PUBLISHER: Grand View Research | PRODUCT CODE: 1888819
PUBLISHER: Grand View Research | PRODUCT CODE: 1888819
The global mine hoisting system market size was estimated at USD 1,781.7 million in 2024 and is projected to reach USD 2,849.9 million by 2033, growing at a CAGR of 5.5% from 2025 to 2033. The industry is driven by the growing demand for efficient and safe underground mining operations.
Increasing mineral extraction activities, particularly in developing economies, are encouraging the adoption of advanced hoisting technologies. Another major driver is the rising investment in deep mining projects for precious metals, coal, and rare earth minerals. The demand for high-capacity and energy-efficient hoisting systems has surged as mines extend deeper underground. Governments and private players are also focusing on sustainable mining practices, prompting the use of electric and hybrid hoist systems. Furthermore, advancements in material strength and motor technologies are enhancing system reliability and lifespan, further boosting market expansion.
Global Mine Hoisting System Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global mine hoisting system market report based on product, mining type, power source, end-use, and region.