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

Report ID: SQMIG15J2035 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 66 | Figures: 75

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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).

Mining equipment manufacturers employ a variety of strategies, such as mergers, acquisitions, collaborations, new product development, and geographical expansion, to increase market penetration and meet changing scientific demand for equipment used in metal mining, nonmetal mining, and coal extraction. For example, in September 2022, Epiroc debuted the Boomers E10 and E20 drill rigs. The drill rigs have automated technology that enhance worker security and efficiency, as well as an extra battery-electric driveline for lesser environmental impact and better subsurface conditions. 'Caterpillar Inc.', 'Komatsu Ltd.', 'Hitachi Construction Machinery Co. Ltd.', 'Sandvik AB', 'Liebherr Group', 'Atlas Copco AB', 'Joy Inc.', 'Metso Corporation', 'AB Volvo', 'Doosan Corporation', 'CNH Industrial N.V.', 'Terex Corporation', 'BHP Billiton', 'Rio Tinto Group', 'Vale S.A.', 'Anglo American plc', 'Freeport-McMoRan Inc.', 'Newmont Mining Corporation', 'Barrick Gold Corporation', 'Glencore International AG'

Automation and digitization: Automation and digitization are becoming increasingly important in the mining industry, with the adoption of technologies such as autonomous drilling and hauling, real-time data monitoring, and predictive maintenance.

By 2032, the Asia Pacific mining equipment market is projected to achieve a substantial revenue milestone of USD 70 billion, driven by the rapid integration of automated solutions and the continual modernization of mining methodologies. This region boasts a formidable array of coal and metal mining ventures, effectively catering to the escalating industrial demand for essential metals and minerals.

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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

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