At what pace is the mining and oil and gas field machinery manufacturing market growing, and what is its estimated value?
The mining and oil and gas field machinery manufacturing market size has grown strongly in recent years. It will grow from $214.33 billion in 2024 to $228.47 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global demand for natural resources, infrastructure development projects, energy demand, renewal and upgradation of machinery, emerging markets and economic growth.
The mining and oil and gas field machinery manufacturing market size is expected to see strong growth in the next few years. It will grow to $295.67 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to environmental sustainability, renewable energy transition, remote and harsh environments, mining of critical minerals, geopolitical factors. Major trends in the forecast period include advanced automation and robotics, digitalization and data analytics, focus on sustainability and environmental impact, remote monitoring and maintenance, and integration of artificial intelligence.
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What are the top drivers to the rising demand in the mining and oil and gas field machinery manufacturing market?
The increased oil exploration is expected to propel the growth of the mining and oil and gas field machinery manufacturing market going forward. Oil exploration is the process of looking into locations where there may be abundant oil and natural gas resources beneath the surface of the earth. Oil exploration is used in mining and oil and gas field machinery manufacturing for drilling water wells and blasting natural gas extraction wells, including portable drilling rigs for oil and gas fields. For instance, in June 2023, according to the Energy Information Administration, a US-based federal statistical and analytical agency, global oil demand is expected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in oil and gas exploration, extraction, and production are set to grow 11% year-on-year to a record USD 528 billion in 2023. Therefore, the increasing oil exploration is driving the growth of the mining and oil and gas field machinery manufacturing market.
How is the mining and oil and gas field machinery manufacturing market segmented?
The mining and oil and gas field machinery manufacturing market covered in this report is segmented –
1) By Machinery Types: Oil And Gas Field Machinery And Equipment, Mining Machinery and Equipment, Others Machineries
2) By Application: On-shore, Off-shore
Subsegments:
1) By Oil And Gas Field Machinery and Equipment: Drilling Rigs, Wellhead Equipment, Production Equipment, Storage Tanks, Pipelines
2) By Mining Machinery And Equipment: Excavators, Loaders, Drills, Crushers, Conveyors
3) By Other Machineries: Auxiliary Equipment, Maintenance Tools, Safety Equipment
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Who are the top competitors in the mining and oil and gas field machinery manufacturing market?
Major companies operating in the mining and oil and gas field machinery manufacturing market include Caterpillar Inc., Komatsu Limited, Advantech Co. Ltd., ERA Mining Machinery Limited, TechnipFMC plc, Schlumberger Limited, General Electric Company, Industrea Limited, Baker Hughes Company, National Oilwell Varco Inc., Sandvik AB, Epiroc AB, The Liebherr Group, Hitachi Ltd., Terex Corporation, United Heavy Machinery, Taiyuan Heavy Industry Co. Ltd., Atlas Copco, Doosan Corporation, Hyundai Heavy Industries Co. Ltd., J.C. Bamford Excavators Limited, Metso Corporation, Mitsubishi Heavy Industries Ltd., Nippon Steel Corporation, Outotec Oyj, ThyssenKrupp AG, Bell Equipment Limited, SANY Group Co. Ltd., Vermeer Corporation
Which transformative trends will shape the mining and oil and gas field machinery manufacturing market landscape?
Major companies operating in mining and oil and gas field machinery are developing advanced technologies such as drilling technology to increase efficiency, reduce operational costs, and improve safety measures in extraction processes while also minimizing their environmental impact. Drilling technology refers to the techniques, equipment, and processes used to create holes in the Earth’s surface for the extraction of resources such as oil, gas, minerals, and groundwater. For instance, in May 2024, TAQA, a UAE-based industrialization and energy services company, launched Threlix, a drilling technology. Threlix is engineered to streamline the drilling process by integrating advanced data analytics and automation, which allows for real-time monitoring and adjustments during operations. This technology aims to significantly reduce drilling costs and environmental footprints by optimizing resource utilization and minimizing waste. By leveraging innovations like Threlix, TAQA positions itself at the forefront of the energy sector, committed to enhancing sustainability while meeting the growing demand for energy resources in an efficient and responsible manner.
What are the major regional insights for the mining and oil and gas field machinery manufacturing market, and which region holds the top position?
North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2024. The regions covered in the mining and oil and gas field machinery manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Mining And Oil And Gas Field Machinery Manufacturing Market Report 2025 Offer?
The mining and oil and gas field machinery manufacturing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Mining and oil-gas field machinery manufacturing refers to the production of heavy equipment and machines used in the mining, oil, and gas machinery sectors. These machines are used in mining, quarrying, tunneling, construction, geological exploration, and blasting to drill through both soft and hard rock.
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