Mining Equipment Market Size Share Growth Trends Forecast 2028
The global mining equipment market size was valued at USD 112.23 billion in 2020 and is projected to reach USD 151.25 billion by 2028 at a CAGR of 4.0 percent. Read insights on market share trends.
Mining Equipment Market Overview
The global mining equipment market is steadily growing as demand rebounds after the COVID-19 slowdown. The market size was valued at USD 112.23 billion in 2020 and is projected to reach USD 151.25 billion by 2028, exhibiting a CAGR of 4.0 percent during the forecast period. The Asia Pacific region led the global market share with 30.90 percent in 2020. Growth is driven by rising infrastructure projects, technological advancements in automation, and the push for sustainable mining operations.
Market Snapshot
2020 Market Size USD 112.23 Billion
2021 Estimate USD 114.61 Billion
2028 Forecast USD 151.25 Billion
CAGR 4.0 percent during the forecast period
Asia Pacific holds 30.90 percent share in 2020
Growth Drivers for Mining Equipment Market
Infrastructure Development Projects
Large-scale investments in infrastructure projects globally are boosting the demand for mining equipment, especially in emerging economies.
Advancements in Automation and Digitalization
Adoption of smart mining technologies, IoT solutions, and automation equipment is helping mining companies increase productivity and safety while reducing operational costs.
Focus on Sustainable Mining Operations
Growing emphasis on sustainability and emission control measures in mining operations drives the need for energy-efficient and eco-friendly mining equipment.
Market Restraints
High Initial Costs
Large capital investments for procurement, installation, and maintenance of advanced mining equipment can pose challenges for small and medium players.
Volatile Raw Material Prices
Fluctuations in the prices of raw materials impact profit margins for manufacturers and may restrain consistent growth of the mining equipment market.
Opportunities in Mining Equipment Market
Expansion in Emerging Economies
Developing regions like Asia Pacific, Latin America, and Africa present significant growth opportunities due to increasing mining activities and supportive government policies.
Integration of Smart Technologies
Rapid integration of AI, remote monitoring, and autonomous vehicles in mining equipment opens avenues for improved efficiency and market expansion.
Market Segmentation
By Type Excavators Loaders Dozers Motor Graders Dump Trucks and Others
By Application Coal Mining Gas and Oil Extraction Metal Ore Mining and Non-metal Mining
Top Mining Equipment Companies
Caterpillar
Komatsu Ltd
CNH Industrial NV
AB Volvo
Terex Corporation
Sandvik AB
John Deere and Company
Liebherr-International AG
Hitachi Ltd
Doosan Corporation
Metso Corporation
Atlas Copco AB
Zoomlion Heavy Industry Science and Technology Development Co Ltd
Xuzhou Construction Machinery Group Co Ltd
Wirtgen Group Holding GmbH
Key Industry Developments
March 2020 Sandvik AB launched the Leopard DI650i, an advanced DTH surface drilling solution to enhance productivity.
November 2020 AB Volvo introduced a new all-around compactor DD145 in China, featuring a large drum diameter and powerful vibration for better performance.
Explore the full report at https://www.fortunebusinessinsights.com/mining-equipment-market-104970