Press release
The Mining Equipment Market is projected to reach USD 237.98 billion by 2034, growing at a CAGR of 4.9%.
Mining Equipment Market
Market Overview:
Mining equipment refers to essential tools and machinery that are used in order to extract precious minerals from the Earth through digging and excavating. Many mining operations require specialized equipment which is specific for certain metals, ores, or even minerals. Mining equipment can be of various types, such as fuel trucks, maintenance trucks, and drill machines, which help miners easily extract underground metals or minerals. Due to the rising demand for coal and other precious metals such as lithium, mining equipment has come to the forefront.
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Growth Drivers:
• Urbanization has rapidly increased, creating a demand for precious metals such as bauxite, aluminium, and lithium, which are vital for the continuous progress of the industrial landscape. This also translated to increased output from mines thus helping in the expansion of the Mining equipment market.
• The incorporation of smart technologies such as artificial intelligence, Internet of Things, and automation with mining equipment has helped streamline mining operations, increased efficiency, and reduced the wastage of resources.
Major Participants:
The mining market is extremely lucrative as demand for precious metals and minerals is continuously progressing. Companies are looking to invest in this market and create a place for themselves. Some of the top market participants are:
• AB Volvo
• Atlas Copco AB
• Boart Longyear Ltd
• Caterpillar Inc.
• Deere & Company
• Doosan Corporation
• Epiroc
• Guangdong Leimeng Intelligent Equipment Group Co. Ltd
• Henan Baichy Machinery Equipment Co. Ltd
• Hitachi, Ltd
• Komatsu Ltd
• Liebherr
• Metso Qutotec
• Sandvik AB
• Vipeak Mining Machinery Co. Ltd
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Segmental Analysis:
• The mining equipment market is segmented by type, propulsion, application, power output, and region.
• Based on type, the market is categorized into underground mining equipment, surface mining equipment, drills & breakers, crushing, pulverising and screening equipment and others. The surface mining equipment segment held the largest mining equipment market share in 2024 due to its widespread application in large-scale operations.
• In terms of application, the market is segmented into metal mining, mineral mining, and coal mining. The coal mining segment dominated the market share in 2024 owing to the growing reliance on coal for power generation.
By Type Outlook (Revenue, USD Billion, 2020-2034)
• Underground Mining Equipment
• Surface Mining Equipment
• Crushing, Pulverizing, & Screening Equipment
• Drills & Breakers
• Others
By Propulsion Outlook (Revenue, USD Billion, 2020-2034)
• Diesel
• CNG/LNG/RNG
By Power Output Outlook (Revenue, USD Billion, 2020-2034)
• < 500 HP
• 500-2,000 HP
• >2,000 HP
By Application Outlook (Revenue, USD Billion, 2020-2034)
• Metal Mining
• Mineral Mining
• Coal Mining
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Regional Overview :
By Regional Outlook (Revenue, USD Billion, 2020-2034)
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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