Mining Equipment Market Predicted to Witness Steady Growth by 2027

Mining equipment market is expected to witness steady growth during 2023-2032. The demand for minerals, metals, and coal in the mining equipment industry is being driven by rising urbanisation and population growth. In 2020, 83% of the world's urban population, according to data from the World Bank, resided in the United States. Due to this, government authorities are laying out a number of development strategies for the mining industry in order to meet the demand for metals and expand the market for mining equipment.

Rising mining activities along with the growing demand for technically advanced mining solutions in developing countries are estimated to impel the market growth during the forecast period. Autonomous mining equipment helps in cost optimization due to its capability of cutting, crushing, and loading in a single working phase. Manufacturers are switching to battery-electric technology to enhance the safety of workers’ health in underground mines, while delivering a high-performance technology solution.

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Stringent emission regulation is one of the major factors challenging the mining equipment market expansion. The mining industry is witnessing impacts of several regulations & policies imposed by the government agencies to reduce and control the emissions coming from automated industrial machinery. The use of diesel-powered mining equipment in the underground environment has a high environmental impact. However, the diesel-powered equipment provides several advantages including cost effectiveness and reliability, fostering the adoption of the equipment in the industry.


The COVID-19 pandemic caused mining equipment manufacturers to temporarily close their doors, which had an effect on the market revenue for mining equipment. The technological advancements in mining equipment were halted by ongoing lockdowns, which reduced consumer demand for mining equipment. Demand for pricey materials like gold, silver, and diamonds was limited by the global financial crisis and the rise in the unemployment rate. In addition, investments that were delayed, several mining projects that were cancelled, and travel restrictions placed on the import-export of raw materials all had a negative impact on the demand for mining equipment.

Increase in demand for metal & commodities and use of electric machinery in underground mining equipment are boosting the sale of underground mining machinery

The underground mining equipment is anticipated to register 6% growth rate through 2027. The rise in industry demand for metals & minerals and use of electric machinery in underground mining equipment are stimulating the sale of underground mining machinery.

Diesel engine powered equipment generates fumes, heat & noise, creating unpleasant working conditions for underground miners. Owing to this, mining companies are preferring electric machinery due to their low noise and zero emission working conditions.

Supportive government initiatives to electrify vehicles will create a positive market outlook for mineral processing machinery across the globe

In 2020, the mining equipment market share for the mineral mining application was 30%. The market statistics of mineral mining proliferation around the world are accelerating due to significant mineral usage in the healthcare, construction, and pharmaceutical industries. As a result, there is a significantly increased need for mining machinery such as brakers, pulverizers, and screening equipment.

The inclining focus of various countries on establishing zero-emission economy is boosting the industry expansion of cobalt & nickel mineral mine, owing to their key roles in electric battery production. Countries including New Zealand, Brazil, and India are preparing strategic plans to boost cobalt & nickel mines.

Escalating demand for resources along with the increasing government expenditure on infrastructure will creating the growth opportunities for North America region

North America mining equipment market valued at over USD 15 billion in 2020 and is projected to grow at 3.5% CAGR through 2027. The U.S. is expected to showcase a significant growth attributed to the increasing government expenditure on infrastructure projects.

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North America is observing a high demand for mineral resources such as metals, lime, kaolin, silica sand, and talc with the rapid increase in the construction activities. Infrastructure development and rapid urbanization are some of the major factors responsible for the acceptance of these resources in the construction sector. The use of natural aggregates, such as crushed rock, sand, and gravel, in road and building construction is fueling the industry growth of mining equipment in the region.

Some of the major players operating in the mining equipment market include Atlas Copco AB, SANY Group, CNH Industrial, AB Volvo, Komatsu Ltd., Hyundai Heavy Industries Company Limited, Terex Corporation, Metso Corporation, Joy Global Inc., Caterpillar Inc., Hitachi Co. Ltd, and Thyssenkrupp. OEMs are investing in R&D for integration of autonomous technology into the drills to enhance the equipment operational efficiency.

Table of Contents (ToC) of the report:
Chapter 1   Methodology & Scope
1.1    Scope & definitions
1.2    Methodology and forecast parameters
1.3    Region-wise COVID-19 impact analysis:
1.3.1    North America
1.3.2    Europe
1.3.3    Asia Pacific
1.3.4    Latin America
1.3.5    MEA
1.4    Data Sources
1.4.1    Secondary
1.4.2    Primary
Chapter 2   Executive Summary
2.1    Mining equipment market 3600 synopsis, 2016 – 2027
2.2    Business trends
2.3    Regional trends
2.4    Product trends
2.5    Application trends

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/mining-equipment-market

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