Mining Machinery Market To Generate $31.6 Billion Revenue by 2030
- Published: February 2024
The global mining machinery market was valued USD 24.2 billion in 2023, which is expected to reach USD 31.6 billion by 2030, progressing with a CAGR of 4.0% during 2024–2030. This is due to the rising mining activities for coal, metals, and other minerals, to fulfill the demand for all kinds of goods and services imaginable today. Mined materials are used to construct roads, manufacture automobiles, satellites, and computers, build houses, generate electricity, and provide many other goods and services that consumers enjoy.
Companies are focusing on mergers and acquisitions to increase their market share. For instance, in April 2023, Epiroc AB completed the acquisition of AARD Mining Equipment. The main objective of this acquisition was to expand its portfolio of low-profile underground machines for mines with low ceilings.
Similarly, in December 2022, Komatsu Ltd. announced that is plans on acquiring GHH Group GmbH, a company offering tunneling, and underground mining, specialized civil engineering equipment.
Surface Mining Accounted for Largest Share
Surface mining dominates the market, and it is expected to grow with a significant rate during the forecast period. In surface mining, the rock and soil that cover the deposits of minerals are removed. The, the overlying rock is retained in its place, and the mineral deposits are taken out via tunnels or shafts.
The crushing, pulverizing, & screening machinery category is expected to register a significant growth rate over the forecast period. Such equipment is used to break material into smaller pieces. A rock crusher and pulverizing equipment is used significantly for breaking and separating rocks. This way it makes the rocks easy to handle, which enhances productivity and safety.
Coal Mining Held Largest Share
By application, coal mining dominates the market, and it is expected to remain on top throughout the forecast period. This will be due to the utilization of coal in massive amounts in the production of cement, carbon fibers, tars, petroleum-based fuels, and electricity, as well as for commercial heating. Moreover, metallurgical (coking) coal is the main fuel used for making steel. Coal is converted to coke, which is then used to produce approximately 70% of the world's steel.
APAC Accounts for Largest Revenue Contribution to Global Market
Geographically, APAC is the largest regional market, with a share of 45% in 2023, and it is expected to witness a significant CAGR over the forecast period. This is due to the presence of the largest number of mines and factories that utilize coal in some way in this region. Apart from coal, the region is also either the largest or one of the largest producers of iron, aluminum, steel, and copper.
North America is the is expected to witness the highest growth rate during the forecast period. This is due to the increasing mining activity and the presence of major companies providing the associated machinery. Mining is particularly important to the U.S. economy because it is one of the biggest consumers of minerals as well as one of their biggest producers.
Top global providers of mining machinery are Caterpillar Inc, Komatsu Ltd., Sandvik AB, Epiroc AB, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery Co. Ltd., Henan Baichy Machinery Equipment Co. Ltd., Doosan Enerbility Co. Ltd., AB Volvo, and SANY Group.