Published: 2022 June 06
Mining Equipment Market Size, Competitive Landscape and Market Forecast - 2029
180 pages
Report Summary
Table of Contents

Global Mining Equipment Market is segmented By Equipment Category (Surface Mining Equipment, Mineral Processing Equipment, Drillers & Breakers, Crushing, Pulverizing and Screening Equipment, Underground Mining Equipment, Others), By End Application (Coal, Metal, Minerals, others), By Propulsion Type (Gasoline, Diesel, CNG/ LNG, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

The Global "Mining Equipment Market"  is expected to grow at a high CAGR of 12.7% during the forecasting period (2022-2029).

Mining Equipment Market Strategic Insights



Market CAGR


Segments Covered

By Equipment Cateqory, By end Application, By By Propulsion Type and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Stability in mining investments and increasing coal production are expected to propel the mining equipment over the coming three years considerably.

Stability in commodity prices has been one major factor impacting the market for mining equipment. Through the price outlook seemed to streamline over the past eighteen months, an unexpected weakening of the global economy would drive the commodity value down, and in turn, place the mining sector in a dicey situation. Unpredictable demand for integrated systems and declining preference for discrete equipment was visible among mining companies since 2019.

The surge in mining equipment orders hasn’t yet accounted for a reduction in the overaged fleet. Mining operators have been holding on to their fleet replacement strategy to become more streamlined for the electrification and automation trends. Improved aftermarket service by manufacturers, expired less-profitable contracts, and growing demand for higher-valued electric vehicles are expected to play a vital role in the equipment fleet over the coming five years.

Industry Outlook

Mining customers have been found to increase their capital spending to support the growing mining operations. Strengthened balance sheets and increased cash flows would allow gold miners to increase their production further. Higher metal prices and reduced production costs would aid this investment trend further. The mining sector has also witnessed a considerable increase in stakeholder confidence to drive the market towards the “Golden 2011 levels”. Very high capital discipline and progressive, long-term expectations from investors would further drive the global mining industry. Furthermore, replenishing portfolio and large-scale mergers & acquisitions would allow higher resource allocation to increase global mining production. China, Brazil, Australia, and South Africa mining hubs are anticipated to play a vital role in structuring the mining industry over the next five years.

Market Trends

Optimizing the mining production and improving efficiency has been the primary concern for miners. Operation management systems are starting to gain popularity with players like ABB, collaborating with Boliden AB and ArcelorMittal Mining Canada to develop state-of-the-art OMS (ABB Ability Operations Management System). Efficiency improvement through electric components and advanced lubricants is found in areas of heavy usage and significant projects. ExxonMobil is currently working on its Mobil SHC Elite series synthetic lubricants, which (the company claims) will improve equipment resistance to oxidation and deposit formation at higher operating temperatures. Mobil SHC demonstrated a 3.6% improvement in efficiency under controlled lab conditions compared to conventional reference oils in gear applications.

Mining companies have been found to incline more towards the following trends.

  • Automation

  • IoT for smart and effective operation management

  • Automatic Power Crushers

  • Electric components that provide higher efficiency

  • Advancements in bulk material handling

Market Dynamics

The following are the factors that are expected to impact the market for global mining equipment through 2026

  • Growing mining sites and added metal/ mining output

  • High consumption of gold, coal and industrial metals

  • Spiked demand for mineral fertilizers

  • Stringent environmental and emission regulations

Mining Equipment Market Segmentation

The global mining equipment market has been segmented by equipment category (surface mining equipment, mineral processing equipment, drillers & breakers, crushing, pulverizing & screening equipment, and underground mining equipment), by end-application (Coal, Metal, and Minerals), by propulsion type (Gasoline, Diesel, CNG/LNG) and by geography (North America, Europe, Asia Pacific, Africa & Middle East and South America).

Screening equipment is expected to find immediate adoption among the expansion strategies, making them retain their dominating market share among the mining equipment by category. The high demand for automatic power crushers is expected to continue over through 2022. With stringent emission regulations in place, demand for alternate fuel machinery is expected in developed nations. Companies are now slowly moving towards mission electric by replacing conventional motors with efficient electric counterparts. CNG/ LNG and electric machinery are also gaining traction from the buyers of developed countries, owing to their lower operational costs.

By Application, the Metal mining equipment market is expected to grow faster during the forecast period. Mineral extraction and demand for related machinery would gain momentum. However, the growing demand for coal would make coal mining the second largest application for the global mining equipment market.

Mining Equipment Market Geographical Analysis

Asia Pacific mining equipment market share continued to dominate the global market, with India and China emerging as major mining hubs over the past six years. Identification of new mining sites by CMPDI and subsequent efforts to improve coal production would continue the demand for the equipment in the country. Queensland government’s nod for the open cut mine near Great Barrier Reef in Galilee Basin, which allows the production of 60 million tons of coal, is expected to create high demand for mining equipment in Australia. Further, global mining players showing signs of improving their presence in Asian markets through China are likely to continue through 2021, driving the market in the country.

Gold and Diamond mining in South Africa declined significantly over the past twelve months. Gold mining witnessed a 24% decline while that of diamonds was 30%. However, on the bright side, coal production increased by over 8%, keeping the demand for the equipment from the country, if not high, stable.  Swaziland, Tanzania, Mozambique, and Botswana also showed signs of improving coal production, driving the demand for mining machinery in the Africa & Middle East region.

Mining Equipment Market Companies

BelAZ, J.C. Bamford Excavators Limited, Komatsu Ltd. Caterpillar Inc. Epiroc AB, Liebherr Group, Guangxi LiuGong Machinery Co., Ltd, Metso Oyj, Sepro Mineral Systems Corp., Volvo Construction Equipment, Sandvik AB, Hitachi Construction Machinery Co. Ltd, Terex Corporation, Atlas Copco, Sany Heavy Industry Co. Ltd, Doosan Equipment, Zoomlion and Deere & Company are some of the notable mining equipment manufacturers analyzed for the study.

Company Developments

The following are some of the significant developments across mining companies.

  • SUEK and NEXI signs a memorandum of understanding with JBIC on receiving a USD 50 million credit line towards purchasing Japanese mining equipment

  • Wabtec and GE Digital sign a multi-year contract agreement to continue commercialization of Predix operations and asset performance management solutions (OPM & APM) for the mining domain.

  • Hexagon introduces a high-precision positioning application, HxGN MineOperate Reverse Assist, that guides truck operators with optimal reverse paths.

  • Mechel PAO signs a 2 billion rubel agreement with CTP BELAZ-24000 for 15 dump trucks.

  • Cat succeeds in meeting U.S. EPA Tier 3 Final emissions standards with its Cat® 797F large mining truck product line.

  • RCT launches the ControlMaster® automation range, which enables a single operator to control multiple mining machines simultaneously.

Why purchase the report?

  • Visualize the composition of the Global Mining Equipment market across each equipment type, application, and propulsion type, highlighting the critical commercial assets and players.

  • Identify commercial opportunities in the mining equipment market by analyzing trends and co-development deals.

  • Excel data sheet with thousands of data points of the market – level 4/5 segmentation

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

  • Product mapping in excel for critical Mining Machinery of all major market players.

Target Audience

  • Raw Material & Equipment Suppliers/ Buyers

  • Service Providers/ Buyers

  • Industry Investors/Investment Bankers

  • Education & Research Institutes

  • Research Professionals

  • Emerging Companies

  • Manufacturers

Frequently Asked Questions

What is the Mining Equipment Market growth?

The market is growing at a CAGR of 12.7%.

What is Mining Equipment Market size in 2021

The Mining Equipment Market  size was valued at USD YY million in 2021.

Who are the key players in Mining Equipment Market ?

Major players are Distech controls Inc, Honeywell, Hubbel Inc, Johnson controls, KMC controls, Lutron Electronics Co., Inc., Schneider Electric and Siemens

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