Canada Mining Equipment Market Size & Outlook, 2022-2030
Canada mining equipment market, 2018-2030 (US$M)
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Canada mining equipment market highlights
- The Canada mining equipment market generated a revenue of USD 8,469.7 million in 2022 and is expected to reach USD 11,890.7 million by 2030.
- The Canada market is expected to grow at a CAGR of 4.3% from 2023 to 2030.
- In terms of segment, underground mining equipment was the largest revenue generating equipment type in 2022.
- Underground Mining Equipment is the most lucrative equipment type segment registering the fastest growth during the forecast period.
Mining equipment market data book summary
| Market revenue in 2022 | USD 8,469.7 million |
| Market revenue in 2030 | USD 11,890.7 million |
| Growth rate | 4.3% (CAGR from 2022 to 2030) |
| Largest segment | Underground mining equipment |
| Fastest growing segment | Underground Mining Equipment |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers |
| Key market players worldwide | Epiroc AB DR, Caterpillar Inc, China Coal Energy Co Ltd Class H, Komatsu Ltd, Liebherr Group, Metso Corp |
Other key industry trends
- In terms of revenue, Canada accounted for 6.3% of the global mining equipment market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. mining equipment market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 9,311.7 million by 2030.
Underground mining equipment was the largest segment with a revenue share of 39.53% in 2022. Horizon Databook has segmented the Canada 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.
According to the International Monetary Fund (IMF) World Economic Outlook, the GDP growth rate of Canada stood at 4.6% in 2021 owing to the improved trade terms. According to the Government of Canada website, Canada's mining industry ranks in the top five producers of cobalt, fluorspar, aluminum, diamonds, gemstones, palladium, gold, indium, niobium, platinum, tellurium, uranium, and titanium concentrate.
The increase was primarily due to price hike for most minerals and metals as key economies reopened and demand rebounded, while supply chains and several important producing countries struggled with the effects of the pandemic.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada mining equipment market size, by equipment type, 2018-2030 (US$M)
Canada Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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