Mining Machinery Market worth $32.8 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 21, 2023 /PRNewswire/ -- 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%, according to a new report by MarketsandMarkets™. The rise in demand for minerals and metals, exploration of new mines, and expansion of existing mines are some factors influencing the growth of the mining machinery market. Apart from this, the increase in stringent emission norms has motivated the mining machinery manufacturers to develop electric & hybrid mining machines thus driving further the growth of mining machinery market.

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Mining Machinery Market Scope:

 

Surface Mining Machinery is predicted to have the largest market share in the machinery category segment.

Surface mining dominates the mining machinery market, by category segment over the forecast period from 2023 to 2030. The growth of this segment is attributed to increased usage of different machinery such as Crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks for increased output. Increased mining activities in Asian and South American countries such as China, Australia, Chile, Peru, and Canada. These machineries are used for extracting large quantities of minerals and materials, material handling, and processing application to sustain the increased demand in various industries such as automotive, defense, construction, power & renewable energy, pharmaceutical, and manufacturing among others. The demand for minerals such as coal, iron ore, gold, copper, lithium, nickel, and uranium is constantly growing for different applications.  Furthermore, the mining machinery manufacturers are heavily investing in R&D activities to enhance electric and hybrid technology that will continue to support the sustainable development of mining machinery for surface mining applications.

>2,000 HP power output mining machinery is predicted to be the fastest-growing segment.

The >2,000 HP segment covers heavy mining machinery such as crawler excavators, rigid dump trucks, and shovels. These powerful equipment are useful for large-scale mining operations to move large quantities of materials efficiently at a rapid pace. This can lead to lower costs per ton and increased profits for mining companies. Mining machinery falling under this category has an operating weight of approximately 400,000 kg to 750,000 kg. Some of Liebherr's rigid dump truck models that fall into the >2,000 HP power output category include the T284 Standard and R9800. Some other models include the Caterpillar 797F mining truck, Komatsu 860E-1K & 730E-10 Electric drive mining truck, which has a power output of more than 2,500 HP which helps in transporting heavy materials in mining sites.

Asia Oceania is expected to account for the largest share of the Mining machinery Market.

Asia Oceania is expected to be the largest market for mining machinery industry in during the forecast year due to its abundant mineral resources, growing economy, and increasing demand for minerals and metals. Numerous factors, such as urbanization, industrialization, and rising incomes, are fueling this growth. The demand for minerals and metals, which are used in a variety of goods like building materials, electronics, and transportation, rises along with the economy. Countries such as China, India, and Australia are major contributors while Japan and Indonesia are among other contributors to the growth of mining machinery in the region.  Some of the major mines like the Oyu Tolgoi Copper-Gold Mine in Mongolia, the Talcher Coalfield Project (India), the Zongzhai Copper Mine Project (China), and others in Asia Oceania demand for advanced and efficient mining machinery for increasing the mining output, thus creating a growth opportunity for the mining machinery market. Apart from this, China is a major reserve for lithium. The rise in demand for lithium-ion batteries in electric vehicles has created the need for large extraction of lithium from mines thus upsurging the demand for underground mining machinery in the region.

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Key Market Players:

Mining machinery companies are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland). These companies adopted new product launches, partnerships, and joint ventures to gain traction in the mining machinery market.

Recent Developments:

• In June 2023, Epiroc AB (Sweden), has completed the purchase of the key assets of Schramm Australia, a major manufacturer of products for reverse circulation (RC) drilling. The assets include intellectual property as well as two production facilities near Perth and two service centers located in Queensland and South Australia and will employ Epiroc.
• In June 2023, Caterpillar Inc announced the launch of the new Cat 995 Wheel Loader which increased up to 19% productivity than the previous model and 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, 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 with increased space for battery production and testing and added more R&D space to improve the development of its battery and charger technology and added warehouse and office space and increase the site's training and touring capabilities for customers.
• In March 2023, Komatsu Mitsui Maquinarias Perú (KMMP) and the Minera Antamina company entered into an important commercial agreement. It involves the acquisition of a fleet of 20 Komatsu haulage trucks, model 980E-5SE, with a load capacity of 400t. These are units equipped with 4400 Hp Cummins QSK95 engines, recognized for having the highest power on the market.
• 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, lowering emissions, monetising 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 . With dependable, effective, sustainable, and connected power solutions that support business operations, Caterpillar Inc. will be able to better serve its customers.

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