Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Mining Machinery Market by Machinery Category (Crushing, Pulverizing & Screening, Mineral Processing, Surface & Underground), Application, Power Output, Electric & Hybrid Machinery (Mining Trucks, LHD), Battery Chemistry Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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% from 2023 to 2030
This report provides valuable insights for market leaders and newcomers by offering approximate revenue figures for both the overall mining machinery market and its subsegments. Stakeholders can gain a better understanding of the competitive landscape, enabling them to devise effective go-to-market strategies. The report also furnishes stakeholders with a grasp of the market dynamics, including key drivers, challenges, opportunities, and constraints.
The demand for minerals and metals driven by infrastructure development in developing countries is a significant factor propelling the mining machinery market. As easily accessible mineral deposits become scarcer, mining companies are compelled to explore and extract minerals from more challenging and remote locations. This need for specialized equipment to access and extract resources fuels the demand for advanced mining machinery.
The growth of advanced mining equipment on a global scale is also attributable to the increased demand for various metals and commodities across various applications, including automotive, aerospace, transportation, energy and renewables, electronics, and semiconductor manufacturing. The rising demand for iron, copper, coal, graphite, lithium, gold, and other resources is expected to further boost the mining machinery market.
Emission regulations play a pivotal role in shaping the mining machinery market. Growing environmental concerns and heightened awareness of the detrimental effects of vehicular emissions have driven engine manufacturers to develop engines that adhere to emission norms. These regulations are likely to spur demand for alternative fuel-based mining machinery, such as CNG/LNG or hybrid or battery electric machines.
North America stands out as a dominant market in the mining machinery industry, primarily due to the high demand for mining machines in the US and Canada, where numerous active mines operate. The US's protectionist policies, which have increased the demand for domestically sourced minerals, are expected to further drive demand for mining equipment in North America.
Other positive factors, such as low interest rates, are poised to boost spending in the mining sector. Additionally, Canada possesses vast reserves of metals and minerals, exporting 60 mineral commodities globally. The country is a significant global producer of copper, nickel, cobalt, and hosts advanced mineral projects for rare earth elements, lithium, and graphite.
Consequently, the growing demand for these rare minerals has led to increased extraction activities in Canadian mines, contributing to the growth of the mining machinery market. Furthermore, the presence of mining giants like Barrick Gold Corporation, Teck Resources Ltd., and Agnico Eagle Mines Ltd. is expected to create fresh growth opportunities for the mining machinery market.
The report offers an in-depth assessment of market shares, growth strategies, and service offerings of leading players, including Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland), among others, in the mining machinery market.
Diesel segment is predicted to lead the mining machinery market during the forecast period
By propulsion, diesel-driven mining machinery is projected to dominate the market share with more than 95% across all considered regions. This is mainly due to the benefits offered by these engines.
Diesel produces more torque at a lower speed compared to other fuels for the same power rating and combusts at a slower rate, hence resulting in better fuel efficiency. As it is a well-proven technology, diesel-operated machines are suitable to perform heavy-duty operations under harsh and rough conditions for long working hours in mining fields.
Further, to cut the harmful gases to remain aligned with the stringent emission regulations, global OEMs are incorporating hybrid engines which mainly require an additional battery and motor to work in parallel with diesel fuel. This will help in enhanced performance with lower emissions, thereby resulting in overall operational advantages.
Though engines based on CNG/LNG/RNG are growing at a significant pace, however, owing to proven performance delivery, easy accessibility, and infrastructural challenges related to other alternative fuel & pure electric propulsion, the market of diesel-operated mining machinery will remain in the leading position under the review period.
The mineral mining segment is estimated to be the largest and fastest in the mining machinery market, by application
Minerals mining is projected to remain dominant and like to grow at a higher rate for the application segment. The growth of the segment is mainly due to increased demand for metallic and non-metallic minerals such as iron, bauxite, copper, aluminum, gold, clay, limestone, gypsum, and sand among others in recent years.
With the constant depletion of numerous global mineral reserves, mining operators need to find and extract minerals from increasingly challenging and remote locations. To meet this specific demand, the advanced and sophisticated mining machinery would become beneficial to unearth potential mineral deposits in these hard-to-reach terrains, leveraging cutting-edge exploration technologies, including remote sensing satellite imagery and geological modeling.
Asian countries like China, Australia, and India are major players in mineral extraction along with some African and South countries such as South Africa, Chile, and Peru. Further, growing demand for pollution-free mobility solutions and the use of renewable resources would prompt the higher demand for these minerals which subsequently boost the growth of mining machinery in the years to come.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 355 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $24.8 Billion |
| Forecasted Market Value (USD) by 2030 | $32.8 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
Premium Insights
- Growing Demand for Metals and Commodities to Drive Mining Machinery Market
- Surface Mining Machinery Segment to Hold Largest Market Share During Forecast Period
- Cng/Rng/Lng Segment to Register Higher CAGR During Forecast Period
- 500-2,000 Hp Segment to Lead Mining Machinery Market in 2023 (USD Billion)
- Mineral Segment to Hold Largest Market Share During Forecast Period
- Mining Trucks Segment to Lead Electric & Hybrid Mining Machinery Market During Forecast Period
- Lithium Iron Phosphate Segment to Hold Largest Market Share in 2023
- Surface Mining to Hold Largest Market Share During Forecast Period
- Asia Oceania to be Largest Mining Machinery Market in 2023
Recommendations
- Lucrative Opportunities in Asia Oceania and South America for Mining Machinery Manufacturers
- Electric Mining Machinery to Add More Value to Mining Machinery Market
Case Study Analysis
- Case Study 1: Automation in Mining by Ericsson
- Case Study 2: Nai Harnesses & Box Builds Help Control Mining Operations in China
Market Dynamics
Drivers
- Increasing Use of Electric Machinery in Underground Mining
- Increasing Demand for Metals and Commodities and Rising Count of Active Mines
Restraints
- Export of Used Mining Machinery to Emerging Economies
- International Trade Policies and Relations
Opportunities
- Developments in Autonomous Mining Machinery
- Rising Use of Telematics Services in Mining Machinery
Challenges
- Lack of Standardization in Mining Machinery
- Cyberattacks
Supply Chain Analysis
- Ecosystem Analysis
- Trends/Disruptions Impacting Customer Business
Technology Analysis
- Adoption of Artificial Intelligence (Ai) and Analytics
- Real-Time Location System Technology (Rtls)
Average Selling Price Trend of Mining Machinery
- Price Trend, by Region, 2020 Vs. 2022
- Price Trend, by Machinery Type, 2020 Vs. 2022
Company Profiles
Key Players
- Caterpillar Inc
- Komatsu Ltd
- Sandvik Ab
- Epiroc Ab
- Liebherr
- Hitachi Construction Machinery Co. Ltd.
- Doosan Enerbility
- Ab Volvo
- Sany Group
- Jcb
Additional Players
- Liugong Machinery Co. Ltd.
- Kobelco Construction Machinery Co. Ltd
- Sumitomo Heavy Industries, Ltd.
- Xuzhou Construction Machinery Group
- Hyundai Construction Equipment Co. Ltd.
- Terex Corporation
- Bharat Earth Movers Limited (Beml)
- Astec Industries, Inc.
- Wirtgen Group
- Mine Master Ltd.
- Fiori Group S.P.A
- Jsc "Kopeysk Machine-Building Plant"
- Bell Equipment
- Aard Mining Equipment
- Wacker Neuson Se
- Belaz
For more information about this report visit https://www.researchandmarkets.com/r/5uci5a
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