According to the latest market research study published by P&S Intelligence, the global mining machinery market was valued at USD 24.2 billion in 2023 and is projected to reach USD 31.6 billion by 2030, advancing at a CAGR of 4.0% during the forecast period. This growth is driven by the escalating demand for minerals and metals, essential for constructing infrastructure such as roads, bridges, hospitals, and houses, as well as manufacturing automobiles, computers, and satellites. The surge in mining activities to meet these demands is a significant contributor to market expansion.
Technological advancements in mining machinery are also propelling market growth. Innovations have enabled the extraction of improved grades of ores, allowing older mines to remain operational longer. Additionally, increased investments in digital mining innovations, supported by government initiatives, are boosting the demand for advanced mining equipment. These developments not only enhance operational efficiency but also contribute to the sustainability of the metallurgy industry.
Key Insights
- Surface mining machinery held the largest market share of 60% in 2023. This dominance is attributed to the rising demand for coal, iron, and other essential raw materials used in various industries, including construction and automotive manufacturing. The increasing demand for diamonds and chromium in emerging economies is also creating new opportunities for surface mining equipment manufacturers.
- Underground mining machinery also holds a significant share in the market and is expected to grow at a steady pace during the forecast period. The need for efficient extraction methods in deeper mining operations is driving the demand for advanced underground mining equipment.
- The market is witnessing a shift towards eco-friendly and cost-effective mining equipment. Companies are offering surface mining machines that can crush, cut, and load rock in a single operation, eliminating the need for drilling, blasting, and primary crushing. This not only reduces environmental hazards but also enhances operational efficiency.
- In March 2023, Sandvik AB received an order worth approximately SEK 650 million from Canadian mining company Torex Gold Resources to supply mining equipment for its project in Mexico. Such significant orders for advanced mining machinery indicate a growing trend towards the adoption of innovative equipment in the industry.
- The mining machinery market is segmented based on machine category, application, propulsion, and power output. Machine categories include crushing, pulverizing, and screening; mineral processing; surface mining; and underground mining. Applications encompass metals, minerals, and coal. Propulsion types cover diesel, CNG/LNG/RNG, and electric, while power output ranges from less than 500 hp to more than 2000 hp.
- The increasing investment in digital mining innovation, supported by governments, is set to boost the demand for advanced mining equipment during the forecast period. Innovations in mining technologies have allowed for the extraction of improved grades of ores, enabling older mines to remain in operation longer. These advancements contribute to the sustainability and efficiency of mining operations.
- Mining plays a crucial role in the economy by providing dividends, employment, and taxes, which allow governments to invest in public facilities such as schools and hospitals. It also yields foreign exchange and accounts for a significant portion of the gross domestic product in many countries. Additionally, mining stimulates associated activities, including manufacturing and the provision of engineering services.
- Companies in the market are receiving major orders for mining machines, many with advanced battery-electric propulsion. This trend is expected to drive the market and make the overall metallurgy industry more sustainable. The adoption of battery-electric mining equipment reduces greenhouse gas emissions and lowers operating costs, aligning with global sustainability goals.
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