Global Mining Equipment Market Size & Outlook, 2022-2030
Global mining equipment market, 2018-2030 (US$M)
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Global mining equipment market highlights
- The global mining equipment market generated a revenue of USD 134,996.1 million in 2022 and is expected to reach USD 201,551.9 million by 2030.
- The market is expected to grow at a CAGR (2023 - 2030) of 5.1% by 2030.
- In terms of segment, surface mining equipment accounted for a revenue of USD 52,521.4 million in 2022.
- Underground Mining Equipment is the most lucrative equipment type segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2022.
- Country-wise, Finland is expected to register the highest CAGR from 2023 to 2030.
Global data book summary
| Market revenue in 2022 | USD 134,996.1 million |
| Market revenue in 2030 | USD 201,551.9 million |
| Growth rate | 5.1% (CAGR from 2022 to 2030) |
| Largest segment | Surface mining equipment |
| Fastest growing segment | Underground Mining Equipment |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers |
Other key industry trends
- In terms of revenue, the North America accounted for 23.3% of the global mining equipment market in 2022.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Finland is the fastest growing regional market and is projected to reach USD 1,068.2 million by 2030.
Surface mining equipment was the largest segment with a revenue share of 38.91% in 2022. Horizon Databook has segmented the Global mining equipment market based on underground mining equipment, surface mining equipment, crushing, pulverizing & screening equipment, drills & breakers covering the revenue growth of each sub-segment from 2018 to 2030.
The ongoing exhaustive mining activities have resulted in decreasing ore grades worldwide. Due to this fall, more efficient comminution activities are needed to meet the global demand for minerals. Due to the declining proportion of the preferred metal and mineral in the mined ore, the output of the crushing and grinding process needs to be finer for better extraction.
According to the International Energy Agency, 8% to 10% of the total energy consumption is devoted to the extraction of the increased material demand. Factors such as improvements and innovations in extraction technologies have contributed to the changes in ore grades, extending the life of older mines over new mines.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global mining equipment market size, by regions, 2018-2030 (US$M)
Top 10 countries: Mining equipment market size, 2022 (US$M)
Global mining equipment market share, by equipment type, 2022 & 2030 (%, US$M)
Mining equipment market: Opportunity assessment by country
Global mining equipment market, by region, 2022 (US$M)
| Equipment Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 31,982.5 | 33,175.7 | 29,853.7 | 30,440.6 | 31,509.4 | 32,653.7 | 33,879.9 | 35,195.2 | 36,607.3 | 38,125.0 | 39,758.0 | 41,516.8 | 43,413.4 | 4.1% |
| Europe | 29,834.1 | 31,070.3 | 28,068.9 | 28,742.2 | 29,858.2 | 31,053.9 | 32,336.5 | 33,713.6 | 35,193.9 | 36,786.7 | 38,502.8 | 40,353.8 | 42,352.8 | 4.5% |
| Asia Pacific | 44,413.0 | 46,968.3 | 43,085.2 | 44,811.2 | 47,254.6 | 49,890.6 | 52,737.9 | 55,817.3 | 59,152.2 | 62,768.6 | 66,695.4 | 70,965.5 | 75,615.4 | 6.1% |
| Latin America | 11,134.8 | 11,707.4 | 10,678.3 | 11,038.1 | 11,550.3 | 12,100.2 | 12,691.4 | 13,327.7 | 14,013.4 | 14,753.2 | 15,552.5 | 16,417.0 | 17,353.6 | 5.2% |
| MEA | 14,235.6 | 14,975.2 | 13,662.1 | 14,076.7 | 14,823.7 | 15,616.5 | 16,458.8 | 17,354.9 | 18,309.2 | 19,326.8 | 20,413.2 | 21,574.3 | 22,816.7 | 5.5% |
| Overall | 131,600.0 | 137,896.9 | 125,348.3 | 129,108.7 | 134,996.1 | 141,314.8 | 148,104.4 | 155,408.7 | 163,276.0 | 171,760.3 | 180,921.8 | 190,827.4 | 201,551.9 | 5.1% |
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