Mining Equipment Market Size, Share & Trends Analysis Report By Equipment Type (Underground Mining Equipment, Surface Mining Equipment), By Application (Metal Mining), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global mining equipment market size was estimated at USD 135 billion in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 5.1% from 2023 to 2030. Ongoing digital mine innovation is expected to transform the key aspects of mining during the next few years. Increased investment, along with government support for 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.

The global outbreak of the COVID-19 crisis has made serious economic impacts across various industries, including the mining sector. The lower levels of economic activity due to the lockdown restrictions during the pandemic had significantly affected the demand for coal. In the coming years, the mining sector is expected to transform into a climate-smart industry. As a result, the mining companies are now looking forward to adopting electrification rather than conventional fuels like diesel.

Crushed rock, cement, gold, construction, industrial sand, gravel, iron ore, copper, and many more commodities regularly mined in the U.S. Thus, the rising demand for coal, gas, and oil sands, along with technological developments, is expected to drive this industry in the U.S. Some of the key manufacturers in the U.S. are Caterpillar Inc.; Metso Qutotec; Komatsu Ltd.; Boart Long year Ltd; Sany Group; and Liebherr.

The mining industry requires a large amount of energy to extract and protect resources, including a variety of refining and concentration processes. The decrease in the average copper ore grade has led to an increase in energy consumption and total material production, thereby propelling the demand for high-performance mining equipment.

人工智能(AI)的公司in mining equipment increases their efficiency, along with enhancing the productivity of mines and ensuring the safety of miners. Smart data and machine learning have also been adopted in the global mining industry across the world. The technological advancements are anticipated to propel the market demand throughout the forecast period.

在tegration of automated technology in mining operations is expected to boost the demand for innovative mining equipment for firms to remain competitive. The demand for these automated solutions and equipment is expected to be higher in developed markets as the use of advanced technology requires highly skilled labor and strong network connectivity.

Equipment Type Insights

The surface mining equipment type segment led the market and accounted for a 38.9% share of the global revenue in 2022. During the forecast period, rising demand for iron ore, coal, diamonds, and chromium in emerging nations is anticipated to open new opportunities for surface mining equipment. As the use of this equipment spreads, it has enabled selected mining activities that involve the exploration of high-quality resources and the construction of embankments and stable surfaces.

Underground mining has changed its operating systems through the evolution of equipment. The mine transportation system is crucial to underground mining. The sturdy manufacturing and high impact force of underground mining equipment make it an efficient piece of equipment for subterranean operations and therefore, fueling the demand for underground mining equipment during the forecast period.

The crushing, pulverizing & screening equipment type segment is expected to register a CAGR of 4.3% during the forecast period. Owing to the rise in demand for fixed and wheeled product lines, manufacturers of processing equipment for crushing, pulverizing, and screening anticipate stronger sales. The demand and use of mobile crushing, pulverizing, and screening processing equipment are also anticipated to increase, contributing to the expansion of the global market.

segme演习与断路器系统设备类型nt accounted for a 6.9% share of the global revenue in 2022. The mining drills & breakers are anticipated to rise during the forecast period owing to the global expansion of mining activities coupled with technological advancements such as IoT, automation, infrared, optical micro cameras, and artificial intelligence.

Application Insights

The coal mining application led the market and accounted for a 37.8% share of the global revenue in 2022. The mining equipment is expected to witness significant growth in coal mining applications. The growth is attributed to its increased demand for electricity generation. Coal mining equipment has expanded its purposes and adoption as the excavation of coal has boomed.

The metal mining application segment is likely to expand at a CAGR of 6.1% throughout the forecast period. Owing to increased resource exploration and strong demand for precious metals such as silver, gold, copper, and iron, the metal mining market is expected to grow as a significant application segment.

Owing to constantly improving technology, mining for rare earth metals has recently gained traction. The current high levels of investment in new technology recommend that for large metal mining operations, there is a focus on long-term value. In addition, newer methods of exploitation will emerge to maximize production cost-effectively.

Underground mining equipment is used to excavate hard minerals usually those containing metals such as ore containing gold, silver, copper, zinc, and nickel. For instance, the 3D geological model shows the size and shape of the mineral deposits, making it easier to devise mining and exploration strategies.

Regional Insights

Asia Pacific led the market and accounted for a 35% share of the global revenue in 2022. The increasing shift toward clean energy resources and the adoption of electric vehicles in developing countries such as China and India are expected to drive market growth in the coming years.

North America region is likely to expand at a CAGR of 4.1% 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 market growth. In addition, the shift from traditional underground mining to cutting-edge, cost-effective open-pit mining is anticipated to drive the demand for these products during the forecast period.

Europe is likely to develop at a CAGR of 4.5% during the forecast period. The manufacturers growing emphasis on carrying out underground mining activities, reducing carbon emissions, and increasing worker safety in Europe has resulted in a rise in demand for the electrification of underground mining equipment.

Central & South America accounted for an 8.6% share of the global revenue in 2022. The region is expected to gain traction in the coming years as sizeable investments are boosting mineral exploration activities. This, along with favorable mining regulations for overseas investors particularly in Colombia, Peru, Brazil, and Chile, is aiding the regional market growth.

Key Companies & Market Share Insights

Manufacturers of mining equipment follow several strategies, including mergers, acquisitions, joint ventures, new product developments, and geographical expansions, to enhance their market penetration and cater to the changing technological demand for equipment from various applications such as metal mining, non-metal mining, and coal mining.

For instance, 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. Some prominent players in the global mining equipment market include:

• Epiroc

• Boart Long year Ltd

• Caterpillar Inc

• China Coal Energy Group Co. Ltd

• Vipeak Mining Machinery Co. Ltd

• Guangdong Leimeng Intelligent Equipment Group Co. Ltd

• Henan Baichy Machinery Equipment Co. Ltd

• Komatsu Ltd

• Liebherr

• Metso Qutotec

Mining Equipment Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 141.31 billion
Revenue forecast in 2030	USD 201.55 billion
Growth Rate	CAGR of 5.1% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD billion and CAGR from 2023 to 2030
Report coverage	Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends
Segments covered	Equipment type, application, region
Regional scope	North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country Scope	U.S.; Canada; Mexico; Germany; Sweden; France; U.K.; Italy; Norway; Finland; China; India; Japan; South Korea; Australia; Brazil; Argentina; Saudi Arabia; South Africa
Key companies profiled	Epiroc; Boart Long year Ltd; Caterpillar Inc; China Coal Energy Group Co. Ltd; Vipeak Mining Machinery Co. Ltd; Guangdong Leimeng Intelligent Equipment Group Co. Ltd; Henan Baichy Machinery Equipment Co. Ltd; Komatsu Ltd; Liebherr; MetsoQutotec
Customization scope	Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
革命制度党cing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

GlobalMining Equipment MarketSegmentation

This report forecasts revenue growth at global, regional & country levels along with provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global mining equipment market report based on the equipment type, application, and region:

• Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Underground Mining Equipment

  • Surface Mining Equipment

  • Crushing, Pulverizing & Screening Equipment

  • Drills & Breakers

  • Others

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Metal Mining

  • Non-metal Mining

  • Coal Mining

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Norway

    • Sweden

    • Finland

  • Asia Pacific

    • China

    • Japan

    • 在dia

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa