Surface Mining Equipment Market To Reach $1,016.78 Billion By 2030

Surface Mining Equipment Market Growth & Trends

The global surface mining equipment market size is expected to reach USD 1,016.78 billion by 2030, registering a CAGR of 6.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Surge in demand for metals and minerals owing to the growth of energy, manufacturing and construction industry is anticipated to drive the demand for surface mining equipment over the forecast period. Furthermore, the increasing adoption of technologies such as artificial intelligence, augmented reality, and big data analysis enabling target exploration, optimized safety of workers and increased production is driving the market growth.

The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing which, in turn, is boosting the demand for mining equipment. Companies operating in the mining equipment market are enhancing their production capacities to meet the rising global demand for various types of mining equipment, such as crushers, mining drills & breakers, screening equipment, surface mining tools, and mineral processing equipment.

Automation is gaining the utmost importance in extracting and exploring metals and minerals. Integration of automated technology in mining operations is expected to boost the demand for innovative mining equipment for firms to remain competitive. For instance, in January 2022, Boart Longyear announced the launch of LM Deep hole underground drilling rig. It can be controlled remotely with the DCiTM (Drill Control Interface) and comes with a rod handler for added safety.

Most surface mining equipment manufacturers are focusing on developing electric equipment to reduce their carbon footprint and emission levels. The manufacturers are resorting to strategies such as product launches, partnerships, and product enhancement to sustain in the highly competitive market. For instance, in July 2023, Komatsu Ltd. revealed its plans to introduce PC210LCE-11 and 200LCE-11 versions of its class electric 20-ton excavators powered by Li-ion batteries in Japan and Europe.

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Surface Mining Equipment Market Report Highlights

• Equipment manufacturers have prioritized enhancing the performance of current equipment over creating new technologies due to economic concerns. Over the forecast period, rising demand for iron ore, coal, diamonds, and chromium in emerging nations is anticipated to open new opportunities for surface mining equipment

• Metal mining is the extraction of metals from the earth's crust. The metal mining market is expected to grow as a significant application segment due to increased resource exploration and strong demand for precious metals such as silver, gold, copper, and iron. Metal mining is extracting and processing ores to refine them into valuable target metals

• Asia Pacific regional market is anticipated to register the highest growth rate over the forecast period. This growth can be attributed to constant investments and increasing infrastructure projects in the region

Surface Mining Equipment Market Segmentation

Grand View Research has segmented the global surface mining equipment market report based on product, application, and region:

Surface Mining Equipment Product Outlook (Volume Units; Revenue, USD Million, 2018 - 2030)

• Loaders

• Excavators

• Crushing, Pulverizing & Screen Equipment

• Drills & Breakers

• Dumper

• Shovels

• Motor Graders

• Others

Surface Mining Equipment Application Outlook (Volume Units; Revenue, USD Million, 2018 - 2030)

• Metal Mining

• Non Metal Mining

• Coal Mining

Surface Mining Equipment Regional Outlook (Volume Units; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

Key players in the surface mining equipment market

• AB Volvo.

• Atlas Copco AB

• Boart Longyear Ltd

• Caterpillar Inc

• Hitachi Construction Machinery Co. Ltd.

• J.C. Bamford Excavators Limited

• Komatsu Ltd.

• Liebherr-International AG

• Metso Corporation

• Sandvik AB