Market Size of North America Mining Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 13.02 Billion |
| Market Size (2029) | USD 16.29 Billion |
| CAGR (2024 - 2029) | 4.58 % |
| Market Concentration | Medium |
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?
North America Mining Equipment Market Analysis
The North America Mining Equipment Market size is estimated at USD 13.02 billion in 2024, and is expected to reach USD 16.29 billion by 2029, growing at a CAGR of 4.58% during the forecast period (2024-2029).
With the rising consumption of base metals and precious metals in several applications, the mining activities of these metals increased, especially in countries such as the United States and Canada.
According to the World Gold Council, Canada at 194.5 tons, followed by the United States at 172.7 tons, securing the 3rd and 4th position in the Global Gold Mining ranking.
Electrification of powertrains for construction and mining machinery has been in focus due to concerns over emissions and noises generated by conventional diesel-powered machinery. Powertrains offer various advantages, such as high overall efficiency, high maneuverability, and accuracy during operations. Investments in the sector by Original Equipment Manufacturers (OEMs), coupled with demand for sustainable products, will likely drive the market growth.
For instance, in September 2023, a Canadian iron ore producer awarded Metso an order for two powerful Vertimill 4500 grinding mills to be delivered in 3Q24. that support the decarbonization of the steel industry through production of high-grade and high-purity iron ore with sustainable processes.
The mining equipment manufacturers look at opportunities like the automation of machinery to attract customers and capture a significant share of the market. The growing demand for raw materials resulted in mining companies exploring new mining projects, thus boosting the mining equipment market.
