Mining Equipment Market to Reflect a Holistic Expansion During 2024 to 2030: Grand View Research Inc.

Posted by Sona Kulkarni on February 16th, 2024

Mining Equipment Market Growth & Trends

The global mining equipment market size is expected to reach USD 201.55 billion by 2030, registering a CAGR of 5.2% during the forecast period, according to a new report by Grand View Research, Inc. The introduction of automated mining equipment at the major mine sites and the increasing demand for efficient mining equipment is expected to propel the demand during the forecast period.

Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.

The adoption of automation and autonomous systems has led to significant developments in the global mining industry. In addition, the usage of autonomous machines such as drillers, Load Haul and Dump Loaders (LHDs), and carrying trucks at mining locations is rapidly increasing worldwide, thereby fueling the market demand for these products during the forecast period.

The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is boosting the demand for mining equipment, thereby leading to the growth of the market for this equipment worldwide.

Manufacturers of these products adopt several strategies including acquisitions, mergers, joint ventures, new product developments, and geographical expansions to enhance their market penetration and cater to the changing technological demand for the equipment from various end-use industries such as metal mining, coal mining, and non-metal mining.

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Mining Equipment Market Report Highlights

• Surface mining equipment accounted for 38.9% share of the global revenue in 2022. The expansion of the surface mining equipment market is anticipated to rise from the growing demand for excavators in the oil & gas and construction industries
• Underground mining equipment segment is expected to register a healthy growth during the forecast period. The sturdy manufacturing and high impact force of the equipment make it an efficient piece for subterranean operations, thereby fueling the demand during the forecast period
• Metal mining application segment is expected to witness significant growth from 2023 to 2030. Owing to increased resource exploration and strong demand for precious metals such as silver, gold, and others, the metal mining market is expected to grow as a significant application segment
• Asia Pacific accounted for around 35% share of the global revenue share in 2022. The increasing shift towards clean energy resources and the adoption of electric vehicles in developing countries such as China and India expected to drive market growth in the forecast period
• In September 2022, Epiroc introduced Boomer E10 and E20 drill rigs. The drill rigs have automated technologies that improve operator safety and productivity, as well as an optional battery-electric drive line for lower environmental impact and better underground conditions.

Access Press Release@ https://www.grandviewresearch.com/press-release/mining-equipment-market

Mining Equipment Market Segmentation

Grand View Research has segmented the global mining equipment market on the basis of equipment type, power source, power output, application, and region:

Mining Equipment Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Underground Mining Equipment
• Surface Mining Equipment
• Crushing, Pulverizing & Screening Equipment
• Drills & Breakers
• Others

Mining Equipment Power Source Outlook (Revenue, USD Million, 2018 - 2030)

• Gasoline
• Electric

Mining Equipment Power Output Outlook (Revenue, USD Million, 2018 - 2030)

• <500 HP
• 500-2000 HP
• >2000 HP

Mining Equipment Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Metal Mining
• Non-metal Mining
• Coal Mining

Mining Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Norway
  • Sweden
  • Finland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa

List of Key Players in Mining Equipment market

• Epiroc
• Boart Long year Ltd
• Caterpillar Inc.
• China Coal Energy Group Co. Ltd
• Vipeak Mining Machinery Co. Ltd
• Guangdong Leimeng Intelligent Equipment Group Co. Ltd
• Henan Baichy Machinery Equipment Co. Ltd
• Komatsu Ltd
• Liebherr
• Metso Qutotec

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.