Press release
Mining Machinery Market to grow USD 32.8 billion by 2030
"The increase in demand for minerals and metals for various industrial and infrastructure development activities would drive the market for mining machinery."The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1% from 2023 to 2030. The need for infrastructure development in developing countries is driving the demand for minerals and metals. As easily accessible mineral deposits become scarce, mining companies are compelled to explore and extract minerals from more challenging and remote locations. This requirement for specialized equipment to access and extract resources drives the demand for advanced mining machinery.
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"Diesel segment is predicted to lead the mining machinery market during the forecast period."
By propulsion, diesel-driven mining machinery is projected to dominate the market share with more than 95% across all considered regions. This is mainly due to the benefits offered by these engines. Diesel produces more torque at a lower speed compared to other fuels for the same power rating and combusts at a slower rate, hence resulting in better fuel efficiency. As it is a well-proven technology, diesel-operated machines are suitable to perform heavy-duty operations under harsh and rough conditions for long working hours in mining fields. Further, to cut the harmful gases to remain aligned with the stringent emission regulations, global OEMs are incorporating hybrid engines which mainly require an additional battery and motor to work in parallel with diesel fuel. This will help in enhanced performance with lower emissions, thereby resulting in overall operational advantages. Though engines based on CNG/LNG/RNG are growing at a significant pace, however, owing to proven performance delivery, easy accessibility, and infrastructural challenges related to other alternative fuel & pure electric propulsion, the market of diesel-operated mining machinery will remain in the leading position under the review period.
"The mineral mining segment is estimated to be the largest and fastest for the mining machinery market, by application."
A mineral mining is projected to remain dominant and like to grow at a higher rate for the application segment. The growth of the segment is mainly due to increased demand for metallic and non-metallic minerals such as iron, bauxite, copper, aluminium, gold, clay, limestone, gypsum, and sand among others in recent years. With the constant depletion of numerous global mineral reserves, mining operators need to find and extract minerals from increasingly challenging and remote locations. To meet this specific demand, the advanced and sophisticated mining machinery would become beneficial to unearth potential mineral deposits in these hard-to-reach terrains, leveraging cutting-edge exploration technologies, including remote sensing satellite imagery and geological modelling. Asian countries like China, Australia, and India are major players in mineral extraction along with some the African and South countries such as South Africa, Chile, and Peru. Further, growing demand for pollution-free mobility solutions and the use of renewable resources would prompt the higher demand for these minerals which subsequently boost the growth of mining machinery in the years to come.
"North America is the second largest market for mining machinery."
North America is one of the dominant markets in the mining machinery industry as US and Canada have a higher demand for mining machines due to the presence of many active mines in the region. US's protectionist policies, which have increased demand for domestically extracted minerals, are expected to increase the demand for mining equipment in North America. Positive elements like low-interest rates will also boost spending in the mining sector. Apart from this, Canada has vast reserves of metals and minerals and exports 60 mineral commodities worldwide. It is a key global producer of copper, nickel, and cobalt and hosts advanced mineral projects for rare earth elements, lithium, and graphite. Thus, the growing demand for these rare minerals has led to an increase in extraction activities in mines in Canada which has further influenced the growth of the mining machinery market.Also, the presence of mining companies like Barrick Gold Corporation, Teck Resources Ltd., and Agnico Eagle Mines Ltd. would be creating new growth opportunities for the mining machinery market.
The break-up of the profile of primary participants in the mining machinery market:
By Company Type: OEM - 70%, Tier 1 -20%, and Others - 10%
By Designation: Director Level - 30%, C Level - 30%,and Others - 40%,
By Region: North America - 10%,Europe - 10%,Asia Oceania - 60%, and South America - 20%
Prominent companies include Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland), among others.
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