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Mining Equipment Market Size

  • Report ID: GMI793
  • Published Date: Mar 2023
  • Report Format: PDF

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.


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of mining equipment surpassed USD 75 billion in 2022 and is anticipated to register 5% CAGR from 2023 to 2032, according to GMI report.

Mining equipment industry size is estimated to amass USD 50 billion by 2032 due to their growing use to prevent surface hazards during open pit mining.

The APAC mining equipment industry is projected to cross USD 70 billion revenue by 2032 owing to the surging coal production in China.

Terex Corporation, SANY Group, CNH Industrial, AB Volvo, Metso Corporation, Komatsu Limited, Thyssenkrupp, and Sandvik AB are some of the major mining equio suppliers and manufacturers of mining equipment worldwide.

Mining Equipment Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 281
  • Countries covered: 18
  • Pages: 250
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