Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the mining machinery market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the mining machinery and equipment market report are 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
The mining machinery and equipment market report table of contents includes:
1. Executive Summary
2. Mining Machinery And Equipment Market Characteristics
3. Mining Machinery And Equipment Market Trends And Strategies
4. Mining Machinery And Equipment Market – Macro Economic Scenario
5. Global Mining Machinery And Equipment Market Size and Growth
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31. Global Mining Machinery And Equipment Market Competitive Benchmarking
32. Globa Mining Machinery And Equipment Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. Mining Machinery And Equipment Market Future Outlook and Potential Analysis
35. Appendix
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