The Global Mining Equipment Market Size is valued at USD 133 billion in 2021 and is estimated to achieve a market size of USD 185 billion by 2030; growing at a CAGR of 4.1%.
The mining equipment industry is anticipated to witness potential growth prospects globally. Rapid industrialization, increasing construction and infrastructure development projects, and increasing disposable income are primary aspects that are fueling the mining equipment market revenue. Additionally, advent of novel technologies in mining is anticipated to generate significant growth opportunities for the market in the coming years.
Global Mining Equipment Market DRO’s:
|Market||Mining Equipment Market|
|Market Size 2021||USD 133 Billion|
|Market Forecast 2030||USD 185 Billion|
|CAGR During 2022 - 2030||4.1%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Atlas Copco, Caterpillar, Doosan, Hitachi Construction Machinery, Komatsu, Liebherr, Sandvik, Sany, Terex, and Volvo Construction Equipment.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Increasing exploration activities related to bauxite, iron ore, and coal in developing countries, rising construction and reconstruction activities in emerging economies is resulting in rising demand for low profile dump trucks (LPDT) and load haul and dump (LHD) loaders this is major factor expected to drive the growth of global market. In addition, favorable government policies, high expenditure and increasing digital mining innovation are among other factors expected to further support the growth of target market.
However, factors such as high capital investment and high cost associated to operation and maintenance of the equipments are expected to hamper the growth of global mining equipment market. In addition, availability of rental option is another factor expected to challenge the growth of target market.
Rapid technological advancements and innovative cost-effective product offerings by major players are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnerships and agreements between regional and international players is another factor expected to revenue support the growth if target market
Mining Equipment Market Segmentation
The worldwide mining equipment market is split based on product, application, and geography.
Mining Equipment Market By Product
In 2021, surface mining segment occupied a significant share among the products owing to the increasing construction projects across the world. Rapid industrialization, economic development, and the existence of competitive market contributors are some of the factors contributing to the global market's rising demand for surface mining activities, which, in turn, drives the global market. Furthermore, the rising popularity of innovation techniques and the rising trend of automation are expected to drive market growth over the forecast period.
Mining Equipment Market by Application
According to our mining equipment market forecast, the metal mining sub-segment is expected to lead the mining equipment market share from 2022 to 2030. Some of the factors such as high demand for precious metals, favorable government initiatives, and rise in hauling of metal deposits are supporting the metal mining industry. However, the non-metal mining sub-segment is anticipated to attain the fastest growth rate in the coming years driven by the demand for the extraction of stones, rocks, and sand.
Mining Equipment Market Regional Outlook
The Middle East & Africa (MEA)
Increasing construction activities in Asian countries fuels the Asia-Pacific mining equipment market
Asia Pacific is expected to lead the market in the near future owing to rising construction and reconstruction activities. In addition, high coal exploration activities in developing countries and players inclination towards emerging economies in order to track the untapped market is another important factor expected to further support the growth of target market. On the other hand, the market in North America is expected to register moderate growth rate owing to high government spending on digital mine. In addition, presence of major players operating in the country and innovative product offerings is another important factor expected to further support the growth of regional market.
Mining Equipment Market Players
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Some of the key mining equipment companies include Atlas Copco, Caterpillar, Doosan, Hitachi Construction Machinery, Komatsu, Liebherr, Sandvik, Sany, Terex, and Volvo Construction Equipment.
Major players are focused on business expansion through strategic merger and acquisition in order to increase the business presence and enhance the customer base this is another important factor expected to augment to growth of target market.
In addition, players focus on innovative product offerings is another factor expected to further support the growth of target market.
In 2018, Volvo Construction a leading manufacturer of construction equipment used 3D printing in order to effectively provide spare parts to customers. This is expected to help the company to strengthen its position in global market.
The estimated value of global mining equipment market in 2021 was accounted to be USD 133 Billion.
The projected CAGR mining equipment market during the analysis period of 2022 to 2030 is 4.1%.
The prominent players of the global mining equipment market are Atlas Copco, Caterpillar, Doosan, Hitachi Construction Machinery, Komatsu, Liebherr, Sandvik, Sany, Terex, and Volvo Construction Equipment.
Asia-Pacific held the dominating mining equipment during the analysis period of 2022 to 2030.
The Middle East & Africa region exhibited fastest growing CAGR for mining equipment during the analysis period of 2022 to 2030.
Increase in demand for underground mining equipment, integration of advanced technologies in mining equipment, and surge in consumption of natural resources in electronics industry drives the growth of global mining equipment market.
Based on product, surface mining segment held the maximum share mining equipment market in 2021.