Mining Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Surface Mining Equipment and Underground Mining Equipment); By Product; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM1398
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global mining equipment market size and share was valued at USD 141.5 billion in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period. During the next several years, the time of digital mining technology is likely to revolutionize critical elements of mining. Throughout the projection period, increased investment and government assistance for digitized mine innovation will likely drive the market demand for the equipment.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the mining equipment market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
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Mining removes materials from the ground, including coal, metals, minerals, water, and oil. According to the application, the market is divided into metal, mineral, and coal mining. Mineral processing equipment, underground mining equipment, surface mining equipment, crushing, pulverizing, mining drills & breakers, & screening equipment, and other forms of mining equipment are all featured in the study. Several mining equipment is used in mining operations, including haulers, excavators, crawler dozers, articulated dump trucks, and crawler excavators.
The growing need for mining equipment propels the market's expansion in regions like Asia-Pacific and Europe for operations like metal, coal, and mineral mining. Urbanization increases the demand for natural resources like oil, which is expected to raise the demand for mining equipment and fuel the market’s growth. For instance, around 590 million people worldwide will move into metropolitan areas by 2030. In addition, developing economies like Asia and Africa are expected to account for more than 50% of global urban expansion in the upcoming years.
One of the major reasons driving the market's growth is the increase in industrialization and urbanization worldwide. The population has increased significantly during the past several years, which has increased mineral consumption. 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 outbreak of COVID-19 had a direct impact on the world economy, affecting all businesses, including mineral excavation. Across key commodities, substantial price declines have been witnessed, although prices in certain cases have remained stable. For instance, the industrial and heating coal market has fallen, but the demand for gold and mineral ores has soared.
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Industry Dynamics
Growth Drivers
The growing industry for metallic mineral products and the increased use of materials such as coal, diamonds, and uranium are two main drivers driving the equipment industry. Furthermore, the growing demand for mineral supplements to boost agricultural yields is predicted to propel the global industry forward. On the other hand, rising raw material costs and rigorous government restrictions are expected to stifle worldwide market expansion.
Nevertheless, rising mining equipment market demand for technologically innovative equipment, increased use of coal for heat treatment and electricity generation, and increased renovation of rail track and road routes through hilly regions are anticipated to provide good possibilities for global industry growth over the projected period. The rising need for mineral supplements to boost agricultural yields and the increased construction of highways and railway tracks across mountainous terrain will likely boost excavation activity in growing countries like India and China.
Report Segmentation
The market is primarily segmented based on type, product, application, and region.
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By Type |
By Product |
By Application |
By Region |
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The Surface Mining Equipment Segment Accounted for the Highest Revenue Share in 2022
Surface mining equipment is expected to account for the highest revenue share, and this market trend will likely continue during the projection period. During the next several years, rising coal consumption, chromium, iron ore, and diamonds in emerging nations will probably generate growth opportunities for surface mining technology. As this technology has grown more frequently employed, it has enabled more targeted mining operations, such as exploring high-quality minerals and constructing embankments and stable platforms.
The Coal Mining Segment Led the Market Revenue Share in 2022
In 2022, the coal mining application dominated the global revenue market share. Applications for mining equipment in coal mining are anticipated to expand significantly. The expansion is attributable to the country's rising need for power production. As coal extraction has increased, so have the uses and usage of coal mining equipment.
Over the projection period, the metal mining application sector is anticipated to grow at a CAGR. The metal mining market is expected to expand as a major application category due to increased resource exploration and strong demand for precious metals, including silver, gold, copper, and iron.
Mining for rare earth metals has become more popular due to continually developing technologies. An emphasis on long-term value is advised for major metal mining operations, given the present high levels of investment in new technologies. To maximize output cost-effectively, new exploitation techniques will also be developed.
Hard minerals, often those containing metals like ore containing silver, gold, zinc, copper, and nickel, are excavated using underground mining equipment. It is simpler to plan mining and exploration plans when using a 3D geological model, for instance, which displays the size and shape of the mineral resources.
Asia Pacific is Leading the Market Share in 2022
During the projected period, Asia Pacific is dominate the market share. Several of the region's emerging countries have large coal-producing zones and big coal and metal extraction businesses that require large capital investments. In the country, there is a growing need for low-emission, low-cost, and elevated equipment.
The Latin America market is expected to witness significant growth owing to the presence of several sites across the region. The growing mineral fuel exploration and soil rich with different types of metal and non-metal deposits is expected to positively impact the market growth over the forecast period positively.
Competitive Insight
Some of the major players operating in the global mining equipment market include AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company, Doosan Corporation, Epiroc AB, Hitachi Co., Ltd., Hyundai Heavy Industries Company Limited, Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, RCR Tomlinson Limited, Sandvik AB, Techint Group, and Terex Corporation.
Recent Developments
- In September 2021, Liebherr-International AG unveiled a new R 9150 G7 digger for mining applications. It's a 130-ton/143-ton digger having a renowned 565-KW/757-HP engine.
- In September 2020, The new Cat 963 crawler loaders replaced the 963K crawler loader. It's a piece of multi-purpose equipment that can dig, load, transport, and fill. It offers up to a 10% increase in fuel efficiency, production, and cab and maneuverability. The 963 complies with EPA Tier 4 Final/EU Stage V pollution requirements inside the U.S.
Mining Equipment Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 148.6 billion |
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Revenue Forecast in 2032 |
USD 223.68 billion |
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CAGR |
5.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Product, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company, Doosan Corporation, Epiroc AB, Hitachi Co., Ltd., Hyundai Heavy Industries Company Limited, Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, RCR Tomlinson Limited, Sandvik AB, Techint Group, and Terex Corporation. |
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FAQ's
Key companies in mining equipment market are AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company.
The global mining equipment market expected to grow at a CAGR of 5.2% during the forecast period.
The mining equipment market report covering key segments are type, product, application, and region.
Key driving factors in mining equipment market are growth in need for mineral fertilizers and rise in demand for technologically advanced mining equipment.
The global mining equipment market size is expected to reach USD 223.68 billion by 2032
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