Mining Equipment Market to Exceed US$ 345 billion in 2031, Expanding at a CAGR of 8.7% between 2021 and 2031 Says, TMR

Wilmington, Delaware, United States, June 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global mining equipment market stood at US$ 138 billion in 2020 and the global market is projected to reach US$ 345 billion in 2031. Global mining equipment industry is anticipated to expand at a CAGR of 8.7% between 2021 and 2031.

The mining equipment market is expected to witness a substantial growth opportunity at the worldwide level due to rapid industrialization and an increase in mining activities. Asia Pacific is anticipated to provide a significant share of the mining equipment market opportunities to regional and global manufacturers.

Symbolic improvements in equipment efficiency, and investments in the sector by Original Equipment Manufacturers (OEMs), initially coupled with the need for sustainable products, are anticipated to positively amplify market growth during the forecast period.

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Market Snapshot:

Global Mining Equipment Market: Key Players

• Caterpillar Inc., Liebherr Group, Epiroc, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd, BelAZ, Sandvik AB, Deere & Company, Xuzhou Construction Machinery Group Co., Ltd., and AB Volvo are some of the leading players operating in the global mining equipment market
• John Deere’s keynote address, the company revealed two new technologies, ExactShot™, and an electric excavator, that will help Deere’s customers be more productive, profitable, and sustainable.

Owing to the application of binding emission norms and regulations, where mining equipment manufacturers are investing more in the development of fuel-efficient, low-emission, and electrically powered equipment.

The development of high-performance equipment, as a result of the increase in automation, has made the elimination of ores without decreasing the grades comparatively cheaper, in turn, propelling the growth of the mining equipment market.

Key Takeaways of Market Report

• Global mining equipment market to generate absolute dollar opportunity worth US$ 345 billion until 2031.
• Global mining equipment market from 2021 to 2031 is 8.7%
• Global mining equipment market is currently valued at US$ 138 billion in 2020.
• Global mining equipment market stood at US$ 149.2 billion in 2021.
• Market value of the global mining equipment market management from 2018 to 2022 is 7.32%
• North America is said to have a market share of 27.3%
• Asia Pacific market region is estimated to have a market share of 44.1%
  

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Global Mining Equipment Market: Growth Drivers

• Rise in demand for mining equipment from all over the world, and there is increasing production of equipment such as mining drills & breakers, crushers, surface mining tools, screening equipment, mineral processing equipment, etc.
• Manufacturers have mainly focused on the production of environment-friendly mining tools and highly reliable machinery that certainly does not cause any harm to the environment. Many developing nations are accepting hybrid technology in the production of mining equipment for embracing sustainability.
• Reduction in accidents and health hazards caused due to various mining activities, safety plays an important role. Utilization of advanced techniques in mining processes, market players are ensuring the safety and security of their workers leading to an increase in demand for metals and minerals from various end-use industries, and safe mining tools and machinery.
• Growth in the adoption and implementation of artificial intelligence (AI) and machine learning (ML) in mining processes is creating growth opportunities for market players.

Global Mining Equipment Market: Regional Landscape

• Asia Pacific is expected to dominate the mining equipment market in the upcoming years due to rapid increase in mining activities in the region due to the surge in demand for metal and minerals from various end-use industries.
• Factors such as boosting the production of mining equipment in the Asia Pacific are responsible for the major market share of the region i.e., rapid urbanization, increase in construction, infrastructure development activities in the region, and lucrative presence of mining equipment manufacturers, thereby holding a share of 44.1%.
• Market players operating in China and India are anticipated for witnessing potential revenue opportunities due to the rising demand and production of coal, metals, and various minerals.
• North America is said to hold a lucrative position as equipment effectiveness in underground mining is nearly 27.3%. Transition has been observed from less economical underground mining to more economical open-pit mining, as this factor is anticipated to drive the demand for mining equipment during the forecast period over the last years.
• Attributing to the implementation of stringent emission norms and regulations, mining equipment manufacturers are investing more in the development of fuel-efficient, low emission and electrically-powered equipment.
  

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Global Mining Equipment Market: Segmentation

By Equipment Type

• Mineral Processing Equipment
• Mining Drills and Breakers
• Pulverizers
• Crushers
• Screening Equipment
• Surface Mining Equipment
• Underground Mining Equipment
• Others

By End-use

• Coal Mining
• Metal Mining
• Mineral Mining
  

By Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

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