Surge In Mining Activities Sparks Growth In The Mining Equipment Market: The Driving Engine Behind Mining Equipment Market Evolution in 2025

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Mining Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for mining equipment has seen robust growth recently. It is expected to increase from $148.74 billion in 2024 to $160.19 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. The upward trend during the historical period is due to global needs for minerals, the surge in construction and infrastructure developments, urbanization and industrialization, commodity price patterns, and worldwide economic growth.

Mining Equipment Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the mining equipment market size is projected to experience significant expansion. It is anticipated to reach a value of $218.17 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.0%. This estimated growth during the forecast period is mainly due to the shift towards clean energy, investments in infrastructure, efficiency enhancements through technology, expansion of the electric vehicles market, and emphasis on sustainable mining practices. Key trends for the forecast period will likely include the adoption of electric and hybrid mining vehicles, the use of drones and Unmanned Aerial Vehicles (UAVs) for survey and exploration purposes, the employment of digital twin technology for equipment simulation, the integration of wearable technology for ensuring worker safety, and the evolution of modular and scalable equipment designs.

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What Are the Drivers Transforming the Mining Equipment Market?
The surge in mining operations is anticipated to fuel the growth of the mining equipment market. Mining operations entail the extraction of valuable minerals, industrial rock deposits, non-metallic mineral deposits, or metallic mineral deposits from the surface of the earth, including the oceans. Mining equipment aids in the excavation process of these deposits and resources from the ground, therefore an escalation in mining operations would foster market expansion. For example, the Energy Information Administration, a US-based energy information provider, reported in November 2022 that crude oil production in the US in February 2022 rose by 14.05% to 11,316 barrels per day, compared to 9,925 barrels per day in 2021. Consequently, the uptick in mining operations is boosting the growth of the mining equipment market.

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What Long-Term Trends Will Define the Future of the Mining Equipment Market?
Key industry players in the mining equipment marketplace are emphasizing on the development of advanced machinery products to maintain their competitive position. These products range from machinery to equipment utilized in the mining sector for the extraction and processing of minerals and metals. For instance, in April 2023, XCMG (Xuzhou Construction Machinery Group Co., Ltd), a firm based in China that specializes in construction machinery, introduced three new products: the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck. The XE690DK mining excavator comes with a high-efficiency power system promoting energy-saving and eco-friendly solutions for rigorous construction tasks. The XDR80TE-AT autonomous electric dump truck is fitted with visual and acoustic sensors, laser radar, millimeter-wave radar, and cameras. On the other hand, the XDE240 mining dump truck features state-of-the-art environment sensors, navigation, and positioning systems.

Which Segments in the Mining Equipment Market Offer the Most Profit Potential?
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 Firms Dominate the Mining Equipment Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in 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.

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