Mining Equipment Market Size - By Product (Mining Drills & Breakers, Crushing, Pulverizing & Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment, Underground Mining Machinery), Application & Global Forecast, 2023 - 2032

Mining Equipment Market Size

Mining Equipment Market size surpassed USD 75 billion in 2022 and is projected to expand at 5% CAGR from 2023 to 2032.
 

Rapid integration of advanced technologies for improving the performance of mining equipment and enhancing the ROI from mining operations will positively influence the market outlook. The advent of digitization, electrification, and automation is allowing manufacturers to design cutting-edge technologies for the mining sector. The growing number of extraction activities is accelerating the adoption of next-generation robotic drills and self-driving ore carriers to provide enhanced performance output.
 

Impact of COVID-19 Pandemic

The COVID-19 crisis introduced novel challenges as well as opportunities for the mining equipment market. In the wake of the pandemic, several mining operators struggled to procure necessary equipment due to supply chain disruptions and the soaring costs of raw materials, rendering rising product costs. Moreover, the severe lockdowns imposed by economies worldwide forced multiple mining projects to cease operations temporarily, thereby negatively affecting the demand for mining equipment. However, the mining sector emerged stronger as several governments worked towards easing the lockdown regulations. In addition, Latin America resumed its mining activities by declaring it as an essential sector.
 

Industry Restrain

The deployment and maintenance of mining equipment can be very expensive, prompting miners in low and middle-income countries to look for cheaper alternatives. Moreover, the ongoing sophistication of technology, modernization of equipment design, along with the surging costs of fuel and new machinery are adding to the overall procurement cost of mining equipment. Various underdeveloped and developing economies are experiencing roadblocks associated with high initial investments required to deploy modern mining machinery, further affecting the productivity and yield.
 

Mining Equipment Market Analysis

The surface mining equipment market revenue is estimated to cross USD 50 billion by 2032 owing to their myriad benefits including affordability and the ability to recover substantial resources. Surface mining is the most preferred method for the extraction of minerals as it prevents the risk of surface hazards such as landslides, flooding, and subsidence during open-pit mining. As a result, several mineral producers are accepting modern surface mining equipment to boost productivity. For instance, in July 2022, SNIM, an African iron ore mining company, ordered automated drill rigs from Epiroc, a productive partner for mining sectors offering surface mining equipment.
 

The metal mining applications is poised to attain around 5% gains between 2023 and 2032. Growing industrialization has spurred the demand for critical minerals and metals such as iron, copper, steel, and aluminum for product manufacturing and plant construction, thus encouraging extraction as well as mining activities and offering lucrative scope for the espousal of mining equipment. Additionally, the advent of EVs is fuelling the necessity for lithium, complimenting the rise in extraction activities across lithium mines. Hence, several economies are investing heavily in the exploration of new lithium reserves.
 

The Asia Pacific mining equipment market size will garner USD 70 billion revenue by 2032 due to the swift penetration of automated solutions and modernization of mining processes. The region is home to robust number of coal and metal mining projects that cater to the growing industrial need for metals and minerals. Countries such as China and India are among the top coal producers in the world, representing large-scale mining activities and the substantial demand for advanced mining equipment.
 

According to the National Bureau of Statistics, coal output in China increased by 5.8% in 2023 between January and February. Hence, the growing coal production and strong presence of large metal and mineral reserves will augment the regional industry growth.
 

Mining Equipment Market Share

Some of the leading companies in the global mining equipment market include:

• Terex Corporation
• SANY Group
• CNH Industrial
• AB Volvo
• Hyundai Heay Industries Company Limited
• Metso Corporation
• Komatsu Limited
• Thyssenkrupp
• Sandvik AB

These participants are introducing new products with advanced features for improved customer retention. For example, in March 2023, Tata Hitachi, a leader in construction machinery, unveiled a new mining extractor ZX670H featuring a reinforced boom, DLC-coated fuel injector, and solid front attachments for ensuring greater efficiency.
 

This market research report on mining equipment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in Units from 2018 to 2032, for the following segments:

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Market, By product

• Mining drills & breakers
• Crushing, pulverizing & screening equipment
• Mineral processing machinery
• Surface mining equipment
• Underground mining machinery
• Other mining machinery

Market, By Application

• Metal mining
• Mineral mining
• Coal mining

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• UK
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Colombia
• MEA
  • UAE
  • Saudi Arabia
  • South Africa