PUBLISHER: The Business Research Company | PRODUCT CODE: 1712723
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712723
Mining and oil-gas field machinery manufacturing involves the production of heavy machinery and equipment utilized in the mining, oil, and gas sectors. These machines serve purposes across mining, quarrying, tunneling, construction, geological exploration, and blasting activities, enabling drilling in both soft and hard rock environments.
The primary categories within this sector include oil and gas field machinery and equipment, mining machinery and equipment, alongside other specialized machinery. Oil and gas field machinery encompasses businesses primarily engaged in manufacturing tools and machinery used for drilling water wells or oil and gas wells, including mobile drilling rigs. These tools find applications across on-shore and off-shore operations within the industry.
The mining and oil and gas field machinery manufacturing market research report is one of a series of new reports from The Business Research Company that provides mining and oil and gas field machinery manufacturing market statistics, including mining and oil and gas field machinery manufacturing industry global market size, regional shares, competitors with a mining and oil and gas field machinery manufacturing market share, detailed mining and oil and gas field machinery manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the mining and oil and gas field machinery manufacturing industry. This mining and oil and gas field machinery manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The mining and oil and gas field machinery manufacturing market size has grown strongly in recent years. It will grow from $214.33 billion in 2024 to $228.47 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global demand for natural resources, infrastructure development projects, energy demand, renewal and upgradation of machinery, emerging markets and economic growth.
The mining and oil and gas field machinery manufacturing market size is expected to see strong growth in the next few years. It will grow to $295.67 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to environmental sustainability, renewable energy transition, remote and harsh environments, mining of critical minerals, geopolitical factors. Major trends in the forecast period include advanced automation and robotics, digitalization and data analytics, focus on sustainability and environmental impact, remote monitoring and maintenance, and integration of artificial intelligence.
The rise in oil exploration is projected to drive growth in the manufacturing market for mining and oil and gas field machinery in the future. Oil exploration involves searching for locations where substantial oil and natural gas resources may lie beneath the Earth's surface. This process is essential for manufacturing machinery used in mining and oil and gas operations, including drilling water wells and extracting natural gas, as well as portable drilling rigs for oil and gas fields. For example, in June 2023, the Energy Information Administration, a federal statistical and analytical agency in the US, reported that global oil demand is anticipated to increase by 6% from 2022 to 2028, reaching 105.7 million barrels per day. Additionally, global upstream investments in oil and gas exploration, extraction, and production are expected to rise by 11% year-on-year, reaching a record USD 528 billion in 2023. Thus, the growing oil exploration activities are driving the expansion of the mining and oil and gas field machinery manufacturing market.
The escalating global energy needs emerge as a catalyst bolstering the mining and oil and gas field machinery manufacturing market. As the demand for energy escalates across individual, industrial, and societal spheres, there's a consequential surge in exploration, extraction, and infrastructure development within the mining, oil, and gas sectors. This heightened activity necessitates specialized machinery, thereby fostering the growth of the machinery manufacturing market. Notably, insights from the Energy Information Administration's April 2023 report project a substantial increase in energy consumption across various sectors in the United States, ranging from 0% to 32% between 2022 and 2050, underscoring the profound impact of growing energy needs on driving machinery demand in these industries.
Major companies in the mining and oil and gas field machinery sector are developing cutting-edge technologies, such as advanced drilling techniques, to enhance efficiency, lower operational costs, and improve safety measures during extraction processes while also reducing their environmental impact. Drilling technology encompasses the methods, equipment, and processes used to create holes in the Earth's surface for resource extraction, including oil, gas, minerals, and groundwater. For example, in May 2024, TAQA, an industrialization and energy services company based in the UAE, introduced Threlix, a new drilling technology designed to optimize the drilling process. Threlix incorporates advanced data analytics and automation to enable real-time monitoring and adjustments during operations. This innovative technology aims to significantly decrease drilling costs and environmental footprints by optimizing resource utilization and minimizing waste. By adopting innovations like Threlix, TAQA positions itself as a leader in the energy sector, dedicated to enhancing sustainability while effectively meeting the rising demand for energy resources in a responsible manner.
Major players within the mining and oil and gas field machinery manufacturing market are steering their focus towards the development of innovative, energy-saving equipment. This niche involves the creation of machinery designed to optimize operational efficiency and curtail resource consumption in oil and gas extraction and processing. A prime example is Xuzhou Construction Machinery Group Co. Ltd.'s April 2023 launch of a suite of mining equipment products. The XE690DK mining excavator, XDR80TE-AT autonomous electric dump truck, and XDE240 mining dump truck showcase robust performance, energy-efficient designs, and advanced autonomous features. These offerings cater to the burgeoning demand for environmentally friendly, energy-saving machinery in the construction of integrated digital mines, thereby illustrating the market's shift towards more sustainable and technologically advanced solutions.
In September 2022, Epiroc AB, a Swedish manufacturer specializing in mining and infrastructure equipment, completed the acquisition of AARD Mining Equipment Pvt. Ltd. The financial details of this acquisition were not disclosed. Epiroc's strategic goal with this acquisition is to expand its portfolio of underground products and solidify its market presence across the African continent. AARD Mining Equipment Pvt. Ltd., based in South Africa, is recognized for manufacturing a diverse array of equipment specifically designed for the mining industry. This acquisition positions Epiroc to enhance its offerings and strengthen its foothold in Africa's mining equipment sector.
Major companies operating in the mining and oil and gas field machinery manufacturing market include Caterpillar Inc., Komatsu Limited, Advantech Co. Ltd., ERA Mining Machinery Limited, TechnipFMC plc, Schlumberger Limited, General Electric Company, Industrea Limited, Baker Hughes Company, National Oilwell Varco Inc., Sandvik AB, Epiroc AB, The Liebherr Group, Hitachi Ltd., Terex Corporation, United Heavy Machinery, Taiyuan Heavy Industry Co. Ltd., Atlas Copco, Doosan Corporation, Hyundai Heavy Industries Co. Ltd., J.C. Bamford Excavators Limited, Metso Corporation, Mitsubishi Heavy Industries Ltd., Nippon Steel Corporation, Outotec Oyj, ThyssenKrupp AG, Bell Equipment Limited, SANY Group Co. Ltd., Vermeer Corporation
North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2024. The regions covered in the mining and oil and gas field machinery manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the mining and oil and gas field machinery manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mining and oil and gas field machinery manufacturing market includes revenues earned by entities from services such as mineral and stone beneficiating machinery manufacturing, water well drilling machinery manufacturing, and derrick oil and gas field type manufacturing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mining And Oil And Gas Field Machinery Manufacturing Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mining and oil and gas field machinery manufacturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mining and oil and gas field machinery manufacturing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mining and oil and gas field machinery manufacturing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.