United States Mining Equipment Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Mining Equipment Market reached US$ 24.5 billion in 2023 and is expected to reach US$ 34.0 billion by 2031, growing with a CAGR of 4.2% during the forecast period 2024-2031.

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Key Development:

United States: Recent Mining Equipment & Sector Developments

✅ In December 2025, the White House announced plans for more "historic deals" with the U.S. mining sector to boost domestic production of critical minerals and associated mining equipment investments, including support for refinery projects and major copper initiatives in Alaska and Arizona.

✅ In October 2025, G Mining Ventures confirmed the formal construction decision for the Oko West Gold Project, securing primary open‐pit and support mining equipment from Komatsu, with the first mining shovel scheduled for commissioning in Q4 2025.

✅ In October 2025, the U.S. and Japan signed a rare‐earth framework agreement that includes Japanese financing backing technology transfer to U.S. processing and alloy facilities strengthening critical minerals supply chains that drive mining equipment demand.

✅ In November 2025, Bitdeer reported expanded deployment of its SEALMINER mining rigs, increasing self‐mining hashrate and retiring older rigs as part of operational optimization and equipment modernization.

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Japan: Recent Mining Equipment & Sector Developments

✅ In November 2025, Hitachi Construction Machinery launched the LANDCROS Innovation Studios Mining Challenge, inviting global startup ideas to co‐develop next‐generation mining machinery solutions focused on smarter machines, smarter mine sites, and sustainable mining.

✅ In October 2025, Japan's government agency JOGMEC signed its first rare‐earth partnership under the U.S.-Japan framework, enabling technology transfer and financing cooperation related to mining equipment and critical minerals processing.

✅ In December 2025, Hitachi Construction Machinery established the "LANDCROS Development Center Europe GmbH" in Germany, expanding its global development footprint to accelerate innovation in mining and construction equipment solutions.

✅ In October 2025, G Mining Ventures' equipment procurement decision (Komatsu units for Oko West) reflects ongoing supply and partnership links that include Japanese‐made mining machinery participating in international projects tied to Japan's mining technology ecosystem.

Recent Mergers & Acquisitions:

United States: Recent M&A in Mining Equipment & Mining Sector

✅ In November 2025, the Weir Group completed the acquisition of Fast2Mine, a Brazil‐based mining software and management solutions provider, strengthening its digital mining portfolio and global mining tech capabilities.

✅ In September 2025, the Weir Group entered into a binding agreement to acquire Fast2Mine, marking its strategic expansion into mine‐management software and integrated digital solutions that complement mining equipment offerings.

Japan: Recent M&A in Mining Equipment & Mining Sector

✅ In December 2025, JX Advanced Metals' Pan Pacific Copper unit sold its entire stake in the Quechua copper project in Peru to Glencore, representing a portfolio reshuffle and strategic exit from certain mining assets tied to mining equipment demand.

Key Players:

=> Caterpillar Inc., Doosan Corporation, XCMG Machinery, Deere & Company, Liebherr-International AG, Hitachi, Ltd, Atlas Copco AB, Metso Corporation, Vipeak Mining Machinery Co. Ltd and Sandvik AB.

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Key Segments:

By Type

Surface mining equipment dominates with 38% share, driven by its extensive use in open-pit mining, high productivity, and suitability for large-scale metal, coal, and mineral extraction operations. Underground mining equipment accounts for 25%, supported by growing demand for deep mining operations and safe extraction technologies. Mineral processing equipment holds 15%, fueled by the need for ore beneficiation, separation, and refining. Mining drills and breakers represent 12%, driven by demand for precision drilling and blasting in both surface and underground mines. Crushing, pulverizing, and screening equipment make up 7%, essential for ore size reduction and material preparation. Other equipment accounts for 3%, including conveyor systems, loaders, and ancillary machinery.

By Application

Metal mining leads with 35% share, supported by strong demand for copper, gold, iron, and other metals across automotive, construction, and electronics industries. Mineral mining accounts for 28%, driven by industrial minerals such as limestone, phosphate, and potash. Coal mining represents 22%, fueled by energy demand and industrial use, particularly in Asia Pacific. Oil and gas extraction applications hold 15%, supported by growing exploration and production activities requiring specialized mining machinery.

By Power Source

Diesel-powered mining equipment dominates with 50% share, due to its reliability, mobility, and heavy-duty performance across mining applications. Electric mining equipment holds 30%, driven by sustainability initiatives, zero-emission goals, and adoption in underground mining. Hybrid or alternative fuel-powered equipment represents 20%, supported by technological advancements, emission regulations, and industry focus on reducing carbon footprint.

By End-User

Coal industry leads with 32% share, driven by large-scale coal mining operations in North America, Asia Pacific, and Europe. Metal ore industry accounts for 30%, supported by growing global demand for iron, copper, gold, and other metals. Non-metallic mineral mining industry represents 25%, fueled by industrial minerals, construction aggregates, and raw materials for manufacturing. Other end-users make up 13%, including oil and gas extraction, construction, and specialized industrial applications.

By Region

North America - 30% Share
North America leads with 30%, driven by well-established mining operations, advanced equipment adoption, and high investment in surface and underground mining technologies in the U.S. and Canada.

Asia Pacific - 28% Share
Asia Pacific holds 28%, supported by rapid industrialization, high coal and metal mining demand, and growth in countries such as China, India, and Australia.

Europe - 20% Share
Europe accounts for 20%, fueled by metal and mineral mining operations, automation adoption, and regulatory compliance in Germany, France, the U.K., and Eastern European countries.

South America - 15% Share
South America holds 15%, driven by metal and mineral mining activities in Brazil, Chile, and Argentina, along with growing investment in modern mining equipment.

Middle East & Africa - 7% Share
Middle East & Africa represent 7%, supported by mining expansion in South Africa, GCC countries, and North African nations, particularly for minerals, coal, and oil-related extraction.

FAQ

What is the current size of the Mining Equipment Market?

A: In 2023, the Mining Equipment Market was valued at US$ 24.5 billion, reflecting its strong industry presence.

Q2: How large is the Mining Equipment Market expected to be by 2031?

A: By 2031, industry forecasts suggest the Mining Equipment Market will grow to around US$ 34.0 billion, demonstrating significant expansion.

Q3: What is the growth rate of the Mining Equipment Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 4.2% during the forecast period from 2024 to 2031.

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