The Business Research Company’s report on the Mining Machinery And Equipment Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the mining machinery and equipment market?
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, in February 2023, according to the United States Geological Survey, the US mines production of nonfuel mineral commodities has increased from $94.6 billion in 2021 to $98.2 billion in 2022. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.
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How has the mining machinery and equipment market size evolved, and what are the latest forecasts for its expansion?
The mining machinery and equipment market size has grown strongly in recent years. It will grow from $68.83 billion in 2024 to $74.14 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to robust economic growth in countries such as India and China, an abundance of reserves, and an increase in mining activities.
The mining machinery and equipment market size is expected to see strong growth in the next few years. It will grow to $97.02 billion in 2029 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to an increase in incentives and opportunities, 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, establishing strategic partnerships and collaborations, developing precision surface excavation machines, investing in acquisitions, focusing on developing and launching automated mining machinery, and focusing on developing telematics-embedded mining machinery.
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Which major companies dominate the mining machinery and equipment market?
Major companies operating in the mining machinery and equipment market include Caterpillar Inc., Sandvik AB, Komatsu Ltd., Liebherr, Hitachi Construction Machinery Co. Ltd., Metso Corporation, Epiroc AB, Sany Heavy Equipment International Holdings Company Limited, Bell Equipment Limited, Terex Corporation, Doosan Corporation, Atlas Copco AB, Hyundai Heavy Industries, Joy Global Inc., Astec Industries Incorporated, Boart Longyear Ltd., Bradken Limited, FLSmidth & Co., Furukawa Co. Ltd., Kopex SA, Deere & Company
What trends will shape the future of the mining chemicals market?
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 October 2024, Liebherr, a German-based equipment manufacturer company announced a partnership with Fortescue, an Australia-based metal mining company, to develop and implement zero-emission mining solutions. The partnership focuses on the development and supply of a significant fleet of 475 zero-emission Liebherr mining machines, including approximately 360 autonomous battery-electric trucks. This expansion is a crucial step towards achieving sustainable mining practices. Both companies are committed to meeting their decarbonization targets, with Fortescue aiming for Real Zero Scope 1 and 2 emissions across its Australian operations by 2030. This partnership aligns with these goals by transitioning from diesel-powered equipment to electric alternatives.
Which region dominates the mining machinery and equipment market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the mining machinery market in 2024. The regions covered in the mining machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the mining machinery and equipment market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Underground Mining Machinery: Continuous Miners, Room And Pillar Equipment, Longwall Mining Equipment
2) By Surface Mining Machinery: Excavators, Bulldozers, Draglines, Graders
3) By Drills And Breakers: Rotary Drills, Hammer Drills, Rock Breakers
4) By Crushing, Pulverizing, And Screening Equipment: Jaw Crushers, Cone Crushers, Impact Crushers, Screens And Separators
5) By Mineral Processing Machinery: Grinding Mills, Flotation Machines, Gravity Separation Equipment
6) By Other Product Types: Haul Trucks, Conveyors, Loaders
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How is the mining machinery and equipment market defined?
Mining machinery and equipment is defined as electrical or diesel-powered heavy-duty machinery or equipment involved in the excavation, transportation, and processing of commodities such as coal, minerals, and metals.
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