Global Mining Equipment Market Size, Share, Growth Analysis, By Equipment Type(Underground Mining Equipment, Surface Mining Equipment), By Application(Metal Mining, Non-metal Mining) - Industry Forecast 2024-2031

Global Mining Equipment Market size was valued at USD 135 billion in 2022 and is poised to grow from USD 141.89 billion in 2023 to USD 211.23 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).

The imminent surge in digital innovation within the mining sector is poised to reshape key aspects of the industry in the coming years, driven by increasing investments and governmental support for digital advancements. This momentum is expected to propel demand for mining equipment, fueled by enhancements in extraction technology yielding higher ore grades and prolonging the lifespan of current mines. Despite the profound economic repercussions of the global COVID-19 pandemic, particularly evident in diminished coal demand due to reduced economic activity amidst lockdown measures, the mining industry is anticipated to transition towards a more environmentally conscious approach, pivoting towards electricity over traditional fuels like diesel. With the substantial energy requirements inherent in mining operations, including resource extraction and refining processes, the industry has seen a surge in demand for robust mining equipment, accentuated by a decline in mineral grades amplifying energy consumption and material production. The integration of artificial intelligence (AI) into mining machinery is enhancing efficiency, productivity, and safety, with smart data and AI applications becoming increasingly prevalent globally, poised to further stimulate market demand in the foreseeable future. To maintain competitiveness, businesses are expected to increasingly adopt automated technologies, driving the need for specialized labor and robust network infrastructure, particularly in developed economies.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Mining Equipment Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Mining Equipment Market Segmental Analysis

The global mining equipment market is segmented based on equipment type, application and region. In terms of equipment type, the market is segmented into underground mining equipment, surface mining equipment, crushing, pulverizing & screening equipment, drills & breakers, others. By application the market is segmented into metal mining, non-metal mining, and coal mining. In terms of region, the global mining equipment market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Mining Equipment Market

The integration of diesel engines in underground mining machinery presents several obstacles, such as elevated noise levels, heightened heat emissions, and the discharge of pollutants, leading to adverse working conditions. Additionally, the implementation of diesel-powered equipment requires adequate ventilation systems to regulate emissions. Conversely, embracing electric mining machinery or battery-operated equipment offers a promising solution to improve safety in such environments.

Restraints in the Global Mining Equipment Market

The detrimental effects of mining on the environment, including soil erosion, deforestation, and water pollution, pose a substantial obstacle to the growth of the mining equipment market.

Market Trends of the Global Mining Equipment Market

The mining sector is witnessing a growing significance of automation and digitization, marked by the integration of advancements like autonomous drilling and hauling, real-time data surveillance, and predictive maintenance. These technologies are progressively shaping the industry's operations, enhancing efficiency, and paving the way for more sustainable and streamlined processes.