metal Mining, Non-Metal Mining, And Coal Mining. The metal mining category is anticipated to grow at higher CAGR of around 6.2% during the forecast period. Some of the factors such as high demand for precious metals, favorable government initiatives, and rise in hauling of metal deposits are supporting the metal mining industry. However, the non-metal mining sub-segment is anticipated to attain the fastest growth rate in the coming years driven by the demand for the extraction of stones, rocks, and sand.

• The Electric Vehicle Category is expected to grow at significant CAGR over the next few years

The electric vehicle category will grow at significant growth rate in the coming years. Manufacturers are focusing on the production of environment-friendly mining tools and highly reliable machineries that do not cause any harm to the environment. Many developing nations are adopting the hybrid technology in the production of mining equipment to embrace sustainability. Increasing awareness in well-developed countries about environment-friendly and sustainable mining products is a factor driving the global market growth.

Regional Segment Analysis of the Mining Equipment Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific emerged as the largest regional Market for the global Mining Equipment Market, with a Market share of around 37.5% in 2021.

• Asia-Pacific led the global mining equipment market and accounted for 37.5% share in 2021. The growing move toward renewable energy resources, as well as the adoption of electric cars in developing nations like as China and India, are projected to fuel market expansion in the next years.
• North America region is likely to expand at a CAGR of around 4.3% during the forecast period. Rising mineral mining activity, increased use of cutting-edge mining equipment, and government initiatives in North America are the major drivers boosting the market growth. In addition, the shift from traditional underground mining to cutting-edge, cost-effective open-pit mining anticipated to drive the demand for these products during the forecast period.

Competitive Landscape

The report offers the appropriate analysis of the key organizations/companies involved within the global Mining Equipment Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.

List of Key Market Players:

• Liebherr Group
• Caterpillar Inc.
• Komatsu Ltd
• Epiroc
• BelAZ
• Hitachi Construction Machinery Co. Ltd
• Deere & Company
• Sandvik AB
• AB Volvo
• Xuzhou Construction Machinery Group Co., Ltd.

Key Target Audience

• Market Players
• Investors
• Softwares
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Some of the Key Developments:

• In September 2022, Epiroc introduced Boomer E10 and E20 drill rigs. The drill rigs have automated technologies that improve operator safety and productivity, as well as an optional battery-electric driveline for lower environmental impact and better underground conditions.
• In September 2020, Sandvik unveiled its AutoMine Concept vehicle, which is based on the latest technologies and equipped with completely new sensing capabilities and artificial intelligence to enhance mining operations.
• In May 2020, Caterpillar introduced a new platform, MineStar Edge, to provide the Cat MineStar Solutions suite of technologies. This platform provides mining firms with an operational ecosystem. Rather of keeping data in separate silos, Edge enables managers to observe how early-stage operations affect the value chain.

Market Segment

This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Mining Equipment Market based on the below-mentioned segments:

Global Mining Equipment Market, By Equipment Type

• Underground Mining Equipment
• Surface Mining Equipment
• Crushing
• Pulverizing & Screening Equipment
• Drills & Breakers
• Others

Global Mining Equipment Market, By Application

• Metal Mining
• Non-Metal Mining
• Coal Mining

Global Mining Equipment Market, By Powertrain Type

• IC Engine Vehicle
• Electric Vehicle

Global Mining Equipment Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa