Mining Equipment Market Expected to Reach $200.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Mining Equipment Market," The mining equipment market size was valued at $122.3 billion in 2020, and is estimated to reach $200.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. 

Asia-Pacific dominated the global market, in terms of revenue, mining equipment is used to dig and move heavy and bulky loads in mining industries. They include drill rigs, crawlers, crushing & processing equipment, dumpers, excavators, finishing equipment, graders, mixers, trucks, trenchers, loaders, and dozers. They are majorly used in surface and underground mining operations in the mining equipment industry. Moreover, they are also used for lifting and shifting operations in the construction sector.  

The key factor that drives the mining equipment market growth  includes a rise in mining activities to meet the demand for metal and minerals. Moreover, as compared to other regions across the world, the economy of Europe has drastically shrunk over the past couple of years, which has affected the mining industry.  

The surface mining equipment segment accounted for the highest share of the mining equipment market in 2020 and is expected to grow at a CAGR of 3.5% during the forecast period. In terms of application, the metal mining sector is expected to contribute for the highest mining equipment market share in the coming years. Moreover, increase in emphasis on the mineral mining sector is expected to provide growth opportunities to small players in developing economies.  

Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in mining equipment. Moreover, various domestic players are investing in the mining sector, which is anticipated to boost demand for mining equipment such as crushers, trucks, loaders, diggers, and others to complete operations with reduced labor cost and high precision of work within optimized time. Furthermore, the surface mining equipment market is expected to experience rapid growth in emerging economies during the forecast period, owing to deployments in construction and mining industries. 

The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the mining equipment market. Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, Epiroc acquired Mining Products (Proprietary) Limited, a South African manufacturer of rock reinforcement products for underground mining. Through this acquisition, Epiroc expanded its presence in South Africa. 

Rise in thermal power corporations, mainly in Asia-Pacific is expected to increase the demand for coal, acting as driver for the industry. For instance, in 20202, the Coal India planned to expand 193 existing coal mines and develop 55 new coal mines with capacity of 92 MTPA in the upcoming 5 years to boost its coal production. Such expansions of coal mines globally are anticipated to cater to growth of the market. Further, coal continues to be a major fuel in worldwide energy systems, accounting for nearly two-fifths share of electricity generation and over two-fifths share of energy-related carbon dioxide releases. Hence, rise in demand for coal is expected to stimulate the coal mining industry, and boosts the global mining equipment industry growth.

Factors such as surge in demand for iron, aluminum, and copper are expected to boost growth of the mining industry. High level technologies and machinery used for mining exploration and extraction in Europe increases the demand for mining in the region. For instance, MetsoOyj, a Finnish machinery company, developed a new predictive maintenance solution for mining equipment, and aimed to help maximize uptime and performance of commination circuits.

However, strict government regulations with respect to pollution caused by mining restrict growth of the industry in the region. Emergence of battery-operated mining equipment has decreased pollution level, which is expected to increase demand for mining equipment in the coming years.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics. 
• In-depth mining equipment market analysis is conducted by mining equipment market estimations for the key market segments between 2020 and 2032.
• Extensive analysis of the mining equipment market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive mining equipment market opportunity analysis of all the countries is also provided in the report.
• The global mining equipment market forecast analysis from 2020 to 2032 is included in the report.
• The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the mining equipment industry.