Mining Equipment Industry Overview

The global mining equipment market size is expected to reach USD 201.55 billion by 2030, registering a CAGR of 5.2% during the forecast period, according to a new report by Grand View Research, Inc. The introduction of automated mining equipment at the major mine sites and the increasing demand for efficient mining equipment is expected to propel the demand during the forecast period.

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Gather more insights about the market drivers, restrains and growth of the Mining Equipment Market

The adoption of automation and autonomous systems has led to significant developments in the global mining industry. In addition, the usage of autonomous machines such as drillers, Load Haul and Dump Loaders (LHDs), and carrying trucks at mining locations is rapidly increasing worldwide, thereby fueling the market demand for these products during the forecast period.

The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is boosting the demand for mining equipment, thereby leading to the growth of the market for this equipment worldwide.

Manufacturers of these products adopt several strategies including acquisitions, mergers, joint ventures, new product developments, and geographical expansions to enhance their market penetration and cater to the changing technological demand for the equipment from various end-use industries such as metal mining, coal mining, and non-metal mining.

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• The global cold storage market size was estimated at USD 159.7 billion in 2024 and is projected to grow at a CAGR of 18.1% from 2025 to 2030.
• The global on-demand transportation market size was valued at USD 166.9 million in 2024 and is projected to grow at a CAGR of 20.1% from 2025 to 2030.

Mining Equipment Market Segmentation

Grand View Research has segmented the global mining equipment market on the basis of equipment type, power source, power output, application, and region:

Mining Equipment Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Underground Mining Equipment
• Surface Mining Equipment
• Crushing, Pulverizing Screening Equipment
• Drills Breakers
• Others

Mining Equipment Power Source Outlook (Revenue, USD Million, 2018 - 2030)

• Gasoline
• Electric

Mining Equipment Power Output Outlook (Revenue, USD Million, 2018 - 2030)

• 500 HP
• 500-2000 HP
• 2000 HP

Mining Equipment Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Metal Mining
• Non-metal Mining
• Coal Mining

Mining Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Norway
  • Sweden
  • Finland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Central South America
  • Brazil
  • Argentina
• Middle East Africa
  • Saudi Arabia
  • South Africa

Key Companies profiled:

• Epiroc
• Boart Long year Ltd
• Caterpillar Inc.
• China Coal Energy Group Co. Ltd
• Vipeak Mining Machinery Co. Ltd
• Guangdong Leimeng Intelligent Equipment Group Co. Ltd
• Henan Baichy Machinery Equipment Co. Ltd
• Komatsu Ltd
• Liebherr
• Metso Qutotec

Key Mining Equipment Company Insights

Some of the key players operating in the market include Komatsu Ltd., Liebherr, Epiroc, Boart Longyear and Caterpillar Inc.

• Caterpillar Inc manufactures and sells mining and construction equipment, industrial gas turbines, diesel and natural gas engines, and diesel-electric locomotives for construction, energy resource, and transportation industries. Furthermore, the company has established strong sales channel globally.
• Deere Company invest significantly in research development to stay at the forefront of emerging trends and technologies in construction equipment. For instance, in 2022, the company invested USD 1,912 million in research development activities.  

Guangdong Leimeng Intelligent Equipment Group Co.,Ltd, Northern Heavy Industries Group Co., Ltd., and Vipeak Mining Machinery Co. Ltd are some of the emerging market participants in the mining equipment market.

• Guangdong Leimeng Intelligent Equipment Group Co.,Ltd, offers intelligent mining integrated solutions and manufacturing large-scale crushing and screening equipment. The company's product line includes Mobile Crusher, Vibrating Screen Transfer Machine, Sand Making Washing Machine, Stone Crusher, and Spare Parts.The products of the company are used for various purposes, such as mining engineering, smelting engineering, building materials industry, highway engineering, railway engineering, construction engineering, water conservancy engineering, airport runway engineering, bridge engineering, and chemical engineering.
• Northern Heavy Industries Group Co., Ltd. is merged with Shenyang Heavy Machinery Group Co., Ltd. and Shenyang Mining Machinery Group Co., Ltd. in 2006. The company is engaged in Construction, Agriculture, and Mining Machinery Manufacturing industries. The company's product line includes segments such as mining equipment, bulk material handling, cement plant, ore dressing plant, pellet plant, and spare parts.

Recent Developments

• In July 2023, Komatsu Ltd. planned to launch PC210LCE-11 and 200LCE-11 models, and 20-ton electric excavators powered by Li-ion batteries. These machines will be launched in Japan and Europe. The introduction of these models marked a strategic move for Komatsu to tap into the electric construction equipment market. This initiative aligns with the company's broader commitment to achieving carbon neutrality by 2050.
• In July 2023, Liebherr joined forces with Leica Geosystems to provide an extensive range of machine control systems tailored for hydraulic excavators. These systems serve as driver assistance tools, enhancing the efficiency, safety, and productivity of construction projects.
• In July 2023, Metso Corporation entered into an agreement to acquire Brouwer Engineering, an Australian company. The diverse bulk material handling equipment of Mesto lineup aligns well with Brouwer Engineering's expertise in electrical and control systems. The collaboration aimed to provide customers with a holistic range of solutions by combining their respective capabilities.
• In June 2023, Epiroc introduced a mobile hydraulic powerpack for blast hole drills. The product is designed to improve the efficiency of the electric drill. A wagon-mounted powerpack enables off-grid operation for electric drills for without requiring the need for electrical infrastructure.

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