PUBLISHER: The Business Research Company | PRODUCT CODE: 1429872
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429872
Mining machinery and equipment are characterized as heavy-duty machinery or equipment powered by electricity or diesel, engaged in the excavation, transportation, and processing of commodities such as coal, minerals, and metals.
The primary categories of mining machinery include underground mining machinery, surface mining machinery, drills and breakers, crushing equipment, pulverizing equipment, screening equipment, mineral processing machinery, feed conveyors, stackers, and reclaimers. Pulverizing is the process of reducing minerals into small particles, while crushing involves reducing the size of materials into smaller substances for further processing. Screening is a mechanical process that separates one material from another. These mining machines play a crucial role in the transportation, processing, and excavation processes in coal, minerals, and metals mining.
The mining machinery and equipment market research report is one of a series of new reports from The Business Research Company that provides mining machinery and equipment market statistics, including mining machinery and equipment industry global market size, regional shares, competitors with a mining machinery and equipment market share, detailed mining machinery and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the mining machinery and equipment industry. This mining machinery and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be attributed to the strong economic growth in countries such as India and China, the abundance of reserves, and the 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 anticipated growth in the forecast period can be attributed to an increase in incentives and opportunities. Other factors expected to bolster market growth include a rise in capital expenditure on infrastructure development, supportive government policies, enhanced logistics infrastructure, and an increase in construction activities. Key trends projected for the forecast period involve the development of innovative and efficient battery-driven underground and surface mining machinery, the establishment of strategic partnerships and collaborations, the creation of precision surface excavation machines, investments in acquisitions, a focus on developing and launching automated mining machinery, and an emphasis on developing telematics-embedded mining machinery.
The growth of the mining machinery and equipment market is being propelled by the increasing demand for mining activities. Advanced underground mining equipment, including trucks, loaders, and diggers, is utilized to extract materials, which are then transported to the surface via skips or lifts for further processing. Developed nations such as Australia, the USA, and Canada have witnessed significant economic growth, with mining playing a pivotal role. Particularly crucial to the US economy, the USA is one of the world's largest consumers and producers of mineral resources. In 2021, according to the USA Geological Report, US mines produced almost $90.4 billion worth of nonfuel minerals, reflecting a 12% increase compared to 2020. Hence, the rising demand for mining activities is a key driver for the growth of the mining machinery and equipment market.
The growth of the mining machinery and equipment market is expected to be fueled by increasing construction activities. Construction involves assembling various elements to create structures at specific locations based on detailed designs and plans. Construction activities contribute to the efficiency and growth of the mining industry in various ways. In June 2021, according to Stats NZ Tatauranga Aotearoa, building activities in New Zealand increased by 3.7 percent in March 2021, and residential activities rose by 4.3 percent in 2021 compared to the previous year. Additionally, the US Census Bureau reported a 10.2 percent growth in the value of construction activities, from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Consequently, the increasing construction activities are propelling the growth of the mining machinery and equipment market.
Leading players in the mining machinery and equipment market are strategically focusing on expanding their development efforts in automated and electric-driven mining machinery through collaborations and partnerships with technology players. For example, in March 2021, Hitachi Construction Machinery Co., Ltd. and ABB Ltd. signed a memorandum of understanding to jointly develop solutions for heavy machinery in the mining industry with reduced greenhouse gas emissions. ABB's expertise in automation, digital solutions, and electrification will be integrated into the advancement of advanced mining trucks and excavators.
Major players are increasingly emphasizing acquisitions for several advantages, including a broader product portfolio, an expanded customer base, and access to patents related to mining machinery and equipment. In March 2021, Epiroc, a provider of battery-electric vehicles for the mining industry, acquired Meglab for an undisclosed amount, enhancing Epiroc's capabilities to provide necessary infrastructure as mines transition to battery-electric vehicles.
In October 2022, Austin, a US-based company specializing in mining equipment design and manufacturing, acquired Mainetec Pty Ltd for US $19.6 million. This acquisition extends Austin's product offerings for Hulk buckets and other products, along with providing plans for product progression across the USA, Canada, and Chile markets. Mainetec Pty Ltd is an Australia-based manufacturer of mining equipment.
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
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.
The countries covered in the mining machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The mining machinery and equipment market consists of sales of coal breakers machine, mining cars, core drills, coal cutters, rock drills, and manufacturing mineral beneficiating machinery and equipment used in surface or underground mines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mining Machinery And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mining machinery and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mining machinery and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mining machinery and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.