Mining Equipment Market, By Type (Mineral Processing Equipment (Portable, Stationary); Surface Mining Equipment (Articulated dump truck, Crawler dozer, Crawler excavator, and Others); Underground Mining Equipment (Hydraulic excavators, Mining dozers, Underground haulers, and Others); Mining Drills & Breakers (Drills, Breakers); Crushing, Pulverizing & Screening Equipment (Portable, Stationary), and Others), By Application (Metal Mining, Mineral Mining, and Coal Mining), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) -

Published In : Feb 2023

Code : CMI5561

Pages :170

Formats :

Excel and PDF

Industry : Industrial Automation and Machinery

Mining Equipment MarketSize and Trends

The global mining equipment market size was valued at USD 118,237.5 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.23% from 2023 to 2030. The global mining equipment market is expected witness substantial growth over the forecast period. The growth is attributed to a number of factors, including the increasing demand for electric mine trucks and increased emphasis on acquiring mineral mines for the production of batteries. The market is driven by the rise in awareness of environmental concerns and strict government regulations on reducing carbon emissions.

Figure 1. Global Mining Equipment Market, Revenue Share (%), By Region, 2022

Global Mining Equipment Market Trends:

Growing use of telematics is a major trend

Mining equipment market continues to witness technological developments and innovations. Various technologies are revolutionizing the industry including Internet of Things (IoT), automation, plasma technology, and 3D imaging. These machines are created with the use of technologies and materials that are capable of withstanding high temperatures and pressure. These machines are exposed to chemical substances and high radiation, which directly impacts the functioning parts. Market players are thus, focused on developing machines with capability of extracting specific metals and minerals, where they are using telematics. This ensures reduced downtime caused by malfunctions and it helps plan maintenance activities. Thus, this trend is likely to continue in the market over the forecast period.

Growing demand for aluminum, iron, and copper in Europe is a growing trend

The demand for these metals in European region is creating strong need for mining equipment. With this growing demand for copper, iron, and aluminum, mining activities are growing all over the world. Thus, high level machineries and technologies are in use for these mining exploration and extraction activities in Europe, which in turns is driving growth of the mining equipment market in the region. For instance, MetsoOyi, has developed a novel predictive maintenance solutions for mining equipment which is intended for helping maximize performance and uptime of commination circuits. Thus, this trend is expected to support growth of the market during the forecast period.