Mining Equipment Market Analysis

Mining Equipment Market Analysis

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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.