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Mining and Oil & Gas Machinery Manufacturing Market: Size, Share, and Trends 2033
Mining And Oil And Gas Field Machinery Manufacturing Global Market Report 2024
According to The Business Research Company's, The mining and oil and gas field machinery manufacturing market size has grown strongly in recent years. It will grow from $178.92 billion in 2023 to $192.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to global demand for natural resources, infrastructure development projects, energy demand, renewal and upgradation of machinery, emerging markets and economic growth.
The mining and oil and gas field machinery manufacturing market size is expected to see strongly grown in the next few years. It will grow to $253.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to environmental sustainability, renewable energy transition, remote and harsh environments, mining of critical minerals, geopolitical factors. Major trends in the forecast period include advanced automation and robotics, digitalization and data analytics, focus on sustainability and environmental impact, remote monitoring and maintenance, integration of artificial intelligence .
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Market Drivers and Trends:
The increased oil exploration is expected to propel the growth of the mining and oil and gas field machinery manufacturing market going forward. Oil exploration is the process of looking into locations where there may be abundant oil and natural gas resources beneath the surface of the earth. Oil exploration is used in mining and oil and gas field machinery manufacturing for drilling water wells and blasting natural gas extraction wells, including portable drilling rigs for oil and gas fields. For instance, in December 2022, according to a report shared by the U.S. Energy Information Administration, a US-based government agency, in 2021, the proven reserves of US crude oil and lease condensate had grown by 6.2 billion barrels (16 percent), to 44.4 billion barrels. Additionally, the oil production in the US increased to 11.6 million barrels per day in 2021. Therefore, the increasing oil exploration is driving the growth of the mining and oil and gas field machinery manufacturing market.
Technological advancement is a key trend gaining popularity in the mining and oil and gas field machinery manufacturing markets. Major companies operating in mining and oil and gas field machinery manufacturing are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2021, Komatsu Mining Corp., a US-based manufacturer and servicer of heavy equipment, introduced Joy 02ESV scoops equipped with OptiDrive technology. It is a true utility workhorse in soft rock mining and was developed specifically for these next-generation 240-volt machines. This OptiDrive technology is capable of handling multiple tasks, including cleaning, dusting rocks, replenishing supplies, and maintenance. Additionally, OptiDrive can increase motor performance, increase operator productivity, improve reliability, and help lower maintenance costs and is ideal for mining applications.
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Major Key Players of the Market:
Caterpillar Inc.; Komatsu Limited; Advantech Co. Ltd.; ERA Mining Machinery Limited; TechnipFMC plc; Schlumberger Limited; General Electric Company; Industrea Limited; Joy Global Inc.; Baker Hughes Company; National Oilwell Varco Inc.; Sandvik AB; Epiroc AB; The Liebherr Group; Hitachi Ltd.; United Heavy Machinery; Taiyuan Heavy Industry Co. Ltd.; Atlas Copco; Doosan Corporation; Hyundai Heavy Industries Co. Ltd.; J.C. Bamford Excavators Limited; Metso Corporation; Mitsubishi Heavy Industries Ltd.; Nippon Steel Corporation; Outotec Oyj; ThyssenKrupp AG; Bell Equipment Limited; SANY Group Co. Ltd.; Vermeer Corporation
Mining And Oil And Gas Field Machinery Manufacturing Market 2024 Key Insights:
• The mining and oil and gas field machinery manufacturing market size will grow to $253.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• The Surge In Oil Exploration Fuels Growth In Mining And Oil And Gas Field Machinery Manufacturing
• Technological Advancements Reshaping The Landscape Of Mining And Oil And Gas Field Machinery Manufacturing
• North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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