The global mining equipment market size was estimated at USD 129.11 billion in 2021 and is anticipated to expand at a compounded annual growth rate (CAGR) of 5.1% from 2022 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 the 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 expected to transform into a climate-smart industry. As a result, the mining companies are now looking forward to adopt 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, rising demand for coal, gas, and oil sands, along with technological developments, 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.
The incorporation of artificial intelligence (AI) in mining equipment increases their efficiency, along with enhancing the productivity of mines and ensuring the safety of miners. Smart data and machine learning also adopted in the global mining industry across the world. The advancements in technology anticipated to propel the market demand throughout the forecast period.
Integration of automated technology in mining operations expected to boost the demand for innovative mining equipment for firms to remain competitive. The demand for these automated solutions and equipment expected to be higher in developed markets as the use of advanced technology requires highly skilled labor and strong network connectivity.
The surface mining equipment type segment led the market and accounted for 38.9% share of the global revenue in 2021. During the forecast period, rising demand for iron ore, coal, diamonds, and chromium in emerging nations 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.
The underground mining equipment type segment accounted for 30.2% share of the global revenue in 2021. 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 expected to register a CAGR of 4.2% 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 also anticipated to increase, contributing to the expansion of the global market.
The drills & breakers systems equipment type segment accounted for 6.9% share of the global revenue in 2021. 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.
The coal mining application led the market and accounted for 38.0% share of the global revenue in2021.The mining equipment expected to witness significant growth in coal mining applications. The growth attributed to its increased demand in 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 6.0% 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 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 in a cost-effective way.
Non-metal application accounted for 31.0% share of the global revenue share in 2021. Underground mining equipment 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.
Asia Pacific led the market and accounted for 34.7% share of the global revenue in 2021. The increasing shift towards clean energy resources and the adoption of electric vehicles in developing countries such as China and India expected to drive market growth in the coming years.
North America region is likely to expand at a CAGR of 4.0% 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 the market growth. In addition, the shift from traditional underground mining to cutting-edge, cost-effective open-pit mining anticipated to drive the demand for these products during the forecast period.
Europe is likely to develop at a CAGR of 4.4% 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.
The Central & South America accounted for 8.5% share of the global revenue in 2021. The region expected to gain traction in the coming years as sizeable investments are boosting the mineral exploration activities. This, along with favorable mining regulations for overseas investors particularly in Colombia, Peru, Brazil, and Chile, are aiding the regional growth.
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 of the prominent players in 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
Report Attribute |
Details |
Market size value in 2022 |
USD 135.00 billion |
Revenue forecast in 2030 |
USD 201.55 billion |
Growth rate |
CAGR of 5.1% from 2021 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD billion and CAGR from 2021 to 2030 |
Report coverage |
Revenue forecast, company market position analysis, competitive landscape, growth factors, 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; UK; Italy; Spain; Norway; Finland; China; India; Japan; South Korea; Australia; Brazil; Argentina; Saudi Arabia; South Korea; UAE |
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. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional & country levels along with provides an analysis on the industry trends in each of the sub-segments from 2017 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; 2017 - 2030)
Underground Mining Equipment
Surface Mining Equipment
Crushing, Pulverizing & Screening Equipment
Drills & Breakers
Others
Application Outlook (Revenue, USD Billion; 2017 - 2030)
Metal Mining
Non-metal Mining
Coal Mining
Regional Outlook (Revenue, USD Billion; 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Norway
Sweden
Finland
Asia Pacific
China
Japan
India
South Korea
Australia
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
South Africa
b. Asia Pacific dominated the mining equipment market with a revenue share of 34.7%in 2021.The ongoing industrialization and urbanization and improving public infrastructure, including healthcare, transportation, and sports facilities in countries such as China, India, and South Korea expected to positively affect the growth of the market in the region during the forecast period
b. Some of the key players operating in the 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, and Komatsu Ltd
b. The key factors that are driving the mining equipment market include the introduction of automated mining equipment at the major mine sites, and the increasing demand for efficient mining equipment expected to propel the demand during the forecast period.
b. The global mining equipment market size was estimated at USD129.11 billion in2021 and is expected to reach USD135.00 billion in 2022
b. The global mining equipment market, in terms of revenue, is expected to grow at a compound annual growth rate of 5.1% from 2022 to 2030 to reach USD 201.55 billion by 2030
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.