According to the report, the global mining equipment market was worth around USD 24.14 Billion in 2023 and is predicted to grow to around USD 34.95 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.20% between 2024 and 2032.
Zion Market Research has published a new report titled “Mining Equipment Market by Product (Mineral Processing Equipment, Surface Mining Equipment, Mining Drills & Breakers, Underground Mining Equipment, Crushing, Pulverizing, & Screening Equipment, and Others) and by Application (Metal Mining, Mineral Mining, and Coal Mining): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”.
The growing trend of transitioning to digital mining is the major growth factor in the mining equipment market. Major mining sites are on the verge of adopting automated drones, vehicles; most of these devices use IoT (Internet of Technology) sensors to capture real-time data. For instance, Rio Tinto Group implemented 3D mapping at the West Angelas mining sites to improve mining exploration activities. However, high machinery cost and lack of skilled personnel might hamper this market’s growth in the upcoming years.
By product, the mining equipment market is segmented into mineral processing equipment, surface mining equipment, mining drills and breakers, underground mining equipment, crushing, pulverizing, and screening equipment, and others. The surface mining equipment segment is anticipated to hold a major share in the mining equipment market in the upcoming years, due to the high adoption rates of these machines, which is fuelled by the rising demand for extraction of various minerals, such as metallic ore, non-metallic ore, and coal. This equipment supports in cost optimization due to its ability to crush, cut, and load in a single process. Based on application, the mining equipment market is categorized into metal mining, coal mining, and mineral mining. The metal mining segment is estimated to dominate during the forecast time period, due to the increase in resource mining and exploration activities and rise in the demand for base metals, such as platinum, gold, and copper. Coal mining, followed by metal mining, contributed considerably to this market in 2017, due to the coal usage in generating electricity.
Based on geography, Asia Pacific is likely to emerge as the leading regional market during the forecast time period, due to the increasing demand for minerals from emerging economies, such as India and China. Increasing infrastructural developments are anticipated to enhance coal’s demand in this region, as it is one of the most significant raw materials for manufacturing steel and cement. In addition, governmental efforts related to consolidating coal mining companies are projected to open new growth avenues for this market in the upcoming years.
Some of the major players operating in the global mining equipment market are-
- Caterpillar Inc.
- CNH Industrial NV
- Bradken Limited
- Sandvik
- Komatsu Ltd.
- Joy Global
- AB Volvo
- Astec Industries Incorporated
- Hitachi Co. Ltd.
- Hyundai Heavy Industries Company Limited
- Metso
- Doosan Group
- Wirtgen Group Holding GmbH
- RCR Tomlinson Limited
- Atlas Copco
- Techint Group
- Bell Equipment Limited
- Liebherr Group
This report segments the global mining equipment market as follows:
Global Mining Equipment Market: Product Segment Analysis
- Mineral Processing Equipment
- Surface Mining Equipment
- Mining Drills & Breakers
- Underground Mining Equipment
- Crushing, Pulverizing, & Screening Equipment
- Others
Global Mining Equipment Market: Application Segment Analysis
- Metal Mining
- Mineral Mining
- Coal Mining
Global Mining Equipment Market: Regional Segment Analysis
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
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