Mining Equipment Market Growth Worth $223.68 Billion By 2032 | CAGR: 5.2%

Mining Equipment Market Size Worth $223.68 Billion By 2032 | CAGR: 5.2%

The global mining equipment market size is expected to reach USD 223.68 billion by 2032, according to a new study by Polaris Market Research. The report “Mining Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Surface Mining Equipment and Underground Mining Equipment); By Product; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

An increased urban population rises the demand for natural resources like oil, which is anticipated to expand the market. How effectively the climate can adopt is influenced by the interconnectedness of population expansion and natural resources, particularly in emerging nations with fast-changing demographics and resource-dependent economies.

The worldwide mining sector has seen substantial changes due to the deployment of automation and autonomous systems. Also, autonomous equipment at mining sites, such as load haul, drillers, dump loaders (LHDs), and carrying trucks, is swiftly growing globally, supporting the market demand for these goods throughout the projection period.

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The continued industrialization and urbanization have increased the demand for natural resources like minerals and oil. The outcome is a thriving mining sector worldwide. As a result, there is an increase in demand for mining equipment, expanding the global market.

Market players expand their market share and keep up with the equipment's increasing technical demands from different end-use sectors, such as coal mining, metal mining, and non-metal mining. The producers of these goods use a variety of tactics, including acquisitions, mergers, joint ventures, the development of new products, and global growth.

Mining Equipment Market Report Highlights

  • Surface mining equipment accounted for the largest portion of worldwide revenue in 2022. The rising need for excavators in the construction and oil & gas sectors is predicted to drive the growth of the surface mining equipment market.
  • The coal mining application leads the global revenue market share. It is projected that mining equipment's uses in coal mining will increase dramatically.
  • Asia Pacific is dominating the market. Growth in the market is anticipated to be fueled by the rising use of renewable energy sources and the adoption of electric cars in emerging nations like China and India.
  • The global key market players include AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company, Doosan Corporation, Epiroc AB, Hitachi Co., Ltd., Hyundai Heavy Industries Company Limited, Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, RCR Tomlinson Limited, Sandvik AB, Techint Group, and Terex Corporation.

Polaris Market Research has segmented the Mining Equipment market report based on type, product, application, and region:

Mining Equipment, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Surface Mining Equipment
  • Underground Mining Equipment

Mining Equipment, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Mining Drills and Breakers
  • Mineral Processing Machinery
  • Crushing, Pulverizing, and Screening Equipment
  • Others

Mining Equipment, Application (Revenue - USD Billion, 2019 - 2032)

  • Metal Mining
  • Mineral Mining
  • Coal Mining
  • Others

Mining Equipment, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa