Mining Equipment Market Size To Reach $239.44 Billion By 2033

November 2025 | Report Format: Electronic (PDF)

Mining Equipment Market Growth & Trends

The global mining equipment market size is estimated to reach USD 239.44 billion by 2033, registering a CAGR of 5.6% from 2025 to 2033, according to a new report by Grand View Research, Inc. The introduction of automated mining equipment at the major mine sites and the increasing demand for efficient mining equipment is expected to propel the demand during the forecast period.

Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.

The adoption of automation and autonomous systems has led to significant developments in the global mining industry. In addition, the usage of autonomous machines such as drillers, Load Haul and Dump Loaders (LHDs), and carrying trucks at mining locations is rapidly increasing worldwide, thereby fueling the market demand for these products during the forecast period.

The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is boosting the demand for mining equipment, thereby leading to the growth of the market for this equipment worldwide.

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

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Mining Equipment Market Report Highlights

By equipment type, the surface mining equipment accounted for 39.0% share of the global revenue in 2024. The expansion of the surface mining equipment market is anticipated to rise from the growing demand for excavators in the oil & gas and construction industries.
Underground mining equipment segment is expected to register a healthy growth during the forecast period. The sturdy manufacturing and high impact force of the equipment make it an efficient piece for subterranean operations, thereby fueling the demand during the forecast period.
By power source, the gasoline segment accounted for the largest market revenue share in 2024, driven by its widespread availability, lower upfront cost, and suitability for light to medium-duty mining tasks.
By power output, the 500-2000 HP segment accounted for the largest market revenue share in 2024, driven by its broad applicability across both surface and underground mining operations, making it one of the most widely used power ranges in the mining equipment industry.
By application, the metal mining application segment is expected to witness the fastest CAGR over the forecast period. Owing to increased resource exploration and strong demand for precious metals such as silver, gold, and others, the metal mining market is expected to grow as a significant application segment.
Asia Pacific accounted for around 35.6% share of the global revenue share in 2024. The increasing shift towards clean energy resources and the adoption of electric vehicles in developing countries such as China and India is expected to drive market growth in the forecast period.