Global Mining Equipment Market Assessment, By Equipment Type [Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing Pulverizing, and Screening Equipment, Minerals Processing Equipment, Others], By Application [Metal Mining, Minerals Mining, Oil and Gas Extraction], By Power Output [<500HP, 500-2000HP, and >2000HP] By Propulsion [Gasoline, Electric] By Region, Opportunities and Forecast, 2017-2031F

Global mining equipment market is projected to witness a CAGR of 4.61% during the forecast period 2024-2031, growing from USD 114.63 billion in 2023 to USD 164.40 billion in 2031. 

Mining Equipment Market Share, Growth | Demand Forecast  2031

Global mining equipment market is projected to witness a CAGR of 4.61% during the forecast period 2024-2031, growing from USD 114.63 billion in 2023 to USD 164.40 billion in 2031. The market growth is propelled by several factors which reflect the changing dynamics of global mining sector. The increasing demand for minerals and metals is due to industrialization and urbanization, especially in developing countries. Consequently, many mining sectors are under pressure to extend their businesses which necessitates a rise in automation investments for efficient performance of machines used during extraction processes. Additionally, advancements in technology is contributing to market growth. This adoption of automation, artificial intelligence, and the Internet of Things (IoT) is transforming the mining sector, enabling more precise operations, reducing labor costs, and improving safety. Strict environmental legislations are inducing companies into using energy-conserving and environmentally friendly apparatuses. Therefore, they focus more on sustainable methods of extracting ores, driving the innovations on machines that release lower amounts of emissions while still minimizing harmful impacts to the ecosystem.
Various industries such as manufacturing, power, and infrastructure are anticipated to boost the market with governmental support. The adoption of energy-efficient equipment is necessitated due to stringent regulations imposed by governments around the world that aim to minimize greenhouse gas emissions. Moreover, they are aiming at CO2 emission and fuel efficiency goals which will result in lower concentrations of emissions coming from fossil fuels. There are few direct or external replacements for mining equipment. However, a notable challenge to the market arises from the emergence and adoption of alternative technologies and solutions that offer comparable or improved functionalities. Potential replacements can include preferences for electricity-based machines over those powered by fossil fuels and a move towards robotics and automation instead of manual operations.
For instance, in July 2024, Sany Heavy Equipment launched the SET320S which is a hybrid off-road mining truck that can easily carry 300 tons of weight, this truck ranks as SANY's heaviest truck for use in mines and uses the multi-power coupling hybrid architecture adopted by SET150S and SET240S. It has a fuel capacity of around 4500 liters and its payload could amount to that of 200 Mercedes Benz vehicles. Besides, the truck measures about seven meters in height and comes with features such as rotary cameras, automatic weighing, and tire monitoring systems.
<h2>Integration of Advanced Technology into Mining Tools and Equipment Fuels the Market</h2>
The incorporation of high-tech devices in mining tools and equipment has become one of the leading catalysts for development. New technologies such as automation, IoT, or AI are linked to increase in productivity, efficiency, and safety at mining sites. Advanced sensors, and data analysis make it possible to monitor machines&rsquo; performances in real-time while allowing prognosis maintenance, hence less downtime and operational costs. Also, autonomous vehicles&rsquo; usage along with remote control centers has helped to improve miners&rsquo; safety by minimizing their exposure to hazardous working environments. In addition, moving forward, modern technology ensures better resource management by optimizing extraction processes. Furthermore, advanced technology ensures better resource utilization, thus optimizing the extraction processes. The advanced innovations continue driving the change within the mining equipment market thereby making the whole sector sustainable over time.
For instance, in August 2024, Liebherr-Australia and BHP celebrated the commissioning of the first electric excavator, R9400E, at BHP's Western Australia Iron Ore Yandi mine. Equipped with Liebherr's cable reel for autonomous cable management, the excavator offered improved maneuverability and operator safety.
<h2>Automation and Remote Operation Capabilities for Improved Safety and Efficiency</h2>
Automation and remote operation are significant technological advancements for the mining equipment market, which provide vital benefits such as increased safety and efficiency. Integration of automation into their activities and mining firms can control and operate machinery from a distance, thus reducing the need for people to encounter dangerous environments. In addition, it allows ongoing operations without hindrances caused by human working hours, thus leading to greater productivity and efficiency throughout the sector. It helps the operators to make quick decisions that are based on facts leading better use of machines and resources while optimizing their performance. The integration of automation and remote operation capabilities in mining equipment represents a pivotal advancement that is poised to transform the industry by prioritizing safety, enhancing operational efficiency, and driving productivity.
For instance, in August 2024, Sandvik AB acquired Universal Field Robots (UFR), an Australia-based provider of autonomous interoperable solutions for the surface and underground mining markets. The acquisition aimed to increase Sandvik's addressable market and strengthen the market position of Sandvik AutoMine. It was set to significantly expand the number of compatible third-party equipment types for the AutoMine platform.
<h2>Surface Mining Machinery to Dominate Market Share</h2>
The market growth is majorly fueled by increasing requirements for raw materials such as iron ore, diamond, coal, and other minerals. Surface mining machinery dominate the market due to their effective method of extraction and high demand. The continuously growing world population coupled with industrialization has brought about a greater need for these basic raw materials. Furthermore, automated systems in equipment used for mining and remote monitoring have greatly improved efficiency and safety during extraction processes which has significantly boosted the prospects of the industry. The relentless construction going on in developing nations has led to a great need for mining machines. In general, the persistent demand for essential minerals and the modernization of techniques are expected to promote constant growth of market.
For instance, in June 2024, Hitachi Construction Machinery Co., Ltd., launched an ultra-large full battery rigid frame dump truck in the Kansanshi copper and gold mine situated in Zambia. The motive of the trial that took place was to inspect its cycle of charging and discharging batteries.
<h2>Asia-Pacific Dominates Global Mining Equipment Market Share</h2>
Asia-Pacific dominates the market share due to substantial reserves of natural resources such as coal, iron ore, copper, and other multiple minerals, thus promoting demand of mining products. For instance, countries such as China, India, Australia, and Indonesia have considerable input into this market due to their extensive mining practices. Furthermore, technological developments and automation of mining tools used in countries such as Australia and India have contributed to the growth. Increasing requirements for precious metals and minerals in addition to huge building programs within the continent keep on boosting demand for these machines across Asia-Pacific.
For instance, in July 2023, Komatsu Ltd. announced the release of the PC210LCE-11 and 200LCE-11 models, featuring 20-ton electric excavators powered by lithium-ion batteries. These electric excavators are set to be launched in Japan and Europe. The introduction of these models signifies a strategic approach by Komatsu to enter the electric construction equipment market, aligning with the company's overall goal of achieving carbon neutrality by 2050.
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Future Market Scenario (2024 &ndash; 2031F)
<ul>
<li>The integration of advanced sensors and Internet of Things (IoT) technology in mining machinery has revolutionized the industry. These innovations enable real-time monitoring of equipment performance, predictive maintenance, and improved safety measures.</li>
<li>The use of autonomous drilling and blasting systems has significantly improved safety and productivity in mining operations. By leveraging advanced technology, these systems can execute complex tasks with precision while minimizing the risk of human error.</li>
<li>The adoption of electrification and alternative energy sources in mining is transforming the industry by reducing reliance on traditional fossil fuels and lowering greenhouse gas emissions.</li>
<li>Advancements in data analytics and machine learning have revolutionized equipment performance optimization in the mining industry.</li>
</ul>
Report Scope
&ldquo;Mining Equipment Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global mining equipment market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 4.61% between 2024 and 2031
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Revenue Forecast in 2031
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USD 164.40 billion
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Segments Covered
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Equipment Type, Application, Power Output, Propulsion
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Epiroc AB, Boart Longyear Company, Caterpillar Inc., China Coal Energy Company Limited, Komatsu Mining Corp., Liebherr Mining Equipment SAS, Doosan Corporation, Sany Heavy Industries Co. Ltd., Sandvik Group, Hitachi Construction Machinery Co. Ltd., Atlas Copco Group
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global mining equipment market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Equipment Type
<ul>
<li>Underground Mining Machinery</li>
<li>Surface Mining Machinery</li>
<li>Drills and Breakers</li>
<li>Crushing, Pulverizing, and Screening Equipment</li>
<li>Minerals Processing Equipment</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Metal Mining</li>
<li>Mineral Mining</li>
<li>Oil and Gas Extraction</li>
</ul>
</li>
<li>By Power Output
<ul>
<li>&lt;500HP</li>
<li>500-2000HP</li>
<li>&gt;2000HP</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Gasoline</li>
<li>Electric</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
There are a few prominent companies that are dominating the market. These firms are consistently developing advanced mining machinery to meet the rising demand for efficient and sustainable mining operations. Additionally, technological advancements such as the integration of Internet of Things (IoT) and artificial intelligence are expected to further drive market growth. As mining companies increasingly prioritize productivity and operational efficiency, the demand for innovative mining tools is expected to continue to grow in a manner that reflects those trends.
In July 2024, Epiroc acquired the remaining shares in ASI Mining, a United States-based autonomous mining solutions company. Epiroc had already owned 34% of ASI Mining, which it acquired in 2018. The acquisition concerned the remaining 66% of the company. It will help Epiroc to strengthen its mine safety and productivity while lowering the total cost of operation.
In May 2024, Sandvik has received an order from the Indian mining company Hindustan Zinc Limited to supply underground mining equipment. The contract, which builds on a long-standing partnership between Sandvik and Hindustan Zinc, includes underground mining equipment and expands Hindustan Zinc&rsquo;s fleet of Sandvik equipment with more development drills, production drills, trucks, and loaders. In addition to the equipment order, the deal brings a significant aftermarket value.
Key Players Operating in Global Power Tools Market are:
<ul>
<li>Epiroc AB</li>
<li>Boart Longyear Company</li>
<li>Caterpillar Inc.</li>
<li>China Coal Energy Company Limited</li>
<li>Komatsu Mining Corp.</li>
<li>Liebherr Mining Equipment SAS</li>
<li>Doosan Corporation</li>
<li>Sany Heavy Industries Co. Ltd.</li>
<li>Sandvik AB</li>
<li>Hitachi Construction Machinery Co. Ltd.</li>
<li>Atlas Copco AB</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Mining Equipment Market Assessment, Opportunities and Forecast, 2017-2031F

Table of Contents
<ol>
<li>Project Scope and Definitions</li>
<li>Research Methodology</li>
<li>Executive Summary</li>
<li>Voice of Customer
<ul>
<li>Product and Market Intelligence</li>
<li>Factors Considered in Purchase Decisions
<ul>
<li>Equipment Reliability &amp; Durability</li>
<li>Cost of Ownership</li>
<li>Equipment Performance &amp; Productivity</li>
<li>After-sales Support &amp; Services</li>
<li>Environmental Impact &amp; Regulatory Compliance</li>
</ul>
</li>
<li>Consideration of Privacy and Regulations</li>
</ul>
</li>
<li>Global Mining Equipment Market Outlook, 2017-2031F
<ul>
<li>Market Size Analysis &amp; Forecast
<ul>
<li>By Value</li>
</ul>
</li>
<li>Market Share Analysis &amp; Forecast
<ul>
<li>By Equipment Type
<ul>
<li>Underground Mining Machinery</li>
<li>Surface Mining Machinery</li>
<li>Drills and Breakers</li>
<li>Crushing, Pulverizing, and Screening Equipment</li>
<li>Minerals Processing Equipment</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Metal Mining</li>
<li>Mineral Mining</li>
<li>Oil and Gas Extraction</li>
</ul>
</li>
<li>By Power Output
<ul>
<li>&lt;500HP</li>
<li>500-2000HP</li>
<li>&gt;2000HP</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Gasoline</li>
<li>Electric</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
<li>By Company Market Share Analysis (Top 5 Companies and Others &ndash; By Value, 2023)</li>
</ul>
</li>
<li>Market Map Analysis, 2023
<ul>
<li>By Equipment Type</li>
<li>By Application</li>
<li>By Power Output</li>
<li>By Propulsion</li>
<li>By Region</li>
</ul>
</li>
</ul>
</li>
</ol>
<ol start="6">
<li>North America Mining Equipment Market Outlook, 2017-2031F*
<ul>
<li>Market Size Analysis &amp; Forecast
<ul>
<li>By Value</li>
</ul>
</li>
<li>Market Share Analysis &amp; Forecast
<ul>
<li>By Equipment Type
<ul>
<li>Underground Mining Machinery</li>
<li>Surface Mining Machinery</li>
<li>Drills and Breakers</li>
<li>Crushing, Pulverizing, and Screening Equipment</li>
<li>Minerals Processing Equipment</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Metal Mining</li>
<li>Mineral Mining</li>
<li>Oil and Gas Extraction</li>
</ul>
</li>
<li>By Power Source
<ul>
<li>&lt;500HP</li>
<li>500-2000HP</li>
<li>&gt;2000HP</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Gasoline</li>
<li>Electric</li>
</ul>
</li>
<li>By Country Share
<ul>
<li>United States</li>
<li>Canada</li>
<li>Mexico</li>
</ul>
</li>
<li>Country Market Assessment
<ul>
<li>United States Mining Equipment Market Outlook, 2017-2031F*
<ul>
<li>Market Size Analysis &amp; Forecast
<ul>
<li>By Value</li>
</ul>
</li>
<li>Market Share Analysis &amp; Forecast
<ul>
<li>By Equipment Type
<ul>
<li>Underground Mining Machinery</li>
<li>Surface Mining Machinery</li>
<li>Drills and Breakers</li>
<li>Crushing, Pulverizing, and Screening Equipment</li>
<li>Minerals Processing Equipment</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Metal Mining</li>
<li>Mineral Mining</li>
<li>Oil and Gas Extraction</li>
</ul>
</li>
<li>By Power Source
<ul>
<li>&lt;500HP</li>
<li>500-2000HP</li>
<li>&gt;2000HP</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Gasoline</li>
<li>Electric</li>
</ul>
</li>
<li>Canada</li>
<li>Mexico</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ol>
*All segments will be provided for all regions and countries covered
<ol start="7">
<li>Europe Mining Equipment Market Outlook, 2017-2031F
<ul>
<li>Germany</li>
<li>France</li>
<li>Italy</li>
<li>United Kingdom</li>
<li>Russia</li>
<li>Netherlands</li>
<li>Spain</li>
<li>Turkey</li>
<li>Poland</li>
</ul>
</li>
<li>Asia-Pacific Mining Equipment Market Outlook, 2017-2031F
<ul>
<li>India</li>
<li>China</li>
<li>Japan</li>
<li>Australia</li>
<li>Vietnam</li>
<li>South Korea</li>
<li>Indonesia</li>
<li>Philippines</li>
</ul>
</li>
<li>South America&nbsp;Mining Equipment Market Outlook, 2017-2031F
<ul>
<li>Brazil</li>
<li>Argentina</li>
</ul>
</li>
<li>Middle East and Africa&nbsp;Mining Equipment Market Outlook, 2017-2031F
<ul>
<li>Saudi Arabia</li>
<li>UAE</li>
<li>South Africa</li>
</ul>
</li>
<li>Demand Supply Analysis</li>
<li>Import and Export Analysis</li>
<li>Value Chain Analysis</li>
<li>Porter&rsquo;s Five Forces Analysis</li>
<li>PESTLE Analysis</li>
<li>Pricing Analysis</li>
<li>Market Dynamics
<ul>
<li>Market Drivers</li>
<li>Market Challenges</li>
</ul>
</li>
<li>Market Trends and Developments</li>
<li>Case Studies</li>
<li>Competitive Landscape
<ul>
<li>Competition Matrix of Top 5 Market Leaders</li>
<li>SWOT Analysis for Top 5 Players</li>
<li>Key Players Landscape for Top 10 Market Players
<ul>
<li>Epiroc AB
<ul>
<li>Company Details</li>
<li>Key Management Personnel</li>
<li>Products and Services</li>
<li>Financials (As Reported)</li>
<li>Key Market Focus and Geographical Presence</li>
<li>Recent Developments/Collaborations/Partnerships/Mergers and Acquisition</li>
</ul>
</li>
<li>Boart Longyear Company</li>
<li>Caterpillar Inc.</li>
<li>China Coal Energy Company Limited</li>
<li>Komatsu Mining Corp.</li>
<li>Liebherr Mining Equipment SAS</li>
<li>Doosan Corporation</li>
<li>Sany Heavy Industries Co. Ltd.</li>
<li>Sandvik Group</li>
<li>Hitachi Construction Machinery Co. Ltd.</li>
<li>Atlas Copco Group</li>
</ul>
</li>
</ul>
</li>
</ol>
*Companies mentioned above&nbsp;DO NOT&nbsp;hold any order as per market share and can be changed as per information available during research work.
<ol start="21">
<li>Strategic Recommendations</li>
<li>About Us and Disclaimer</li>
</ol>

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