Mining Equipment Market Size, Share, Growth Analysis, By Equipment Type(Underground Mining Equipment, Surface Mining Equipment), By Application(Metal Mining, Non-metal Mining) - Industry Forecast 2024-2031

Global Mining Equipment Market size was valued at USD 135 billion in 2022 and is poised to grow from USD 141.89 billion in 2023 to USD 211.23 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).

The rise in innovation in digital mine is projected to revolutionize important parts of mining over the next few years. Growing investments, in addition to government backing for digital mine innovation, is expected to drive mining equipment demand during the forecast period. Improvements and advancements in extraction technology and equipment have led to higher ore grades, extending the life of existing mines.

The global breakout of the COVID-19 crisis has had major economic consequences in a variety of industries, including mining. Lower levels of economic activity due to lockdown restrictions during the global epidemic had a severe impact on coal demand. The mining industry is projected to develop into a climate-smart enterprise in the next few years. As a result, mining businesses have begun to look forward to using electricity instead of traditional fuels such as diesel.

The mining sector requires a significant amount of power to extract and protect resources, which includes a variety of refining and extraction processes. The drop in average mineral grade has increased energy consumption and overall material production, driving up demand for powerful mining equipment.

The use of artificial intelligence (AI) in mining machinery improves efficiency while also increasing mine productivity and ensuring miners' safety. Smart data and artificial intelligence have also been employed in the worldwide mining business. Technological advancements in this field are expected to drive market demand throughout the projection period.

In order for businesses to remain competitive, the adoption of automated technology in the mining industry is expected to raise demands for new mining equipment. The usage of advanced technology necessitates highly qualified labor and good network connectivity, therefore demand for these automated solutions and equipment is projected to be stronger in developed economies.

US Mining Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.