Global Mining Equipment Market -2024-2031

Global Mining Equipment Market -2024-2031

Global Mining Equipment Market reached US$ 24.5 billion in 2023 and is expected to reach US$ 34.0 billion by 2031, growing with a CAGR of 4.2% during the forecast period 2024-2031.

The increasing demands for minerals and metals across a variety of industries, including construction and manufacturing has led to the continuous growth in the mining equipments market. The market provides a variety range of tools that are necessary for effective mining operations, such as crushers, drills and excavators.

The Indian government's initiatives to expand the Indian mining industry and India's abundance of mineral reserves have made the country a significant contributor to the growth of the regional mining equipment market.

For instance, in November 2023, over the next 6 years, CIL intends to progressively cease importing heavy earth-moving machinery and underground mining equipment. To improve the 'Make in India' initiative, a committee appointed by the Ministry of Coal has recommended that tender provisions encourage the use of domestic equipment.

The largest miner in India, CIL, currently imports high-capacity machinery worth Rs 3,500 crore, including wheel dozers, drills, crawler dozers, dumpers, electric rope shovels and hydraulic shovels. The imports also come with additional customs duties of Rs 1,000 crore. Therefore, the Indian market significantly contribute to the growth of the overall global product market and it captures the significant market shares in the regional market.

Dynamics

Advanced Workplace Technology

Modern workplace technology makes it simpler to monitor the environment and promote sustainability measures by keeping an eye on energy, water and air quality consumption in mining operations. Mining companies can enhance their social license to operate and mitigate regulatory risks by adhering to regulations, minimizing environmental effects and adopting sustainable practices, all made feasible by environmental sensors, drones and remote monitoring systems.

For instance, XCMG Machinery is driving the next revolution in mining machinery development by introducing advanced workplace technology and innovative equipment products. China's first mining satellite, CUMT Nanhu, was created in collaboration with XCMG, the China University of Mining and Technology and Skysight. It was successfully launched at the Taiyuan Satellite Launch Centre on July 23, 2023.

With outstanding performance and long service life, the sun-synchronous X-Band constellation of co-orbit, multi-means remote sensing satellites combines SAR, optical and thermal infrared. The fields in which it will be used are mine exploration and design, mining industry development, intelligent mine operation, early warning systems for geological disasters, safe mining scheduling, slope management at mine sites, complete pit utilization and green mine rehabilitation.

Expanding Application Scope to Cover Full Cycle of Mining Operations

Companies may streamline operations by providing equipment that covers all aspects of the mining process, from exploration and excavation to processing and shipping. Since there are fewer interruptions or delays in the flow of operations when different phases transition, this integration results in greater efficiency. Improved resource optimization is made feasible by integrated mining equipment solutions. A solid understanding of the entire mining process helps companies allocate resources more efficiently and make sure that equipment is used to its maximum capacity at every stage of the process.

For instance, on April 20, 2023, to further support global mining operations and infrastructure development projects, XCMG Machinery has announced three new mining machinery products: the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck and the XDE240 mining dump truck.

Renewable Energy Integration Revolutionizes Desert Mining Operations

The development of renewable energy technology has unlocked the way to a future that is both more sustainable and economical. Fossil fuels like coal and diesel have historically been used extensively in desert mining operations to power equipment, cars and processing facilities. The increases carbon emissions and presents logistical difficulties because gasoline is scarce in isolated desert areas.

Additionally, the adoption of sustainable technology is gradually changing the reality of desert mining and offering a chance to lower operating costs and environmental impact. Improvements in the integration of renewable energy, especially in arid areas, have several important benefits.

For instance, solar power has been emerged as a viable solution for desert mining operations. Desserts are suitable for solar energy collecting because of their open landscape and plenty of sunlight. On mining sites, solar photovoltaic systems can be installed to power mining machinery. The not only cuts carbon emissions but also significantly decreases energy expenses. Solar-powered mining reduces CO2 emissions by an estimated 90% when compared to regular fossil fuel-powered operations.

Infrastructure constraints

Numerous mining operations are situated in isolated or impoverished areas with poor power supplies and road systems. Transporting machinery, raw materials and completed products to and from mining sites is challenging in the absence of dependable transportation networks, which raises logistical costs and impedes the growth of mining operations.

Mining companies may have to spend more for operational supplies in areas with inadequate infrastructure because they must use off-road vehicles or helicopters to reach isolated locations, which demand specialist transportation solutions. Inadequate infrastructure for energy delivery can also lead to increased energy costs or unstable power supplies, which can affect mining companies' profitability and discourage investment in new machinery.

Segment Analysis

The global mining equipment market is segmented based on type, application, power source, end-user and region.

Digital Solutions for Surface Mining

Mining companies may enhance equipment utilization and optimize their operations with the use of digital technologies including fleet management systems, real-time monitoring and predictive maintenance options. Through the real-time monitoring of operational parameters and equipment operation, companies may detect inefficiencies, reduce downtime and optimize overall production.

For instance, in December 2023, Epiroc is growing its digital solutions within the surface mining sector. The new blast support release for safe blasting is part of the surface mine launch. A new version of Situational Awareness is included in the package and it includes a feature that allows warnings to be directed to individuals who are in designated risk areas. With more than 40 installations globally and more than ten years of experience, Epiroc is now introducing safety technologies formerly known as Mobilaris Mining Intelligence to the surface mining industry. Therefore, the surface mining captures the majority of the total global segmental share.

Geographical Penetration

Advancements in Automation Technology Transforming Underground Mining Operations

Automation technology is a technological innovation that has put European suppliers and manufacturers at the forefront of industry advancements in the mining equipment sector. As a result of manufacturers' constant innovation, the European mining equipment market continues to grow as they develop and manufacture innovative drilling equipment specifically designed to meet the demands of automated underground mining operations.

In November 2023, a tele-remote solution called AutoMine for Underground Drills was introduced by Sandvik Mining and Rock Solutions specifically for mining operations. With the new system, mine supervisors can remotely monitor and manage several Sandvik underground drills that are automated at the same time. In mining operations, this contributes to an increase in production, safety and efficiency. Therefore, Europe is contributing significantly to the growth of the global mining equipment market.

COVID-19 Impact Analysis

The COVID-19 pandemic has had an array of effects on the commodity markets. Government-mandated shutdowns and localized outbreaks have disrupted business operations and demand for many commodities remains low, with further lowers the demand. The mining industry has been impacted with the production being stopped in several markets as a result of restrictions placed on mining corporations. Production at Alta Zinc's biggest project in northern Italy has been halted. Following the first confirmed COVID-19 diagnosis in Mongolia, Rio Tinto ceased non-essential operations. Therefore, COVID-19 has had a severe impact on the mining market, which eventually disrupts the demand for mining equipment.

Russia-Ukraine War Impact Analysis

Geopolitical conflicts have the potential to interrupt trade routes, shipping routes or supply chains, which can impact the availability and cost of mining equipment components and machinery. It could result in project delays or higher equipment procurement prices. However, the country's changing industrial and military sectors have changed opinions internationally. Russian domestic iron ore production declined by 16.3%, gold production fell by 11.6% and copper production fell by 11.5% between the end of 2021 and the end of 2022.

By Type
● Surface Mining Equipment
● Underground Mining Equipment
● Mineral Processing Equipment
● Mining Drills and Breakers
● Crushing, Pulverizing and Screening Equipment
● Others

By Application
● Metal Mining
● Mineral Mining
● Coal Mining
● Oil and Gas Extraction

By Power Source
● Electric Mining Equipment
● Diesel-Powered Mining Equipment
● Hybrid or Alternative Fuel-Powered Mining Equipment

By End-User
● Coal Industry
● Metal Ore Industry
● Non-metallic Mineral Mining Industry
● Others (including oil and gas, construction, etc.)

By Region
● North America
U.S.
Canada
Mexico
● Europe
Germany
UK
France
Italy
Russia
Rest of Europe
● South America
Brazil
Argentina
Rest of South America
● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
● Middle East and Africa

Key Developments
● In January 2024, Caterpillar's global market position and reputation for technological innovation are strengthened with the introduction of new electric mining machines and advanced, autonomous equipment. Caterpillar exhibited to major mining companies its first battery-electric prototype underground mining vehicle, broadening the company's offering of battery-electric and semi-autonomous technologies for underground mining applications.
● In October 2023, HD Hyundai Construction Equipment India announced the introduction of two forklift types, four excavator models and wheel loaders. aimed at serving the material handling, mining and infrastructure sectors.
● In June 2022, ARX Construction and Mining Equipment has unveiled its flagship heavy-duty motor graders and variants. ARX Construction and Mining Equipment released the motor graders G3200 and G1000, as well as the Blast Hole Drill Rig D3300 and other machines.

Competitive Landscape

The major global players in the market include Caterpillar Inc., Doosan Corporation, XCMG Machinery, Deere & Company, Liebherr-International AG, Hitachi, Ltd, Atlas Copco AB, Metso Corporation, Vipeak Mining Machinery Co. Ltd and Sandvik AB.

Why Purchase the Report?
● To visualize the global mining equipment market segmentation based on type, application, power source, end-user and region, as well as understands key commercial assets and players.
● Identify commercial opportunities by analyzing trends and co-development.
● Excel data sheet with numerous data points of mining equipment market-level with all segments.
● PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
● Type mapping available as excel consisting of key products of all the major players.

The global mining equipment market report would provide approximately 69 tables, 67 figures and 195 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies