The global mining equipment market is estimated to grow at a CAGR of 4.6% during the forecast period. Some pivotal factors encouraging market growth include the rising adoption of electric machinery in underground mining and growth in the mining industry. As per the US Geological Survey (USGS), in 2019, the US mines produced nearly $86.3 billion in minerals in 2019, which is more than $2 billion higher compared to revised 2018 production totals. The materials that can be extracted from the seabed comprise mineral sands (ilmenite, rutile, zircon), gold, tin (cassiterite), aluminum (bauxite+ e), diamond deposits, and rocks salts.
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This leads to the increasing demand for mining equipment that occupies a major position in the process of mining and evaluates the performance of extraction and processing operations of minerals. Mining equipment has experienced remarkable advances in performance, design, and reliability. Electrification of underground mining equipment has been witnessed owing to the emerging focus in underground mining for the reduction of carbon emissions and increase workers’ safety. To fulfill the emerging emissions, energy efficiency, and safety concerns of the underground mining industry, increasing development of electric-powered machinery has been witnessed over the years.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Mining Equipment Market-Segmentation
By Type
- Surface Mining Equipment
- Mineral Processing Equipment
- Underground Mining Equipment
By Application
- Coal Mining
- Metal Mining
- Non-Metal Mining
Global Mining Equipment Market– Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global mining equipment market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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