Mining Equipment Market 2023: Industry Size, In-Depth Analysis, Trends, Report 2028

PRESS RELEASE

Published April 12, 2023

The latest research study "Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global mining equipment market reached US$ 142.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 193.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.91% during 2023-2028.

Mining equipment refer to machinery used to extract minerals, metals, and non-renewable resources from underneath the surface of the earth. They include dozers, drill rigs, motor graders, loaders, trucks, excavators, shovels, wheel tractor scrapers, and cranes as standard tools. Apart from extraction, mining equipment are also utilized for various operations, such as drilling, blasting, sorting, excavating, digging, transporting, loading, and grinding. These tools improve productivity, enhance worker safety, increase efficiency, and boost employee morale. In addition, mining equipment reduce operation costs, minimize material wastage, save time, and prevent mining site hazards, including rollovers, stalls, fires, and electrocution. As a result, these tools find widespread applications in metal, mineral, and coal extraction activities.

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Mining Equipment Market Trends and Drivers:

The increasing construction and infrastructural development activities and the escalating demand for these tools for extracting copper, iron, aluminum, and limestone that find usage as cement, concrete, rods, pipes, frames, and panels in the building of houses, bridges, and establishments are primarily driving the mining equipment market. Besides this, the extensive product utilization for unsheathing several fossil fuels, such as coal, petroleum, natural gas, and oil shale, is further augmenting the market growth. Moreover, the introduction of autonomous mining equipment that uses robotics, advanced software, and internet connectivity to enable operations from a safe distance, thus, improving safety, enhancing efficiency, and minimizing prolonged exposure to hazardous conditions, is also catalyzing the global market. Apart from this, the elevating requirement for extracting nickel, cobalt, gold, silver, lithium, and aluminum, as they are used in manufacturing electric vehicles (EVs), batteries, smartphones, and other devices, is acting as another significant growth-inducing factor. Furthermore, the leading players are utilizing battery-driven tools with enhanced durability and eco-friendliness to reduce the turnover rate and minimize carbon dioxide (CO2) emissions, which is expected to bolster the mining equipment market in the coming years.

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Mining Equipment Market Report Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

AARD Mining Equipment
Astec Industries Inc.
Atlas Copco AB
Boart Longyear Ltd.
Caterpillar Inc
Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd)
J.C. Bamford Excavators Limited, Komatsu Ltd.
Liebherr-International AG
Metso Corporation
Sandvik AB and XCMG Group.

The report has been segmented the market into following categories:

Breakup by Type:

Excavators
Loaders
Dozers
Motor Graders
Dump Trucks
Others

Breakup by Equipment:

Underground Mining
Surface Mining
Crushing, Pulverizing and Screening
Drills and Breakers
Others

Breakup by Application:

Metal Mining
Mineral Mining
Coal Mining

By Geography:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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