Mining Equipment Market Size

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.

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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.