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At a CAGR of 6.1% between 2023 and 2030, the mining equipment market is expected to expand from its 2022 valuation of USD 128.49 billion to a peak of USD 201.58 billion.
Predictions for the future of the mining industry assume that recent advances in digital mining will dramatically alter the industry as a whole. Demand for mining equipment is predicted to increase throughout the projection period as a result of rising investments and government support for digital mine innovation. Higher ore grades have been achieved by improvements and innovations in extraction technology and equipment, extending the useful life of existing mines. The mining industry is only one that has been hit hard by the global spread of the COVID-19 crisis. Demand for coal was significantly impacted by the global pandemic's lockdown limitations, which led to lower economic activity. In the coming years, the mining sector is expected to evolve into a climate-aware business. Therefore, mining companies have started to anticipate using electricity rather than conventional fuels like diesel.
Mining uses a lot of energy because of all the procedures involved in refining and extracting the minerals and metals. Due to higher energy consumption and overall material production, demand for powerful mining equipment has increased as a result of the decline in average mineral grade. Artificial intelligence (AI) is being integrated into mining equipment to boost efficiency, which in turn increases mine output and protects workers. The international mining industry has also made use of smart data and AI. Demand in this industry is predicted to increase as a result of technological developments in the sector.
Demand for new mining equipment is predicted to increase as mining companies employ automated technology to maintain competitiveness. Demand for these automated solutions and equipment is expected to be higher in developed economies due to the necessity of highly qualified staff and adequate network connectivity.
Analysis of the Mining Equipment Industry by Product Type
In 2022, surface mining equipment was responsible for 38.9 percent of the market's total revenue. Opportunities for surface mining equipment are likely to increase throughout the forecast period due to rising demand for iron ore, coal, gemstones, and chromium in developing countries. The widespread adoption of this equipment has enabled a variety of mining operations, including the uncovering of precious reserves and the construction of solid foundations. Because of technological progress, underground mining now employs many methods of operation. When working below, the mine transport system is indispensable. The sturdy construction and high impact force of underground mining equipment make it an efficient piece of machinery for underground activities, driving demand for mining gear over the forecast period. During the projected period, the market for crushing, pulverizing, and screening machines is expected to grow at a CAGR of 4.3%. Manufacturers of crushing, pulverizing, and screening equipment expect stronger sales because of rising interest in both stationary and portable machines. The global market for mobile crushing, pulverizing, and screening equipment is also expected to rise.
Application-Specific Analysis of the Mining Equipment Market
The coal mining industry generated the most revenue, at 37.8 percent worldwide. Coal mining is anticipated to be a big growth area for mining equipment. The company's growth can be related to the increasing need for electrical power. During the projection period, the metal extraction sector is expected to grow at a CAGR of 6.1%. Increased resource development and robust demand for precious metals including silver, gold, copper, and iron are driving expectations that metal mining will become an increasingly important application field. Due to constantly developing technologies, rare earth metal mining has recently acquired popularity. Major metal mining firms should focus long-term value in light of the current massive sums being spent on new technology. New ways of exploitation will also emerge to increase output while keeping costs down.
Major Tendencies in the Market
Technologies like autonomous drilling and hauling, real-time data monitoring, and predictive maintenance are examples of the growing importance of automation and digitization in the mining industry. Compared to typical diesel-powered equipment, electric mining equipment has lower running costs and fewer carbon emissions, hence it is gaining popularity in the mining industry. The demand for metals and minerals is prompting a transition to underground mining, which calls for the use of sophisticated machinery.
Responsible sourcing, cutting down on carbon emissions, and switching to renewable energy sources are just a few examples of the sustainable mining practices that companies in the mining industry are implementing.
In order to develop new technologies and increase efficiency and safety in mining operations, mining corporations and equipment manufacturers are increasingly forming collaborative partnerships. Companies in the mining industry are increasingly turning to equipment rental as a means of gaining access to cutting-edge tools and technology without incurring hefty upfront costs.
Report Coverage
Global Mining Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mining Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mining Equipment 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 Mining Equipment market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mining Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mining Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Mining Equipment market based on the below-mentioned segments:
Global Mining Equipment Market, By 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, Regional Analysis
Predictions for the future of the mining industry assume that recent advances in digital mining will dramatically alter the industry as a whole. Demand for mining equipment is predicted to increase throughout the projection period as a result of rising investments and government support for digital mine innovation. Higher ore grades have been achieved by improvements and innovations in extraction technology and equipment, extending the useful life of existing mines. The mining industry is only one that has been hit hard by the global spread of the COVID-19 crisis. Demand for coal was significantly impacted by the global pandemic's lockdown limitations, which led to lower economic activity. In the coming years, the mining sector is expected to evolve into a climate-aware business. Therefore, mining companies have started to anticipate using electricity rather than conventional fuels like diesel.
Mining uses a lot of energy because of all the procedures involved in refining and extracting the minerals and metals. Due to higher energy consumption and overall material production, demand for powerful mining equipment has increased as a result of the decline in average mineral grade. Artificial intelligence (AI) is being integrated into mining equipment to boost efficiency, which in turn increases mine output and protects workers. The international mining industry has also made use of smart data and AI. Demand in this industry is predicted to increase as a result of technological developments in the sector.
Demand for new mining equipment is predicted to increase as mining companies employ automated technology to maintain competitiveness. Demand for these automated solutions and equipment is expected to be higher in developed economies due to the necessity of highly qualified staff and adequate network connectivity.
Analysis of the Mining Equipment Industry by Product Type
In 2022, surface mining equipment was responsible for 38.9 percent of the market's total revenue. Opportunities for surface mining equipment are likely to increase throughout the forecast period due to rising demand for iron ore, coal, gemstones, and chromium in developing countries. The widespread adoption of this equipment has enabled a variety of mining operations, including the uncovering of precious reserves and the construction of solid foundations. Because of technological progress, underground mining now employs many methods of operation. When working below, the mine transport system is indispensable. The sturdy construction and high impact force of underground mining equipment make it an efficient piece of machinery for underground activities, driving demand for mining gear over the forecast period. During the projected period, the market for crushing, pulverizing, and screening machines is expected to grow at a CAGR of 4.3%. Manufacturers of crushing, pulverizing, and screening equipment expect stronger sales because of rising interest in both stationary and portable machines. The global market for mobile crushing, pulverizing, and screening equipment is also expected to rise.
Application-Specific Analysis of the Mining Equipment Market
The coal mining industry generated the most revenue, at 37.8 percent worldwide. Coal mining is anticipated to be a big growth area for mining equipment. The company's growth can be related to the increasing need for electrical power. During the projection period, the metal extraction sector is expected to grow at a CAGR of 6.1%. Increased resource development and robust demand for precious metals including silver, gold, copper, and iron are driving expectations that metal mining will become an increasingly important application field. Due to constantly developing technologies, rare earth metal mining has recently acquired popularity. Major metal mining firms should focus long-term value in light of the current massive sums being spent on new technology. New ways of exploitation will also emerge to increase output while keeping costs down.
Major Tendencies in the Market
Technologies like autonomous drilling and hauling, real-time data monitoring, and predictive maintenance are examples of the growing importance of automation and digitization in the mining industry. Compared to typical diesel-powered equipment, electric mining equipment has lower running costs and fewer carbon emissions, hence it is gaining popularity in the mining industry. The demand for metals and minerals is prompting a transition to underground mining, which calls for the use of sophisticated machinery.
Responsible sourcing, cutting down on carbon emissions, and switching to renewable energy sources are just a few examples of the sustainable mining practices that companies in the mining industry are implementing.
In order to develop new technologies and increase efficiency and safety in mining operations, mining corporations and equipment manufacturers are increasingly forming collaborative partnerships. Companies in the mining industry are increasingly turning to equipment rental as a means of gaining access to cutting-edge tools and technology without incurring hefty upfront costs.
Report Coverage
Global Mining Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mining Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mining Equipment 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 Mining Equipment market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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 |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Mining Equipment Market from 2021 to 2030.
- Market Forecast for Mining Equipment Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Mining Equipment competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Mining Equipment
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mining Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mining Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
- Market Players of Mining Equipment
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Mining Equipment market based on the below-mentioned segments:
Global Mining Equipment Market, By 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, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The 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
About This Research
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