Mining Machinery Market by Machinery Category (Crushing, Pulverizing & Screening, Mineral Processing, Surface & Underground), Application, Power Output, Electric & Hybrid Machinery (Mining Trucks, LHD), Battery Chemistry Region - Global Forecast to 2030
[359 Pages Report] The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030 at a CAGR of 4.1%. The mining machinery market is being propelled by a range of factors driving widespread adoption at the global level. The rise in the extraction of minerals, metals, and coal from mines is majorly contributing to the growth of the mining machinery market. Autonomous mining trucks navigate predetermined paths precisely, reducing fuel consumption and human error while boosting safety and production volume. Electrification trends in the mining machinery market in China, Japan, US and Europe are gaining traction with leading suppliers such as Komatsu, Caterpillar, Epiroc, and Sandvik.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Market Dynamics
DRIVER: Increasing use of electric machinery in underground mining
The electrification of mining machinery remains a crucial driver of the mining machinery market, and the demand for electric equipment is increasing due to lower operating costs, improved safety, and reduced need for ventilation. This makes it a suitable choice for use in underground mining operations. Diesel engines produce a lot of heat, fumes, and noise, making working in these regions unbearable. In addition, by 2040, the International Council on Mining and Metals is looking forward to seeing surface mining equipment that does not emit greenhouse gases, driving the need for cleaner and safer machinery. Although this type requires a high initial capital investment cost, it takes less time to pay back than if one used diesel-driven machines, making it more economical. This allows manufacturers to leverage this shift by investing more in research and development (R&D) of batteries, charging infrastructure, and autonomous operations while partnering with miners who will provide a real-world testing environment for them. Such transitions are especially important in areas like the Asia Pacific region, the Americas, and Europe, where there is an escalating requirement for emission-free equipment driven by rising cooling costs and strict emission standards. Companies including Komatsu, Caterpillar, and Hitachi are involved in developing advanced versions of electric mining machinery, speeding up the electrification trend in the sector.
RESTRAINT: Export of used mining machinery to emerging economies
Due to the increased mining activities, there is a growing demand for mining equipment in all emerging economies. These emerging economies have budget constraints and look for cost-effective options due to limited capital for initial investment purposes. Countries such as South Africa, Argentina, and Peru, to name a few, generally opt for used mining machinery since they have a reliable life cycle if appropriately maintained. Used mining equipment offers a more affordable alternative to new machinery, especially for businesses with limited capital. When looking for a cheaper option for heavy machinery and other tools, used mining equipment is more budget-friendly than new equipment for those with restricted financial resources—as such, buying a second-hand device much quicker than its brand-new substitute is possible, which implies less idleness. One can get used drills, loaders, trucks, and processing plants from the market and sell them, as they still have quite some years remaining if taken care of well. Companies offer used mining equipment for all types of mining machinery. For instance, Machinery & Equipment Co., Inc. provides a platform to buy and sell used machinery. Also, Komatsu and CAT are some of the leading companies offering used equipment for their users. The export of used mining machinery to emerging economies creates a challenge for the new mining equipment market, as many businesses in these regions choose more affordable second-hand options, reducing the demand for new machinery.
OPPORTUNITY: Use of autonomous mining machinery
Various sectors have adopted autonomous vehicles, including mining, construction, and agriculture. Autonomous vehicle technologies leverage advanced AI capabilities, GPS systems, and sensor networks to reduce the manual labor users need. The oil, gas, and mining industries operate under harsh environments with very high or low temperatures, excessive pressure levels, poisonous gases, and unruly terrains that may endanger people working there. The use of autonomous machines (which do not require on-site human presence) in these danger zones helps combat such risks and ensure uninterrupted work, even in areas that are too dangerous for workers to exist. Thus, manufacturers are developing self-driving mining machinery that wirelessly transmits its condition status reports, executes commands from a distance, and jams radio frequencies from other instruments. For instance, Hitachi's construction machinery designs autonomous technologies to make mining safer, more efficient, and more productive for large-scale hydraulic excavators and dumpers. They have also developed remote-controlled systems and an Autonomous Haulage System (AHS), which can be installed on up to 100 truck systems. Other key players in this sector include Caterpillar Inc. (USA), Volvo Construction Equipment (Sweden), and Komatsu Ltd.(Japan), which manufacture automated mining trucks for several destinations across the globe. The availability of autonomous equipment in mining is an excellent opportunity to improve safety and economic efficiency and reduce operation costs while motivating innovations within the machinery sector.
CHALLENGE: Lack of standardization in mining machinery
The lack of standardization in mining machinery presents a significant challenge for manufacturers, particularly when meeting emissions standards across various regions. Since each region has its regulatory regime, like Stage V in Europe and Tier 4 final in the US, it complicates the machines' designs, manufacture, and approval. Manufacturers are, therefore, forced to produce different versions of the same machinery to adhere to these varying standards, increasing production costs and reducing their chances of benefiting from economies of scale. The absence of common technical standards complicates the international supply chain, making it hard for manufacturers to buy assorted components for specific markets. This makes it expensive for both maker and user alike, limiting the number of products available in the market while raising prices. Inconsistencies between regulations, especially in regions like the EU, where rules vary between member states, create delays in product launches and market entry. As a result, the ability of mining machines to be exported is significantly reduced, while cross-country usage is also limited.
New after-treatment systems required to meet strict emissions standards complicate matters and make machine production much more expensive. The costs of adhering to these regulations are challenging for smaller producers since their production capacity is rarely large enough to balance compliance costs. Overall, the lack of standardization in mining machinery hampers innovation, increases costs, and reduces market growth potential, making it difficult for manufacturers to operate efficiently across multiple regions.
Mining Machinery Market Ecosystem.
The major players in the mining machinery market have the latest technologies, diversified portfolios, and strong distribution networks globally. The major players in the market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland).
Bill of Materials in Mining Machinery (%), 2021 vs. 2030
The BOM provides a structured breakdown of the equipment's composition, including quantities, specifications, and supplier information for each item. Depending on the type of mining machinery, the percentages in the bill of materials may change, but steel is typically used most frequently in mining machinery.
“Electric and Hybrid mining trucks are estimated to hold the largest market share.”
For several reasons, the market share of electric and hybrid mining trucks, like dumpers and tipper trucks, is bigger than that of electric and hybrid LHD dumpers. In surface and underground mining operations, these trucks move massive quantities of materials, which makes them very advantageous because of their diesel engine-electric battery combination. While diesel fuel is saved and emissions are reduced during use, it is helpful in underground areas where ventilation is very important. When required, they also deliver extra power, increasing performance and productivity; furthermore, they decrease noise levels, making it easier on long shifts for operators. Conversely, electric and hybrid LHD dumpers are more efficient and save costs, but they are intended for very specialized activities underground and have low ventilation costs. Therefore, the wider use and benefits of electric and hybrid mining trucks lead to their more significant market share.
Major companies that offer electric dump trucks include Komatsu Ltd. (Japan), Caterpillar Inc. (US), Epiroc AB (Sweden), and Sandvik AB (Sweden). Other than this, in August 2022, Vale (Brazil), in partnership with XCMG Mining Machinery Co., Ltd., a subsidiary of Xuzhou Construction Machinery Group Co. Ltd. (XCMG), tested its 100% electric mining truck in the mines of Agua Limpa located within Minas Gerais and Sorowako found in Indonesia. Therefore, electric and hybrid mining trucks are gaining significance due to their broader applications, including fuel savings and reduced emissions, especially in surface and underground mining. Their flexibility and enhanced performance are key factors that make them better preferred over electric and hybrid LHD dumpers.
“Lithium iron phosphate battery chemistry type is estimated to lead the electric and hybrid mining machinery market.”
Lithium iron phosphate (LFP) batteries are estimated to lead the electric mining machinery market, according to battery chemistry, during the forecast period. Unlike nickel manganese cobalt (NMC) batteries, LFP batteries use phosphate as their cathode material, which offers high electrochemical stability, better temperature resistance, and lower charge flow resistance. Consequently, some positive outcomes are higher efficiency, greater safety, and longer cycles. One reason LFP batteries are cheaper than others is that they use readily available raw materials that are less costly to manufacture. This has attracted some big names in the industry, such as Caterpillar Inc., Sandvik AB, and Sany Group, who have started using LFP batteries in their mining trucks and loaders, further expanding their market share. Even though LFP batteries possess a lower energy density, meaning they will occupy more physical space to store the same amount of power, their longevity characteristics, fast charge times, and low servicing requirements explain why they are the most preferred choice by mining firms.
“Surface Mining is speculated to hold the largest share of the autonomous mining machinery market .”
By 2030, the surface mining segment is expected to dominate the market for autonomous mining machinery. One of the driving factors is that surface mining is much safer and friendlier and, therefore, more accessible to mine than underground. Compared to conventional machines, this equipment can perform much better, with improvements between 40% and 80%. For instance, Scania AB and Rio Tinto have joined forces to create autonomous haul trucks to improve efficiency and reduce emissions at their Channar site. Hexagon has partnered with Liebherr in a similar move towards mining automation. There are various reasons why this trend must continue; enhanced efficiency (faster operations), safety (no human intervention), and reduced operational risks (since they work round-the-clock) all form the fundamental basis of why these vehicles' tractions on these terrains should pick up. Surface mines will likely expand rapidly as more businesses come on board to use such technology.
“Asia Oceania is predicted to be the largest market for mining machinery.”
Asia Oceania leads the global mining machinery market, with China, Australia, India, and Japan driving demand. In 2023, China and Australia accounted for >60% of the region's market share. This dominance is due to the high number of active mines and the increased exportation of unused mines. The area is seeing a growing need for metals and minerals, driven by industrial and infrastructure development. India, for instance, has abundant mineral reserves of bauxite, iron, chromite, and more, with the mining machinery market driven by government regulations and domestic demand. The government owns about 70% of mining companies in India. As surface deposits are exhausted, the demand for underground mining equipment increases. Some major global players such as BEML, Caterpillar, and Hitachi have installed their manufacturing units and entered Joint Ventures with local counterparts in India.
With considerable lithium resources in batteries for electric vehicles (EVs), mine workings in China have raised expectations about the need for sophisticated machines. Also, there is a rising demand for minerals such as coal, copper, and gold, but a few pressurizes mining firms to modernize their extraction processes to boost efficiency. Many top mining equipment manufacturers are based in Asia Pacific, supporting the production of innovative machinery. Strict emission standards in China, India, and Japan encourage a shift toward electric equipment, offering zero-emission alternatives. The region's growth is also supported by economic factors such as decreasing battery costs and long-term savings from electric operations.
Some of the major players are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland)
Key Market Players
The mining machinery market needs to be more cohesive. Caterpillar Inc. (US), Komatsu Ltd. (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland) are the key companies operating in it. These companies adopted new product launches, partnerships, and joint ventures to gain traction in the mining machinery market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2018–2030 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2030 |
|
Forecast units |
Volume (Units) and Value (USD Million/Billion) |
|
Segments Covered |
By Machinery Category, Application, Propulsion, Electric & Hybrid Mining Machinery Market By Type, Electric & Hybrid Mining Machinery Market By Battery Chemistry, Autonomous Mining Machinery Market By Mining Category, and Region. |
|
Geographies covered |
Asia Oceania, North America, Europe, South America, and Middle East, and Africa |
|
Companies covered |
Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden) and Liebherr (Switzerland) |
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs.
The study segments the mining machinery market:
By Machinery Category
- Crushing, Pulverizing, Screening Machinery
- Mineral Processing Machinery
- Surface Mining Machinery
- Underground Mining Machinery
By Application
- Metal
- Mineral
- Coal
By Power Output
- < 500 HP
- 500 – 2,000 HP
- > 2,000 HP
By Propulsion
- Diesel
- CNG/LNG/RNG
By Electric & Hybrid Mining Machining Market, By Type
- Electric & Hybrid Mining Trucks
- Electric & Hybrid Load Haul Dump Loaders (LHD)
By Electric & Hybrid Mining Machining Market, By Battery Chemistry
- Lithium Iron Phosphate Battery (LFP)
- Nickel Manganese Cobalt Battery (NMC)
- Others
By Autonomous Mining Machining Market, By Mining Category
- Surface Mining
- Underground Mining
By Region
- Asia Oceania
- North America
- South America
- Europe
- Middle East & Africa
Recent Developments
- In June 2023, Caterpillar Inc. announced the launch of the new Cat 995 Wheel Loader, which increased up to 19% productivity from the previous model and a 6% increase in hydraulic force with equal hydraulic cycle time. Also, it delivers up to 13% lower hourly fuel consumption and offers an additional 8% efficiency gain.
- In May 2023, Epiroc AB launched a new flagship radio remote drill rig named SmartROC T25 R. This compact drill rig is designed for construction and quarrying and has several valuable features and technologies.
- In May 2023, Sandvik AB (Sweden) expanded its battery center of excellence in Camarillo, California, to strengthen its position as underground mining's leading battery-electric innovator. This phased expansion benefited the company by increasing battery production and testing space and adding more R&D to improve its battery and charger technology development. It also added warehouse and office space and increased the site's training and touring capabilities for customers.
- In April 2023, Epiroc AB acquired a South African mining equipment manufacturer. AARD designs and manufactures a wide range of mining equipment, specializing in low-profile underground machines for mines with low mining heights. It also provides services and support to its customers.
- In May 2022, Caterpillar Inc (US) acquired Tangent Energy Solutions (US), an energy-as-a-service (EaaS) company. Tangent Energy Solutions offers customers complete turnkey solutions for lowering energy expenses, raising energy effectiveness, reducing emissions, monetizing assistance for the electric grid, and ensuring operational resilience. With Tangent Energy, the acquisition was made to create new revenue streams. Caterpillar's extensive lineup of electric power supplies is complemented by Solution's EaaS services, providing. Caterpillar Inc. can better serve its customers with dependable, effective, sustainable, and connected power solutions that support business operations.
- In January 2022, Hitachi Construction Machinery Co., Ltd. announced the launch of ConSite Mine to the global market. It is a service solution that provides machine analytics to help resolve issues at mining sites. It uses IoT to monitor mining machinery remotely 24 hours a day and AI to analyze its operational condition
Frequently Asked Questions (FAQ):
What is the current size of the global mining machinery market?
The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%.
Which mining machinery category would be leading the mining machinery market?
The surface mining machinery category would lead the mining machinery market due to the lack of expensive ventilation and tunneling machinery as it works in an open environment, surface mining is often less expensive than underground mining. As a result, surface mining becomes a more appealing choice for mining corporations, particularly in regions with high labor costs
Many companies are operating in the mining machinery market space across the globe. Do you know who the front leaders are and what strategies they have adopted?
The mining machinery market is moderately fragmented. Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland) are the key companies operating in the mining machinery market.
How does the demand for mining machinery vary by region?
Asia Oceania is estimated to be the largest market for mining machinery during the forecast period, followed by North America. The growth of the mining machinery market in Asia Oceania is mainly attributed to the rise in mining activities in countries like China, Australia, and India.
What are the growth opportunities for the mining machinery supplier?
Increased demand for minerals and metals, rise in the extraction of lithium for the electric vehicle industry, exploration of new mines, and expansion of existing mines would create growth opportunities for the mining machinery market. Also, an upsurge in demand for advanced technologies like automation and digitization in mining operations would further influence the growth opportunities for the mining machinery market.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size of the mining machinery market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. The top-down approach was employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred for this research study include financial statements of companies offering mining machinery and information from various trade, business, and professional associations. The secondary data was collected and analyzed to determine the overall size of the mining machinery market, which primary respondents validated.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as CXOs; vice presidents; directors from business development, marketing, and product development/innovation teams; and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.
Primary interviews were conducted to gather insights such as the mining machinery market forecast, current technology trends, and upcoming technologies in the market. Data triangulation of all these points was done with the information gathered from secondary research. Stakeholders from the supply side were interviewed to understand their views on the points mentioned above.
Primary interviews were conducted with market experts from the supply side (mining machinery manufacturers) across the major regions, namely, Asia Oceania, Europe, South America, and North America. Primary data was collected through questionnaires, emails, and telephonic interviews.
In canvassing primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report. After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the findings described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The research methodology used to estimate the size of the mining machinery market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in the automotive industry at a regional level. Such procurements provide information on the industry's demand aspects for mining machinery.
To know about the assumptions considered for the study, Request for Free Sample Report
Global Mining Machinery Market Size: Bottom-Up Approach, By Machinery Category
Global Mining Machinery Market Size: Top-Down Approach, By Application, Propulsion, Power Output
Global Electric & Hybrid Mining Machinery Market Size: Top-Down Approach, By Mining Category
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Mining Machinery: Mining Machinery is a large machine used for the extraction of raw materials in open-cast mining environments. Mining Machinery refers to the specialized equipment and machinery used in various stages of the mining process, including exploration, extraction, processing, and transportation of minerals and ore deposits. This equipment can range from large-scale mining trucks, excavators, and drilling machines for open-pit operations to underground mining machinery.
Surface Mining Machinery: Surface mining machinery refers to a broad range of tools used mostly in open-pit or open-cast mines to remove minerals and ores from the surface of the ground. When the mineral ore reserves are close to the surface and can be economically mined utilizing sizable machinery, this sort of mining is employed.
Underground Mining Machinery: Underground mining equipment is made specifically to operate in the constrained and difficult conditions of underground mines, where access and space are constrained. Deep within the earth, these machines are essential for drilling, transporting, and processing metals and minerals. They are designed to resist challenging underground environments, which include little light, excessive humidity, and small areas.
Key Stakeholders
- Senior Management
- End User Finance/Procurement Department
- R&D Department
Report Objectives
- To analyze and forecast the market size for mining machinery from 2018 to 2030 in terms of volume (units) and value (USD million/billion)
-
To define and describe the mining machinery market by machinery category, propulsion, application, power output, autonomous mining machinery, electric & hybrid mining machinery, battery chemistry, and region.
- By machinery category [crushing, pulverizing, screening machinery; mineral processing; surface mining (crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks); and underground mining (electric shovels, hydraulic excavators, wheeled loaders, mining dozers, mining trucks, and drills)]
- By propulsion [diesel, and compressed natural gas (CNG)/liquified natural gas (LNG)/renewable natural gas (RNG)]
- By application (mineral, metal, and coal)
- By power output (<500 HP, 500-2,000 HP, and >2,000 HP)
- Autonomous mining machinery, by mining category (surface mining and underground mining)
- Electric & hybrid mining machinery, by type [electric & hybrid mining trucks and electric & hybrid load haul dump (LHD) trucks]
- Electric & hybrid mining machinery, by battery chemistry [lithium-iron phosphate, nickel manganese cobalt battery and others (lithium manganese oxide (LMO), lithium titanate oxide (LTO), and solid-state batteries)
- By region (Asia Oceania, Europe, North America, South America, and Middle East & Africa)
- To understand the dynamics (drivers, restraints, opportunities, and challenges) of the mining machinery market
- To analyze the market share of key players operating in the market
- To strategically analyze the market with supply chain analysis, market ecosystem, technology trends, trade analysis, average price trend, regulatory analysis, case studies, and buying criteria
- To understand the dynamics of competitors and distinguish them into stars, emerging leaders, pervasive players, and participants according to the strength of their product portfolio and business strategies.
- To analyze recent developments such as agreements/partnerships/supply orders, acquisitions, geographic expansions, and new product launches of key players in the mining machinery market.
Available Customizations:
MarketsandMarkets offers the following customizations for this market report:
Autonomous Mining Machinery Market, By Level of Automation
- Semi-Autonomous
- Fully Autonomous
Mining Machinery Market, By Country & Machinery Category
- Crushing, Pulverizing, Screening Machinery
- Mineral Processing Machinery
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Mining Machinery Market
Growth opportunities and latent adjacency in Mining Machinery Market
I would like to know the market share of each of the mining equipment manufacturers and what strategies they adopted to maintain their market share
I was wondering if I could get a breakout of the construction equipment market by industry - specifically I am looking for the dollar value of the equipment used in infrastructure. This is for InsideUnmannedSystems magazine.
I want to understand the market for surface and underground mining equipment, annual purchases worldwide.
In our bussiness we dissasembly mining equipmemt We have now one scoop ST1020 One Scoop ST 1030 One Simba MH 12 54 One M7 all being sold for dismantling at cery convenient prices We dsel the equipment we dismantle and send power train and elements also main tool
I am interested in gaining visibility to market trends affecting mining equipment used in surface and underground applications. More specifically, I am interested in the market for aftermarket parts and rebuilt components (transmissions, torque converters, differentials, final drives, hydraulic cylinders, drivelines) used in the repair and maintenance of mobile equipment used in surface and underground mining.
I am interested in gaining visibility to market trends affecting mining equipment used in surface and underground applications. More specifically, I am interested in the market for aftermarket parts and rebuilt components (transmissions, torque converters, differentials, final drives, hydraulic cylinders, drivelines) used in the repair and maintenance of mobile equipment used in surface and underground mining.
I am looking for mining equipment global market statistics related to equipment type and manufacturer
I am covering the broader mining sector for one of my clients and just need to study the report and find unique angles for Africa and particularly South Africa.