Mining Equipment Market Size Forecasted To Achieve $218.17 Billion By 2029 With Steady Growth

The Mining Equipment Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Mining Equipment Market Size During the Forecast Period?
The size of the mining equipment market has seen a robust growth in the past few years. The market is projected to expand from $148.74 billion in 2024 to $160.19 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. Factors contributing to this growth during the historical period include worldwide demand for minerals, increase in construction and infrastructure initiatives, progression of urbanization and industrialization, commodity price patterns, and international economic growth.

Anticipated robust expansion is projected in the mining equipment market in the coming years, with an estimated valuation escalating to $218.17 billion by 2029, showing a compound annual growth rate (CAGR) of 8.0%. This expected growth trajectory during the forecast era can be credited to factors such as the shift towards green energy, investment in infrastructure, efficiency enhancement through technology, growth in the electric vehicle sector, and emphasis on sustainable mining. Key trends during this forecast duration consist of the emergence of electric and hybrid mining vehicles, the use of drones and UAVs for survey and exploration purposes, digital twin technology utilized for equipment simulation, incorporation of wearable tech for ensuring worker safety, and the evolution of modular and scalable equipment designs.

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What Are the High-Growth Segments in the Mining Equipment Market?
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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What Key Drivers Are Expected to Influence Future Mining Equipment Market Growth?
The mining equipment market is predicted to surge forward due to an escalation in mining activities. The term mining activity refers to the extraction of valuable minerals, industrial rock deposits, non-metallic mineral deposits, and metallic mineral deposits from the earth's crust including oceans. Mining equipment is employed during these mining activities, aiding the excavation process of the deposits and resources. Hence, a rise in mining activities inevitably leads to a growth in the market. For instance, the Energy Information Administration, a US-based energy information provider, reported in November 2022, that the production of crude oil in the US increased by 14.05% to 11,316 barrels per day in February 2022, a significant rise from 9,925 barrels per day in 2021. This surge in mining activities is actively catalyzing the progress of the mining equipment market.

Which Companies Hold the Largest Share Across Different Mining Equipment Market Segments?
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

What Trends Are Driving Growth in The Mining Equipment Market?
Leading firms in the mining equipment market are strategizing to maintain their market edge by launching sophisticated solutions, like mining machinery products. These products, used to extract and process earth's precious minerals and metals, are essential tools in the mining industry. In April 2023, XCMG (Xuzhou Construction Machinery Group Co., Ltd), a renowned company in China in the construction machinery industry, unveiled three complex machines: the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck. The XE690DK model comes with a highly efficient power system designed to offer energy-saving and eco-friendly solutions for challenging construction tasks. The XDR80TE-AT autonomous electric dump truck incorporates visual and acoustic sensors, laser radar, millimeter-wave radar, and cameras. Moreover, the XDE240 mining dump truck possesses superior environment sensors and advanced navigation and positioning functions.

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What Are the Emerging Geographies for The Mining Equipment Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mining Equipment Market?
2. What is the CAGR expected in the Mining Equipment Market?
3. What Are the Key Innovations Transforming the Mining Equipment Industry?
4. Which Region Is Leading the Mining Equipment Market?

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