Market Size of Mining Equipment Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 98 Billion |
| Market Size (2029) | USD 135 Billion |
| CAGR (2024 - 2029) | 5.12 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mining Equipment Market Analysis
The Mining Equipment Market size is estimated at USD 98 billion in 2024, and is expected to reach USD 135 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
- The COVID-19 pandemic had an immediate impact on the global economy, and that impact goes across all industries, including mining. Significant price drops were observed across major commodities, while in some cases, prices remained passive. For example, the demand for metallurgical coal and thermal coal has decreased, while the demand for gold and iron ore has increased.
- However, the market is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and demand for metals and commodities occupy a major market share. The increasing need for mineral fertilizers to improve agricultural yield and the rise in the construction of roads and railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India and China.
- Ongoing digital mine innovation is expected to transform the key aspects of mining over the next few years. Increased investment and government support for digital mine innovation are expected to trigger the demand for mining equipment over the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to improving ore grades, thus, extending the life of older mines.
Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period. This is attributed to expansion in the mining projects across India and China to resonate strong potential for mining equipment demand.
