The Mining Equipment Market size was estimated at USD 142 Billion in 2023 and is expected to reach USD 212.5 Billion by 2031 at a CAGR of 5.15% during the forecast period of 2024-2031.
Over the next several years, it is anticipated that ongoing digital mine innovation will change the fundamental characteristics of mining. During the projected period, there is anticipated to be an increase in investment and government support for digital mine innovation. Older mines have been able to operate longer thanks to advancements and developments in extraction methods and machinery that have improved ore grades. The mining industry is now anticipating switching to electrification from conventional fuels like diesel.
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The United States frequently mines a wide range of commodities, including crushed rock, cement, gold, building materials, industrial sand, gravel, iron ore, and copper. Therefore, it is anticipated that technical advancements and the growing need for coal, gas, and oil sands will propel this business in the United States. Caterpillar Inc., Metso Qutotec, Komatsu Ltd., Boart Long Year Ltd., Sany Group, and Liebherr are a few of the major producers in the United States. The mining sector needs a lot of energy to extract and safeguard minerals, which includes several processing steps for concentration and refinement. The demand for high-performance mining machinery has increased as a result of the decline in the average copper ore grade, which has increased energy use and total material output.
MARKET DYNAMICS
DRIVERS
Rising Mineral Demand Worldwide
Globally expanding urbanization and industrialization have boosted the need for minerals, driving up mining activity and, therefore, the demand for cutting-edge mining machinery.
Technological Progress
Automation, remote control, and data analytics are some of the technological advancements in mining equipment that have increased efficiency and safety and encouraged the use of more modern machinery.
Environment-Related Rules
Mining businesses have been compelled to make investments in equipment that is more ecologically and energy-friendly due to stricter environmental restrictions.
RESTRAIN
The Mining Industry Is Cyclical.
The mining sector is cyclical and heavily reliant on the price of commodities. Mining businesses may reduce equipment acquisitions during a slump.
Costly in capital
Because mining equipment is expensive to buy, run, and maintain, it is difficult for new competitors to enter the market.
OPPORTUNITY
Updating and Retrofitting
There is a chance for manufacturers to offer to retrofit and upgrade services, as mining firms look to prolong the lifespan of their existing equipment.
Resources Are Limited.
The exhaustion of readily available natural resources might result in a rise in demand for machinery that can extract materials from harder-to-reach places, including deep-sea mining.
Energy Transition to Clean
Increased mining will be necessary for resources like lithium, cobalt, and rare earth metals as a result of the transition to clean energy technologies like electric vehicles and renewable energy.
CHALLENGES
Environment-Related Issues
Mining businesses are under pressure to develop environmentally and socially responsible procedures and tools.
Growing Costs of Energy
Energy price fluctuations, particularly in energy-intensive mining operations, can have a major influence on the operational expenses of mining equipment.
Regulatory Conformity
Mining businesses may find it difficult to comply with a complicated web of safety, labor, and environmental rules, which affects the layout and functionality of mining equipment.
IMPACT OF RUSSIAN-UKRAINE WAR
Supply-Chain Breakdowns For mining equipment producers that depend on parts or supplies obtained from the area, the fighting may disrupt supply networks. The availability and price of mining equipment might be impacted by sanctions, transit delays, or higher logistical expenses. Geopolitical Tensions and Commodity Prices Commodity price variations are common. The Profitability and Investment choices of mining businesses might be impacted if the war causes supply interruptions of important minerals or metals. During uncertain times, they could postpone or reduce equipment purchases.
Impact on the World Economy The global economy may be impacted by larger geopolitical conflicts. Reduced demand for minerals brought on by economic downturns or uncertainty may affect the mining equipment industry as businesses modify their investment strategies. Energy Costs Energy costs, a key component of mining operations, can be affected by geopolitical conflicts. The operating costs and investment choices of mining businesses can be impacted by fluctuating energy prices, potentially changing how equipment is purchased.
IMPACT OF ONGOING RECESSION
Mining businesses may reduce their Investment in new mining projects or growth plans during a recession. As a result, businesses may postpone or abandon equipment acquisitions, which might reduce the demand for mining equipment. Economic downturns frequently cause a drop in demand for goods like metals and minerals, which results in lower pricing. Lower commodity prices can have a direct impact on mining businesses' profits and their capacity to make investments in new machinery. Mining businesses' financial resources may be put under pressure during recessions. As a result, they could only have restricted access to funds for upgrading their current gear or buying new equipment.
By Equipment Type
Underground Mining Equipment
Surface Mining Equipment
Crushing, Pulverizing & Screening Equipment
Drills & Breakers
Others
By Application
Metal Mining
Non-metal Mining
Coal Mining
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
Throughout the projection period, the North American region is anticipated to grow at a CAGR of 4.1%; The main factors propelling market expansion in North America include rising mineral mining activity, greater usage of cutting-edge mining equipment, and government efforts. In addition, it is projected that throughout the projection period, the demand for these items will be driven by the switch from conventional underground mining to cutting-edge, economical open-pit mining.
Europe's growth is anticipated to occur at a CAGR of 4.5% during the projection period. Demand for the electrification of underground mining equipment has increased as a consequence of manufacturers' increasing focus on conducting underground mining operations, cutting carbon emissions, and improving worker safety in Europe.
In 2023, Central & South America accounted for 8.6% of worldwide revenue. In the upcoming years, the region is anticipated to take off as significant investments are strengthening mineral exploration operations. This is helping the regional market flourish, combined with advantageous mining policies for foreign investors, especially in Colombia, Peru, Brazil, and Chile.
The major Key players are 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 and others.
Caterpillar Inc-Company Financial Analysis
RECENT DEVELOPMENT
Komatsu Ltd: In July 2023, announced plans to introduce PC210LCE-11 and 200LCE-11 models of its class of 20-ton electric excavators powered by Li-ion batteries in Japan and Europe. Since Komatsu pledges to become carbon neutral by 2050, the market debut of these models provides a chance for the business to create a market for electric construction machinery.
Metso: In July 2023, declared that it had reached a contract to buy Australia's Brouwer Engineering. The goal of this purchase was to increase Metso's ability to provide bulk material handling Equipment Types on a worldwide scale.
Liebherr: In July 2023, increased their selection of semi-automatic machine control systems created for Generation 8 models of crawler excavators in partnership with Leica Geosystems
| Report Attributes | Details |
| Market Size in 2023 | US$ 142 Bn |
| Market Size by 2031 | US$ 212.5 Bn |
| CAGR | CAGR of 5.15% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Equipment Type (Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers, Others) • By Application (Metal Mining, Non-metal Mining, Coal Mining) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | 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 |
| Key Drivers | • Rising Mineral Demand Worldwide Globally expanding urbanization and industrialization have boosted the need for minerals, driving up mining activity and, therefore, the demand for cutting-edge mining machinery. • Technological Progress Automation, remote control, and data analytics are some of the technological advancements in mining equipment that have increased efficiency and safety and encouraged the use of more modern machinery. |
| Market Opportunity | • Updating and Retrofitting There is a chance for manufacturers to offer to retrofit and upgrade services, as mining firms look to prolong the lifespan of their existing equipment. • Resources Are Limited. The exhaustion of readily available natural resources might result in a rise in demand for machinery that can extract materials from harder-to-reach places, including deep-sea mining. |
The Mining Equipment Market is expected to grow at a CAGR of 5.15% from 2024 to 2031.
According to our analysis, the Mining Equipment Market is anticipated to reach USD 212.5 billion By 2031.
The implementation of automated mining equipment at major mine sites and the rising need for effective mining equipment are the main factors driving the mining equipment market. These trends are projected to continue during the forecast period.
The leading participants in the, Mining Equipment Market are, 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.
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TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Mining Equipment Market, By Equipment Type
8.1 Underground Mining Equipment
8.2 Surface Mining Equipment
8.3 Crushing, Pulverizing & Screening Equipment
8.4 Drills & Breakers
8.5 Others
9. Mining Equipment Market, By Application
9.1 Metal Mining
9..2 Non-metal Mining
9.3 Coal Mining
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Mining Equipment Market by Country
10.2.2North America Mining Equipment Market by Equipment Type
10.2.3 North America Mining Equipment Market by Application
10.2.4 USA10.2.4.1 USA Mining Equipment Market by Equipment Type
10.2.4.2 USA Mining Equipment Market by Application
10.2.5 Canada
10.2.5.1 Canada Mining Equipment Market by Equipment Type
10.2.5.2 Canada Mining Equipment Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Mining Equipment Market by Equipment Type
10.2.6.2 Mexico Mining Equipment Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Mining Equipment Market by Country
10.3.1.2 Eastern Europe Mining Equipment Market by Equipment Type
10.3.1.3 Eastern Europe Mining Equipment Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Mining Equipment Market by Equipment Type
10.3.1.4.2 Poland Mining Equipment Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Mining Equipment Market by Equipment Type
10.3.1.5.2 Romania Mining Equipment Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Mining Equipment Market by Equipment Type
10.3.1.6.2 Hungary Mining Equipment Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Mining Equipment Market by Equipment Type
10.3.1.7.2 Turkey Mining Equipment Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Mining Equipment Market by Equipment Type
10.3.1.8.2 Rest of Eastern Europe Mining Equipment Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Mining Equipment Market by Country
10.3.2.2 Western Europe Mining Equipment Market by Equipment Type
10.3.2.3 Western Europe Mining Equipment Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Mining Equipment Market by Equipment Type
10.3.2.4.2 Germany Mining Equipment Market by Application
10.3.2.5 France
10.3.2.5.1 France Mining Equipment Market by Equipment Type
10.3.2.5.2 France Mining Equipment Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Mining Equipment Market by Equipment Type
10.3.2.6.2 UK Mining Equipment Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Mining Equipment Market by Equipment Type
10.3.2.7.2 Italy Mining Equipment Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Mining Equipment Market by Equipment Type
10.3.2.8.2 Spain Mining Equipment Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Mining Equipment Market by Equipment Type
10.3.2.9.2 Netherlands Mining Equipment Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Mining Equipment Market by Equipment Type
10.3.2.10.2 Switzerland Mining Equipment Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Mining Equipment Market by Equipment Type
10.3.2.11.2 Austria Mining Equipment Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Mining Equipment Market by Equipment Type
10.3.2.12.2 Rest of Western Europe Mining Equipment Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Mining Equipment Market by Country
10.4.2 Asia Pacific Mining Equipment Market by Equipment Type
10.4.3 Asia Pacific Mining Equipment Market by Application
10.4.4 China
10.4.4.1 China Mining Equipment Market by Equipment Type
10.4.4.2 China Mining Equipment Market by Application
10.4.5 India
10.4.5.1 India Mining Equipment Market by Equipment Type
10.4.5.2 India Mining Equipment Market by Application
10.4.6 Japan
10.4.6.1 Japan Mining Equipment Market by Equipment Type
10.4.6.2 Japan Mining Equipment Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Mining Equipment Market by Equipment Type
10.4.7.2 South Korea Mining Equipment Market by Application
10.4.8 Vietnam10.4.8.1 Vietnam Mining Equipment Market by Equipment Type
10.4.8.2 Vietnam Mining Equipment Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Mining Equipment Market by Equipment Type
10.4.9.2 Singapore Mining Equipment Market by Application
10.4.10 Australia
10.4.10.1 Australia Mining Equipment Market by Equipment Type
10.4.10.2 Australia Mining Equipment Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Mining Equipment Market by Equipment Type
10.4.11.2 Rest of Asia-Pacific APAC Mining Equipment Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Mining Equipment Market by Country
10.5.1.2 Middle East Mining Equipment Market by Equipment Type
10.5.1.3 Middle East Mining Equipment Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Mining Equipment Market by Equipment Type
10.5.1.4.2 UAE Mining Equipment Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Mining Equipment Market by Equipment Type
10.5.1.5.2 Egypt Mining Equipment Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Mining Equipment Market by Equipment Type
10.5.1.6.2 Saudi Arabia Mining Equipment Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Mining Equipment Market by Equipment Type
10.5.1.7.2 Qatar Mining Equipment Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Mining Equipment Market by Equipment Type
10.5.1.8.2 Rest of Middle East Mining Equipment Market by Application
10.5.2 Africa
10.5.2.1 Africa Mining Equipment Market by Country
10.5.2.2 Africa Mining Equipment Market by Equipment Type
10.5.2.3 Africa Mining Equipment Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Mining Equipment Market by Equipment Type
10.5.2.4.2 Nigeria Mining Equipment Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Mining Equipment Market by Equipment Type
10.5.2.5.2 South Africa Mining Equipment Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Mining Equipment Market by Equipment Type
10.5.2.6.2 Rest of Africa Mining Equipment Market by Application
10.6 Latin America
10.6.1 Latin America Mining Equipment Market by Country
10.6.2 Latin America Mining Equipment Market by Equipment Type
10.6.3 Latin America Mining Equipment Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Mining Equipment Market by Equipment Type
10.6.4.2 Brazil Africa Mining Equipment Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Mining Equipment Market by Equipment Type
10.6.5.2 Argentina Mining Equipment Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Mining Equipment Market by Equipment Type
10.6.6.2 Colombia Mining Equipment Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Mining Equipment Market by Equipment Type
10.6.7.2 Rest of Latin America Mining Equipment Market by Application
11. Company Profile
11.1 Epiroc
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Equipment Types Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Boart Long year Ltd
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Equipment Types Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Caterpillar Inc
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Equipment Types Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 China Coal Energy Group Co. Ltd
11.4.1 Company Overview
11.4.2 Financials
11.4.3 Product/Equipment Types Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Vipeak Mining Machinery Co. Ltd
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Equipment Types Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Guangdong Leimeng Intelligent Equipment Group Co. Ltd
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Equipment Types Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Henan Baichy Machinery Equipment Co. Ltd
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Equipment Types Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Komatsu Ltd
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Equipment Types Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Liebherr
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Equipment Types Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Metso Qutotec
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Equipment Types Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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