The global mining equipment market size will escalate at a significant compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021-2030

The process of removing coal, metals, minerals, water, oil, and other materials from the earth is known as mining. Few forms of mining that are widely used in the market are metal mining, mineral mining, and coal mining. The mining process requires a broad range of equipment along with the workforce to complete the entire task. There are various types of equipment like mining drills & breakers, crushing, pulverizing, screening equipment, excavators, haulers, articulated dump trucks, crawler dozers, and crawler excavators that are widely used in mining.

The mining machinery sector is expected to grow as a result of technological advancements and innovations. Automation, the Internet of Things (IoT), 3D imaging, and plasma technology are among the renowned innovations that are transforming the sector. These machines are based on heat-resisting materials and technology that can resist extreme pressure. The machines are exposed to high levels of radiation and chemical chemicals, which might have a direct impact on the parts' functionality. Market participants are focused on inventing machines that may be used to extract specific minerals or metals.

Drones guarantee that areas are clear prior to explosions, track post-blast odors, and enhance overall site safety. BHP (Australia) has been employing drones for surveillance at its Australian operations. In the mining business, automation and teleoperation technologies greatly improve production and safety. As a result, the mining machinery market is likely to be driven by sales of new mining machinery coupled with telematics solutions.

Due to a decline in fossil fuels, the need for cost-effective and energy-efficient renewable energy sources such as solar energy is increasing. Moreover, government regulations for the reduction of carbon emissions are fueling the market's growth. The global mining equipment market is growing, owing to the expanding urbanization and industrialization in emerging countries such as Germany, France, and the United States.

Regional Analysis

The mining equipment market is growing due to an increase in mining-related activities in various regions such as Asia-Pacific and Europe. The rise in demand for mining equipment for applications such as metal mining, coal mining, and mineral mining in these regions are prompting the growth of the overall market. An increase in urban population, which drives up demand for natural resources such as oil, is predicted to drive up demand for mining equipment. Around 590 million people are predicted to migrate to metropolitan areas around the world. Furthermore, during the next 20 years, emerging economies such as Asia and Africa are expected to witness more than half of global urban expansion

One of the primary reasons driving market expansion is the rise in global industrialization and urbanization. Over the last few years, there has been a considerable increase in population, which has resulted in an increase in mineral consumption. Furthermore, rising household incomes have fueled an increase in mineral demand, which is helping to drive the market forward.

The global mining equipment market was halted, owing to the lockdown measures and delays in the manufacturing and production activities. The manufacturing of equipment for metal mining, coal mining, and mineral mining were all stopped during the pandemic, which lead to a sudden deceleration in the growth.

COVID-19 Impact Analysis

Due to global lockdown measures and delays in manufacture and production of mining equipment used in metal mining, coal mining, and mineral mining applications, the COVID 19 outbreak has hampered the expansion of the global mining equipment business.

Global Mining Equipment Market Segments

By Type

Mineral Processing Equipment

Portable

Stationary

Surface Mining Equipment

Articultated Dump Truck

Crawler Dozer

Crawler Excavator

Others

Underground Mining Equipment

Hydraulic Excavators

Mining Dozers

Underground Haulers

Others

Mining Drills & Breakers

Drills

Breakers

Crushing, Pulverizing & Screening Equipment

Portable

Stationary

Others

By Application

Metal Mining

Mineral Mining

Coal Mining

By Solution

Products

Services

By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Key Market Players

AB Volvo(Europe)
Caterpillar Inc.(United States)
Deere & Company(United States)
Doosan Corporation(Asia)
Atlas Copco AB (Europe)
Hitachi, Ltd.(Japan)
Komatsu Ltd(Japan)
Metso Corporation (Europe)
Sandvik AB.(Europe)
Other prominent players