February 25, 2024

Mining Equipment Market Is Driven By Increasing Mineral Extraction Activities Globally

Mining equipment such as mining drills, crushing, pulverizing, and screening equipment plays a vital role in extraction and processing of minerals and metals. Mining activities require complex and heavy machinery for digging and excavating earth and rocks. Mining drills boring and hammering rocks helps in accessing valuable minerals underground. Crushing and pulverizing equipment breaks and powderizes raw materials for further processing and extracting useful content. Screening machines separates extracted materials on the basis of size, allowing only undersized particles to pass through for subsequent operations.

The global Mining Equipment Market is estimated to be valued at Us$ 145.47 Billion in 2024 and is expected to exhibit a CAGR Of 3.3% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

 

One of the key trends in the mining equipment market is increasing adoption of autonomous hauling systems in mining. Autonomous hauling systems use global positioning systems and automation technologies to operated fleets of trucks in mining sites without human intervention. This increases productivity by precisely executing tasks while reducing operational costs and improving safety. Due to benefits such as optimized traffic management with improved fuel efficiency and reduced haulage cycle times, many mining companies are adopting autonomous hauling systems. For instance, Rio Tinto uses autonomous trains, drilling rigs, production equipment and automated haul trucks across its Pilbara iron ore operations in Australia. This is expected to drive demand for advanced mining equipment integrated with autonomous solutions in the coming years.

Porter’s Analysis

Threat of new entrants: The mining equipment market requires huge initial investments and regulatory hurdles creating high entry barriers for new players.

Bargaining power of buyers: Large mining companies have significant bargaining power over mining equipment suppliers due to the oligopolistic nature of the market.

Bargaining power of suppliers: A few large multinational companies dominate the supply of critical mining equipment. This provides them with stronger bargaining power over mining companies.

Threat of new substitutes: There are limited product substitutes for mining equipment since mining operations are highly dependent on specialized machinery.

Competitive rivalry: The mining equipment market is highly competitive with the presence of large global players. Companies compete based on product innovation, quality, and pricing.

Key Takeaways

The Global Mining Equipment Market Demand  is expected to witness high growth. The global Mining Equipment Market is estimated to be valued at US$ 145.47 Billion in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031.

 

Regional analysis :

 

Miners are increasingly adopting autonomous equipment to improve safety and productivity. The Asia Pacific region dominates the global market due to the large mining industries in countries like China and Australia.

Key players operating in the mining equipment market are Caterpillar, Komatsu, Hitachi, AB Volvo, and Liebherr. Caterpillar is the global leader with wide product offerings that include trucks, hydraulic excavators, wheel loaders, drill rigs, and other surface and underground mining equipment. Komatsu is another major player headquartered in Japan, specializing in construction and mining equipment.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it