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Mining Equipment Market Size (2024 - 2029)

The mining equipment market is projected to experience substantial growth over the forecast period, driven by the increasing adoption of electric machinery in underground mining and the rising demand for metals and commodities. The market's expansion is further supported by the growing need for mineral fertilizers and the construction of infrastructure in emerging economies. Digital mine innovations and advancements in extraction technologies are expected to enhance ore grades and extend the lifespan of existing mines, contributing to market growth. The Asia-Pacific region is anticipated to dominate the market due to significant mining projects in countries like India and China, highlighting a strong potential for increased demand.

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Market Size of Mining Equipment Industry

Mining Equipment Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 98 Billion
Market Size (2029) USD 135 Billion
CAGR (2024 - 2029) 5.12 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Mining Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Mining Equipment Market Analysis

The Mining Equipment Market size is estimated at USD 98 billion in 2024, and is expected to reach USD 135 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

  • The COVID-19 pandemic had an immediate impact on the global economy, and that impact goes across all industries, including mining. Significant price drops were observed across major commodities, while in some cases, prices remained passive. For example, the demand for metallurgical coal and thermal coal has decreased, while the demand for gold and iron ore has increased.
  • However, the market is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and demand for metals and commodities occupy a major market share. The increasing need for mineral fertilizers to improve agricultural yield and the rise in the construction of roads and railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India and China.
  • Ongoing digital mine innovation is expected to transform the key aspects of mining over the next few years. Increased investment and government support for digital mine innovation are expected to trigger the demand for mining equipment over the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to improving ore grades, thus, extending the life of older mines.

Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period. This is attributed to expansion in the mining projects across India and China to resonate strong potential for mining equipment demand.

Mining Equipment Industry Segmentation

Mining equipment comprises of equipment including vehicles that are used at the mining sites to increase the mining location throughput and offer ease in raw material transportation and extraction.

The mining equipment market is segmented by type, application, and powertrain. Based on type, the market is segmented into surface mining equipment, underground mining equipment, and mineral processing equipment. Based on application, the market is segmented into metal mining, mineral mining, and coal mining. Based on powertrain type, the market is segmented into IC engine vehicles and electric vehicles. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. 

For each segment, the market sizing and forecast have been done on the basis of value (USD billion).

Type
Surface Mining Equipment
Underground Mining Equipment
Mineral Processing Equipment
Application
Metal Mining
Mineral Mining
Coal Mining
Powertrain Type
IC Engine Vehicle
Electric Vehicle
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Mining Equipment Market Size Summary

The mining equipment market is poised for substantial growth over the forecast period, driven by the increasing demand for metals and commodities, as well as the adoption of electric machinery in underground mining. The market is experiencing a transformation due to ongoing digital mine innovations, which are expected to enhance key aspects of mining operations. Technological advancements such as automation, IoT, 3D imaging, and plasma technology are revolutionizing the industry, leading to improved productivity and safety. The use of telematics and drones is also becoming more prevalent, offering significant benefits in terms of process optimization and site safety. These innovations are contributing to the extended life of older mines and improving ore grades, thereby boosting the demand for advanced mining equipment.

Asia-Pacific is anticipated to be the largest market for mining equipment, with significant growth expected in countries like India and China. The region's abundant mineral deposits and expanding mining projects provide ample opportunities for market expansion. The demand for low-emission, cost-effective, and energy-efficient machines is on the rise, further fueling market growth. In contrast, North America is expected to see growth due to advancements in automotive technology and exploration opportunities in copper, gold, and iron deposits. The competitive landscape of the mining equipment market is characterized by the presence of numerous international and regional players, with major companies focusing on strategic acquisitions and business expansions to strengthen their market presence and enhance their product offerings.

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Mining Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Billion)

    1. 2.1 Type

      1. 2.1.1 Surface Mining Equipment

      2. 2.1.2 Underground Mining Equipment

      3. 2.1.3 Mineral Processing Equipment

    2. 2.2 Application

      1. 2.2.1 Metal Mining

      2. 2.2.2 Mineral Mining

      3. 2.2.3 Coal Mining

    3. 2.3 Powertrain Type

      1. 2.3.1 IC Engine Vehicle

      2. 2.3.2 Electric Vehicle

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Spain

        5. 2.4.2.5 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 India

        3. 2.4.3.3 Japan

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 South America

        2. 2.4.4.2 Middle-East and Africa

Mining Equipment Market Size FAQs

The Mining Equipment Market size is expected to reach USD 98 billion in 2024 and grow at a CAGR of 5.12% to reach USD 135 billion by 2029.

In 2024, the Mining Equipment Market size is expected to reach USD 98 billion.

Mining Equipment Market Report Snapshots

Mining Equipment Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)