South Korea Mining Equipment Market Size & Outlook
South Korea mining equipment market, 2018-2030 (US$M)
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South Korea mining equipment market highlights
- The South Korea mining equipment market generated a revenue of USD 1,310.1 million in 2022 and is expected to reach USD 1,914.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.9% 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 1,310.1 million |
| Market revenue in 2030 | USD 1,914.7 million |
| Growth rate | 4.9% (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, South Korea accounted for 1.0% 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 Asia Pacific, China mining equipment market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 14,511.7 million by 2030.
Surface mining equipment was the largest segment with a revenue share of 41.38% in 2022. Horizon Databook has segmented the South Korea 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, the GDP growth of South Korea declined by 0.9% in 2020 in the wake of the COVID-19 pandemic According to the U.S. Department of State, South Korea is an attractive investment destination for foreign players largely because of its political stability, logistics, and information & communications infrastructure.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea mining equipment market size, by equipment type, 2018-2030 (US$M)
South Korea Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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