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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.
The main types of mining machinery are underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery, feed conveyors, stackers, and reclaimers. Pulverizing reduces minerals into small particles. Crushing reduces the size of materials into small substances for further processing. Screening separates one material from the other during the mechanical screening process. These mining machines are used for transportation, processing, and excavation in coal, minerals, and metals mining.
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
The mining machinery and equipment market size has grown rapidly in recent years. It will grow from $69.49 billion in to $77.09 billion in 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, an abundance of reserves, and an 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 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to an increase in incentives and opportunities. other factors that 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, establishing strategic partnerships and collaborations, developing precision surface excavation machines, investing in acquisitions, focusing on developing and launching automated mining machinery, and focusing on developing telematics-embedded mining machinery.
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 , US mines produced nearly $90.4 billion worth of nonfuel minerals, which is 12% more compared to . Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.
Increasing construction activities is expected to propel the growth of the mining machinery and equipment market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. Construction activities can be beneficial for mining machinery and equipment in several ways, contributing to the growth and efficiency of the mining industry. For instance, in June , according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March . Further, in , residential activities rose 4.3% compared to . Additionally, according to the US Census Bureau, The value of construction activities increased from $1,626.4 billion in to $1,792.9 billion in with a growth rate of 10.2%. Therefore, the increasing construction activities are driving the growth of the mining machinery and equipment market
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 major players in the mining machinery and equipment market are focusing on expanding their development activities in automated mining machinery and electric-driven mining machinery through strategic collaboration and partnership with the technology players in the industry. For instance, in March , Hitachi Construction Machinery Co. Ltd. and ABB Ltd entered into a memorandum of understanding to collaborate and develop solutions for heavy machinery in the mining industry with reduced greenhouse gas emissions. ABB&#;s automation, digital solutions, and electrification expertise will be implemented in the development of advanced mining trucks and excavators.
The players in the mining machinery and equipment industry are increasingly focusing on acquisitions owing to several advantages. Acquisitions help these players gain a wider product portfolio, customer base, and patents related to mining machinery and equipment. For instance, in March , Epiroc, a provider of battery-electric vehicles for the mining industry, acquired Meglab, for an undisclosed amount. The acquisition of Meglab strengthened Epiroc&#;s capacity to provide the infrastructure required as mines transition to battery-electric vehicles.
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In October , Austin, a US-based company that specializes in mining equipment design and manufacturing, acquired Mainetec Pty Ltd for the amount of US $19.6 million. This acquisition expands Austin&#;s range of offerings for Hulk buckets and other products and provides product progressing plans across the USA, Canada, and Chile markets. Mainetec Pty Ltd is an Australia -based manufacturer of mining equipment.
Asia-Pacific was the largest region in the mining machinery market in . 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 machines, 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.
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.
Mining Machinery And Equipment Market Report Scope
Report AttributeDetails Market Size Value In$77.09 billion
Revenue Forecast In$113.54 billion
Growth RateCAGR of 10.2% from to
Base Year For Estimation Actual Estimates/Historical Data-
Forecast Period- -
Market RepresentationRevenue in USD Billion and CAGR from to
Segments Covered1) 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; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country ScopeAustralia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies ProfiledCaterpillar 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
Customization ScopeRequest for Sample Pricing And Purchase OptionsExplore Purchase Options
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