The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%. The rise in demand for minerals and metals, exploration of new mines, and expansion of existing mines are some factors influencing the growth of the mining machinery market.Apart from this, the increase in stringent emission norms has motivated the mining machinery manufacturers to develop electric & hybrid mining machines thus driving further the growth of mining machinery market.
Surface Mining Machinery is predicted to have the largest market share in the machinery category segment.
Surface mining dominates the mining machinery market, by category segment over the forecast period from 2023 to 2030. The growth of this segment is attributed to increased usage of different machinery such as Crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks for increased output. Increased mining activities in Asian and South American countries such as China, Australia, Chile, Peru, and Canada. These machineries are used for extracting large quantities of minerals and materials, material handling, and processing application to sustain the increased demand in various industries such as automotive, defense, construction, power & renewable energy, pharmaceutical, and manufacturing among others. The demand for minerals such as coal, iron ore, gold, copper, lithium, nickel, and uranium is constantly growing for different applications. Furthermore, the mining machinery manufacturers are heavily investing in R&D activities to enhance electric and hybrid technology that will continue to support the sustainable development of mining machinery for surface mining applications.
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>2,000 HP power output mining machinery is predicted to be the fastest-growing segment.
The >2,000 HP segment covers heavy mining machinery such as crawler excavators, rigid dump trucks, and shovels. These powerful equipment are useful for large-scale mining operations to move large quantities of materials efficiently at a rapid pace. This can lead to lower costs per ton and increased profits for mining companies. Mining machinery falling under this category has an operating weight of approximately 400,000 kg to 750,000 kg. Some of Liebherr’s rigid dump truck models that fall into the >2,000 HP power output category include the T284 Standard and R9800. Some other models include the Caterpillar 797F mining truck, Komatsu 860E-1K & 730E-10 Electric drive mining truck, which has a power output of more than 2,500 HP which helps in transporting heavy materials in mining sites.
Asia Oceania is expected to account for the largest share of the Mining machinery Market.
Asia Oceania is expected to be the largest market for mining machinery market in during the forecast year due to its abundant mineral resources, growing economy, and increasing demand for minerals and metals. Numerous factors, such as urbanization, industrialization, and rising incomes, are fueling this growth. The demand for minerals and metals, which are used in a variety of goods like building materials, electronics, and transportation, rises along with the economy. Countries such as China, India, and Australia are major contributors while Japan and Indonesia are among other contributors to the growth of mining machinery in the region. Some of the major mines like the Oyu Tolgoi Copper-Gold Mine in Mongolia, the Talcher Coalfield Project (India), the Zongzhai Copper Mine Project (China), and others in Asia Oceania demand for advanced and efficient mining machinery for increasing the mining output, thus creating a growth opportunity for the mining machinery market. Apart from this, China is a major reserve for lithium. The rise in demand for lithium-ion batteries in electric vehicles has created the need for large extraction of lithium from mines thus upsurging the demand for underground mining machinery in the region.
Key Market Players:
Major players operating in the mining machinery market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland).
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