Mining Machinery And Equipment Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Mining Machinery And Equipment 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 Machinery And Equipment, The mining machinery and equipment market size has grown rapidly in recent years. It will grow from $69.49 billion in 2023 to $77.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to robust economic growth in countries such as india and china, abundance of reserves and increase in mining activities.

The mining machinery and equipment market size is expected to see rapid growth in the next few years. It will grow to $113.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increase in incentives and opportunities. other factors which are expected to support the growth of the market include growing capital expenditure on infrastructure development, government policies, improved logistics infrastructure and increasing construction activities. Major trends in the forecast period include developing innovative and efficient battery-driven underground and surface mining machinery, establish strategic partnership and collaborations, developing precision surface excavation machines, investing in acquisitions, focus on developing and launching automated mining machinery and focus on developing telematics-embedded mining machinery.

The increasing demand for mining is fueling the growth of the mining machinery and equipment market. Underground advanced mining equipment such as trucks, loaders, and diggers are used to dig up the material and is usually transported to the ground through skips or lifts for further production. In the economic growth of developed nations such as Australia, the USA, and Canada, mining has played a key role. Mining is notably crucial to the US economy because the USA is among the largest buyers of mineral resources and one of the largest producers in the world. For instance, according to the USA Geological Report, in 2021, US mines produced nearly $90.4 billion worth of nonfuel minerals, which is 12% more compared to 2020. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.

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The mining machinery and equipment market covered in this report is segmented –

1) By Product Type: Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing, Pulverizing, and Screening Equipment, Mineral Processing Machinery, Other Product Types

2) By Function Type: Transportation, Processing, Excavation

3) By Application: Coal, Mineral, Metal

The major players in the mining machinery and equipment market are focusing on expanding their development activities in automated mining machinery and electric-driven mining machinery through strategic collaboration and partnership with the technology players in the industry. For instance, in March 2021, Hitachi Construction Machinery Co., Ltd. and ABB Ltd entered into a memorandum of understanding to collaborate and develop solutions for heavy machinery in the mining industry with reduced greenhouse gas emissions. ABB’s automation, digital solutions and electrification expertise will be implemented in the development of advanced mining trucks and excavators.

The mining machinery and equipment market report table of contents includes: