The Global Mining Equipment Market Size is valued at USD 24.80 billion in 2023 and is predicted to reach USD 34.07 billion by the year 2031 at a 4.10 % CAGR during the forecast period for 2024-2031.
Ongoing digital mining, innovation is projected to revolutionize important parts of mines during the next few years. Rising investments and government support for digital mine innovation will likely drive mining equipment demand during the projection period. Advances and advancements in extraction technology and equipment have contributed to higher ore grades, allowing older mines to operate longer. Including artificial intelligence (AI) in mining equipment improves efficiency while increasing yield and maintaining miner safety.
Smart data and machine learning are also used worldwide. Technological advances are expected to drive market demand over the projection period. Incorporating automated technologies in mining operations is predicted to increase requests for novel mining equipment for enterprises to remain competitive. The utilization of advanced technology necessitates highly skilled staff and good network connectivity; therefore, demand for automated solutions and equipment is projected to be stronger in developed economies.
Increased mining activity in Indonesia, India, and China is driven by rising demand for precious metals, coal, and other metal and nonmetal products. The fast expansion of gold mining, driven by the demand for subsurface resources, drives demand for heavy mining equipment. Furthermore, the development of new mining sites is increasing the demand for mining equipment. The increase in material output is also fueling market expansion.
Key Developments:
- In April 2023, the acquisition of AARD Mining Equipment, a South African producer of mining equipment, was completed by Epiroc. AARD, a South African company headquartered not far from Johannesburg, specializes in low-profile underground machinery for mines with low mining heights. AARD also develops, produces, maintains, and supports a wide range of mining equipment.
Competitive Landscape:
Some Of The mining equipment market players:
- Caterpillar Inc
- Komatsu Ltd
- Sandvik Ab
- Epiroc Ab
- Liebherr
- Hitachi Construction Machinery Co., Ltd.
- Doosan Enerbility
- Ab Volvo
- Sany Group
- Liugong Machinery Co., Ltd.
- Kobelco Construction Machinery Co., Ltd
- Sumitomo Heavy Industries, Ltd.
- Xuzhou Construction Machinery Group
- Hyundai Construction Equipment Co., Ltd.
- Terex Corporation
- Bharat Earth Movers Limited
- ASTEC Industries, Inc.
- Wirtgen Group
- Mine Master Ltd.
- Fiori Group S.P.A
- Bell Equipment
- Aard Mining Equipment
- Caterpillar Inc
Market Segmentation:
The mining equipment market is segmented by machinery category, application, power output, propulsion, electric & hybrid mining machining market (by type, by battery chemistry and autonomous mining machining market (by mining category). Based on machinery category, the market is segmented into crushing, pulverizing, screening machinery, mineral processing machinery, surface mining machinery, underground mining machinery. The market is segmented by application into metal, mineral, coal. the market is segmented by power output into < 500 hp,500 – 2,000 hp,> 2,000 hp. the market is segmented by propulsion into diesel, CNG/LNG/RNG. the market is segmented by electric & hybrid mining machining market, by type into electric & hybrid mining trucks, electric & hybrid load haul dump loaders (LHD), the market is segmented by electric & hybrid mining machining market, by battery chemistry into lithium iron phosphate battery (LFP), nickel manganese cobalt battery (NMC), others. The market is segmented by autonomous mining machining market, by mining category into surface mining and underground mining.
Based On Product, The Underground Mining Segment Is A Major Contributor To The Mining Equipment Market
Underground mining will hold a major share of the global mining equipment market in 2022. underground mining has modified its network services. Underground mining relies heavily on the mine mass transit system. Underground mining equipment's robust manufacturing and high impact force make it an efficient piece for underground activities, boosting demand for excavating equipment during the predicted period.
The Metal Mining Segment Witnessed Growth At A Rapid Rate
The metal mining segment is projected to grow rapidly in the global Mining Equipment market. Metal mining is also predicted to drive market expansion. Increasing demand for metals such as steel and aluminum in the building and manufacturing industries is pushing a market expansion of the metal mining equipment market. Speedy urbanization in developing countries such as India and China is another important factor driving metals consumption., especially in countries such as the US, Germany, the UK, China, and India.
The Asia Pacific Mining Equipment Market Holds A Significant Regional Revenue Share
The Asia Pacific Mining Equipment market is predicted to have the most significant revenue share in the near future. In the future years, market growth will be driven by the growing shift toward renewable energy resources and the adoption of electric vehicles in developing nations such as China and India. The region is projected to gain traction in the future years as significant expenditures increase mineral exploration activity. This advantageous mining legislation for foreign investors, particularly in Colombia, Peru, Brazil, and Chile, assists the regional market's growth. On the other hand, the North America region is projected to hold the second-largest share of the market.
Increasing mineral mining activity, greater usage of cutting-edge mining equipment, and government initiatives in North America are the primary factors driving market expansion. Furthermore, during the forecast period, demand for these products is expected to be driven by the transition from traditional underground mining to cutting-edge, cost-effective open-pit mining.
Mining Equipment Market Report Scope:
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Report Attribute |
Specifications |
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Market size value in 2023 |
USD 24.80 Bn |
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Revenue Forecast in 2031 |
USD 34.07 Bn |
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Growth rate CAGR |
CAGR of 4.10 % from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ billion and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments Covered |
By Machinery category, By Application, Power Output, Propulsion, Type, Battery Chemistry, Mining Category |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia; |
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Competitive Landscape |
Caterpillar Inc, Komatsu Ltd, Sandvik Ab, Epiroc Ab, Liebherr, Hitachi Construction Machinery Co., Ltd., Doosan Enerbility, Ab Volvo, Sany Group, Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd, Sumitomo Heavy Industries, Ltd., Xuzhou Construction Machinery Group, Hyundai Construction Equipment Co., Ltd., Terex Corporation, Bharat Earth Movers Limited, ASTEC Industries, Inc., Wirtgen Group, Mine Master Ltd., Fiori Group S.P.A, Bell Equipment, Aard Mining Equipment |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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