Mining Equipment Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Application and Region

Global Mining Equipment Market Overview:

Mining equipment is critical to the development of both the country and the firm. They are used to extract metals and nonmetals from deep within the earth's crust. Drills and tools for mining, earthmovers, crushing equipment and machineries, feeding and conveying equipment, and other mining equipment are all are come in the mining equipment market. The type of mining equipment needed depends on the substance to be mined as well as the terrain. There are two types of mines: surface mines and subterranean mines, and the equipment needed for each differs.

 

 

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Capital Expenditure in Emerging Markets Is Increasing:

The mining equipment market is being driven by the emerging countries of APAC and Africa, which have abundant natural resources and are increasing investment in the mining sector. The need for industrial investments is fueled by the rate of industrial expansion in emerging markets such as India and China. As a result, large-scale excavations of metal and nonmetallic resources are being undertaken to meet the demand for these sectors. Similarly, as nation states' concerns about energy security have grown, governments have expanded their backing for private companies conducting resource development.

 

The mining equipment market is being driven by a need for new resource areas and partnerships with other economies. China is by far the largest national market for mining equipment, with sales more than doubling between 2009 and 2019. Rapid gains in industrial output and building investment, as well as government efforts to improve the mechanization of China's mines, have historically resulted in exploding productivity, and this trend will continue.

 

The mining equipment market is growing due to an increase in mining-related activities in various regions such as Asia-Pacific and Europe, as well as a rise in demand for mining equipment for applications such as metal mining, coal mining, and mineral mining. An increase in urban population, which drives up demand for natural resources such as oil, is predicted to drive up demand for mining equipment, propelling the market forward. For example, by 2030, about 590 million people are predicted to migrate to metropolitan areas around the world. Furthermore, during the next 20 years, emerging economies such as Asia and Africa are expected to account for more than half of global urban expansion.

 

One of the primary reasons driving market expansion is the rise in global industrialization and urbanization. A large increase in population has occurred in recent years, resulting in an increase in mineral consumption. In addition, rising household incomes have fueled an increase in mineral demand, which is helping to propel the market forward. Due to the scarcity of fossil fuels and government regulations aimed at decreasing carbon emissions, the need for cost-effective and energy-efficient renewable energy sources such as solar energy is growing, fueling the market's expansion. The global mining equipment market is growing because to increased urbanization & industrialization in emerging countries such as Germany, France, and the United States.

 

Collaboration & product introduction are crucial development strategies for major businesses such as AB Volvo Group, Deere & Company, and others to improve the geographical presence of mining equipment goods. For example, Hitachi and Deere collaborated at the CONEXPO booth in March 2020. Each brand displayed a variety of excavators in their booth. The Hitachi ZX245USLC-6 and ZX345USLC-6 wheel excavators were on display. The collaboration intends to expand the mining equipment product offering. To suit customer needs, they blended the strength of Hitachi's hydraulic excavator technology. However, fluctuating raw material prices, as well as rigorous government regulations and taxes, are expected to stifle worldwide industry growth. Furthermore, rising demand for technologically sophisticated mining equipment is expected to create profitable chances for the global mining equipment market to expand. In 2020, underground mining equipment made the most revenue. Metal mining, mineral mining, and coal mining are the three types of mining. Metal mining brought in the most money in 2020. The market is divided into products and services based on the solution. In 2023, the products segment dominated the market.

 

Global Mining Equipment Market Dynamics:

The usage of electric machinery in underground mining is becoming more common.

 

The usage of diesel engines in underground mining equipment produces noise, heat, and pollutants, which can exacerbate already unpleasant working conditions. When employing diesel-powered mining equipment, appropriate ventilation is also required. Because there is no exhaust and cheap operating expenses, using battery-operated or electric mining machinery ensures safer working conditions. It overcomes the problem of ventilation in subterranean mines. The usage of battery-powered subsurface loaders, for example, results in cleaner air, less noise, and less heat. To ensure continued underground mining, other batteries can be replaced by high-energy density batteries. The operator can work in a quiet, ergonomically constructed cabin with simple and safe access in harsh underground settings.

 

Export of used mining machinery to developing countries is prohibited.

 

The utilisation of modern mining machinery is dependent on mining sector investments, which are in turn dependent on the global economic situation. Developing countries, such as South Africa, Argentina, and Peru, to mention a few, prefer old mining equipment since it has a long life cycle if properly maintained. Such machinery is sold from industrialized economies in North America and Europe to South America, the Middle East and Africa, and Southeast Asia at a cheaper cost than new mining technology. The sale of mining equipment market is expected to be hampered as a result of this.

 

Opportunity: telematics in mining equipment.

 

Telematics has proven to be a game changer in the mining business. Sensors connected to the internet of things (IoT) provide feedback to the fleet management, reducing downtime due to faults and assisting in maintenance planning. Companies are continuously searching for process optimization in an increasingly competitive market across all industries, which has boosted the demand for automation in the mining industry. Drones are being utilised to investigate and monitor mines. Drones guarantee that areas are clear prior to explosions, track post-blast odors, and enhance overall site safety. BHP (Australia) has been employing drones for surveillance at its Australian operations. In the mining business, automation and teleportation technologies considerably boost productivity and efficiency.

 

COVID-19 Challenge: Decline in Mining Machinery Sales

The impact of the COVID-19 pandemic on the mining equipment market is still unknown; the crisis is wreaking havoc on commodity demand and supply networks with each passing day. Across major commodities, significant price declines have been witnessed, although prices in certain cases have remained stable. For example, metallurgical and thermal coal consumption has declined, while gold and iron ore demand has soared. Because mining businesses do not have authority to run their mines with their full workforce strength because to the mounting COVID-19 cases around the world, market growth for mining has remained weak. According to the current market scenario, the mining industry will recover in about 2-3 years. Mining activity is slowing.

 

The APAC region is expected to lead the global mining equipment market in terms of growth:

 

In terms of geography, Asia Pacific continues to lead the mining equipment market share in 2019 & is predicted to do so throughout the projection period. The market's expansion is being fueled by ongoing infrastructure development. As a result, the metals and mining industries are benefiting from increased demand for power and cement. As a result, various elements in this region are contributing to the market's recent expansion. Because of advancements in automotive technology, North America is expected to grow at a faster rate, and the region possesses huge resources of gold, copper, and iron that offer future exploration prospects.

 

The objective of the report is to present a comprehensive analysis of the Global Mining Equipment Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Mining Equipment Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Mining Equipment Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Mining Equipment Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Global Mining Equipment Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Mining Equipment Market is aided by legal factors.

 

Global Mining Equipment Market Scope:

Mining Equipment Market
Market Size in 2023	USD 84.14 Bn.
Market Size in 2030	USD 121.8 Bn.
CAGR (2024-2030)	5%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Product Mining Drills & Breakers Crushing Mineral Processing Machinery Surface Mining Equipment Underground Mining Machinery
	By Application Metal Mining Mineral Mining Coal Mining
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Major Players operating in the Global Mining Equipment Market are:

• Caterpillar Inc.
• Komatsu Ltd.
• The Liebherr Group.
• Hitachi, Ltd.
• Terex Corporation.
• United Heavy Machinery.
• Taiyuan Heavy Industry Co., Ltd (TYHI)
• Sany Heavy Industry Co., Ltd.
• Telcon
• Escorts JCB
• Voltas
• Escorts JCB
• XCMG 
• Zoomlion 
• Deere & Company 
• Volvo CE
• Liebherr Group
• Doosan Infracore