Norway Mining Equipment Market Size & Outlook, 2022-2030
Norway mining equipment market, 2018-2030 (US$M)
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Norway mining equipment market highlights
- The Norway mining equipment market generated a revenue of USD 1,944.2 million in 2022 and is expected to reach USD 2,751.2 million by 2030.
- The Norway market is expected to grow at a CAGR of 4.4% from 2023 to 2030.
- In terms of segment, surface 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 1,944.2 million |
| Market revenue in 2030 | USD 2,751.2 million |
| Growth rate | 4.4% (CAGR from 2022 to 2030) |
| Largest segment | Surface 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, Norway accounted for 1.4% 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 Europe, Germany mining equipment market is projected to lead the regional market in terms of revenue in 2030.
- Norway is the fastest growing regional market in Europe and is projected to reach USD 2,751.2 million by 2030.
Surface mining equipment was the largest segment with a revenue share of 33.01% in 2022. Horizon Databook has segmented the Norway 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 OECD, Norway’s GDP growth rate for 2022 is projected to be 3.5%, reflecting the country’s final phase of recovery following the pandemic. Economic growth has slowed to its long term potential rate of 1.7% by 2023. The elevated uncertainty surrounding commodity prices has increased the risks of inflation in Norway.
The already tight labor market will put additional pressure on wage inflation in Norway. The minerals industry in Norway is typically coastal and regional, with the majority of mining activities taking place in Nordland. The number of employees in this industry has decreased recently, although exports from the country have increased in terms of value significantly.
The production of industrial minerals has increased considerably in this industry in Norway, while the output of stone chips, natural stones, sand, and gravel has grown moderately. The ore extraction in the country has decreased significantly. The greatest olivine mines in the world are in Norway.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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Norway mining equipment market size, by equipment type, 2018-2030 (US$M)
Norway Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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