Construction of the viaduct on the new S7 highway, Luban, Poland
The Mining Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mining Equipment Global Market Report 2024, The mining equipment market size has grown strongly in recent years. It will grow from $138.8 billion in 2023 to $149.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to global demand for minerals, rise in construction and infrastructure projects, urbanization and industrialization, commodity price trends, global economic growth.
The mining equipment market size is expected to see strong growth in the next few years. It will grow to $202.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to transition to clean energy, infrastructure investments, technology-driven operational efficiency, electric vehicles market growth, focus on sustainable mining practices. Major trends in the forecast period include introduction of electric and hybrid mining vehicles, application of drones and UAVs for surveying and exploration, digital twin technology for equipment simulation, incorporation of wearable technology for worker safety, development of modular and scalable equipment designs.
An increase in mining activities is expected to propel the mining equipment market going forward. Mining activity refers to the process of removing valuable minerals, industrial rock deposits, non-metallic mineral deposits, or metallic mineral deposits from the earth’s surface, including the oceans. Mining equipment is used in mining activities to help in the process of excavation of deposits and resources from the ground, so an increase in mining activities will propel the market’s growth. For instance, in November 2022, according to the Energy Information Administration, a US-based provider of energy information, the production of crude oil in the US in February 2022 increased by 14.05% to 11,316 barrels per day compared to 9,925 barrels per day in 2021. Therefore, the increase in mining activities is driving the growth of the mining equipment market.
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The mining equipment market covered in this report is segmented –
1) By Product: Mining Drills And Breakers, Crushing, Pulverizing And Screening Equipment, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment
2) By Powertrain Type: IC Engine Vehicle, Electric Vehicle
3) By Application: Metal Mining, Mineral Mining, Coal Mining
Major companies operating in the mining equipment market are focused on introducing advanced solutions with technology, such as ground control systems, to gain a competitive edge in the market. Ground control systems are land- or sea-based control centers that provide the facilities for human control of unmanned aerial vehicles (UAVs) or drones. For instance, in February 2023, Mahanadi Coalfields Limited, an India-based coal mining company, launched drone technology. Drone technology is used for environmental monitoring, volume measurement, and photogrammetric mapping of mines to digitalize the mining process. This drone’s technology is equipped with thermal image cameras that detect heat arising from the facilities in the dressing, such as the conveyor belt system, to prepare for problems due to the overheating of the facilities. This technology can also quickly detect the self-ignition point of the coal in the coal mine to monitor accidents.
The mining equipment market report table of contents includes:
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