Global Mining Equipment Market to Reach $218.17 Billion by 2029, Growing at 8% CAGR

What combination of drivers is leading to accelerated growth in the mining equipment market?
The surge in mining efforts is predicted to drive the market for mining equipment. Mining activities involve the extraction of valuable minerals, industrial rocks, non-metallic mineral deposits, and metallic mineral deposits from the surface of the earth, including oceans. Mining equipment facilitates the excavation process involved in mining activities. Therefore, a rise in these activities is likely to boost the growth of the equipment market. For instance, as per the Energy Information Administration, a US-based organization that provides information on energy, there was a 14.05% increase in the production of crude oil in the US in February 2022, reaching 11,316 barrels per day, compared to 9,925 barrels per day in 2021. Hence, the growing mining operations are fueling the expansion of the mining equipment market.

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What is the projected compound annual growth rate (CAGR) of the mining equipment market from 2025 to 2034, and what factors influence it?
The market size for mining equipment has seen a robust expansion in the past few years. The market's growth is projected to rise from $148.74 billion in 2024 to $160.19 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. Factors that contributed to this growth during the historic period include the global demand for minerals, the surge in construction and infrastructure projects, urbanization and industrialization, commodity price movements, and global economic growth.

The market for mining equipment is anticipated to experience robust expansion in the coming years. It is projected to reach a worth of $218.17 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.0%. The predicted growth during this period can be ascribed to a shift towards clean energy, infrastructure investments, technology-based operational effectiveness, an expanding market for electric vehicles, and an emphasis on eco-friendly mining procedures. Key trends during this forecasting period comprise the introduction of electric and hybrid vehicles for mining, the utilization of drones and UAVs for surveying and exploration, the application of digital twin technology for equipment modeling, the integration of wearable technology for ensuring worker safety, and the creation of modular and scalable equipment designs.

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How are the latest trends influencing the growth of the mining equipment market?
Prominent businesses in the mining equipment market are prioritizing the rollout of innovative solutions like mining machinery products to achieve a competitive advantage. These products encompass various types of equipment and machinery utilized in the mining sector for the extraction and processing of minerals and metals. As a demonstration of this trend, China-based construction machinery organization, XCMG (Xuzhou Construction Machinery Group Co., Ltd), unveiled the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck in April 2023. The XE690DK mining excavator boasts an efficient energy system and is produced with sustainable, environmentally friendly designs to tackle challenging construction job requirements. The XDR80TE-AT autonomous electric dump truck comes with visual and acoustic sensors, laser radar, millimeter-wave radar, and onboard cameras. Lastly, the XDE240 mining dump truck is incorporated with sophisticated environmental sensors, navigational tools, and positional capabilities.

What are the major segments of the mining equipment market and their role in driving growth?
The mining equipment market covered in this report is segmented -

1) By Product: Mining Drills And Breakers, Crushing, Pulverizing And Screening Equipment, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment
2) By Powertrain Type: IC Engine Vehicle, Electric Vehicle
3) By Application: Metal Mining, Mineral Mining, Coal Mining

Subsegments:
1) By Mining Drills and Breakers: Rotary Drills, DTH (Down-The-Hole) Drills, Hydraulic Breakers, Rock Drills
2) By Crushing, Pulverizing, and Screening Equipment: Jaw Crushers, Cone Crushers, Impact Crushers, Screening Machines (Vibrating Screens, Trommels)
3) By Mineral Processing Equipment: Flotation Machines, Gravity Separation Equipment, Magnetic Separation Equipment, Thickening and Dewatering Equipment
4) By Surface Mining Equipment: Excavators, Loaders, Haul Trucks, Draglines
5) By Underground Mining Equipment: Continuous Miners, Shuttle Cars, Longwall Miners, Room and Pillar Equipment

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Which regions are key players in the growth of the mining equipment market?
Asia-Pacific was the largest region in the mining equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global mining equipment market report during the forecast period. The regions covered in the mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the mining equipment market?
Major companies operating in the mining equipment market include Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co Ltd., Komatsu America Corp, Liebherr-International AG, Metso Oyj, Sandvik AB, Epiroc Mining Equipment, Boart Longyear Ltd., China Coal Energy Group Co Ltd., Vipeak Mining Machinery Co Ltd., Guangdong Leimeng Intelligent Equipment Group Co Ltd., Henan Baichy Machinery Equipment Co Ltd., Doosan Infracore Co Ltd., Atlas Copco Ltd., Zhengzhou Coal Mining Machinery Group Co Ltd., Thyssenkrupp AG, Bell Equipment Company South Africa, FLSmidth & Co A/S, H-E Parts International LLC, Paus GmbH, IZ-Karteks imeni P.G. Korobkova OOO, Tenova Mining & Minerals, Mine Master Ltd., CMM Equipments, Osborn Engineered Products SA Pty. Ltd., Normet Group, Remote Control Technologies Pty. Ltd., MacLean Engineering & Marketing Co Limited, Strata Products Worldwide LLC

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What Is Covered In The Mining Equipment Global Market Report?

•Market Size Forecast: Examine the mining equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mining equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the mining equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mining equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mining equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mining equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the mining equipment market.
•Competitive Landscape: Review strategic developments in the mining equipment market, including expansions, agreements, and new product launches.

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