Mining Equipment Market is estimated to be valued at USD 1,41,741.9 Mn in 2025 and is expected to reach USD 2,16,385.7 Mn in 2032, exhibiting a compound annual growth rate (CAGR) of 6.23% from 2025 to 2032.
The Mining Equipment industry has witnessed steady growth in recent years due to rising demand for minerals and metals, growth in mining activities in emerging markets, and global thrust towards infrastructure development and energy transition. The growing demand for resources like lithium, copper, and rare earth materials—vital for electric vehicles and renewable energy—has considerably fueled equipment sales. The use of advanced technology such as automation, Internet of Things -equipped machinery, and predictive maintenance is also driving market growth, with miners looking to enhance efficiency, safety, and environmental compliance. Surface mining equipment activities are both undergoing modernization, contributing to growing demand for high-performance and fuel-efficient machinery.
|
Current Events |
Description and its impact |
|
Adoption of Electric and Hybrid Mining Fleets |
|
|
Integration of Predictive Maintenance and Digital Twin Technology |
|
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
Ore deposits are obtained from below the surface of the earth. The debris that is removed for uncovering required ore is difficult to do so through surface mining. Thus, underground techniques are utilized for such scenarios. There are various types of breakers and drills used in underground mining. Thus, several market players are focusing on development of novel breakers and drill applications in underground mining.
For instance, Boart Longyear introduced DruftMaster series of drill bits intended for drifting and tunneling applications in the mining industry. Thus, these factors are expected to propel growth of the global mining equipment market over the forecast period.
In June 2024, Giant Mining Corp. contracted Boart Longyear to conduct a reverse-circulation drill program at its Majuba Hill porphyry copper project in Nevada. The campaign plans to drill up to 3,900 meters across 16 holes to expand and define copper, silver, and gold resources. This engagement highlights ongoing growth in underground exploration and the need for precision drilling solutions tailored to hard rock and subsurface operations.
The sales of mining equipment are increasing due to growing consumption of natural resources. The demand for these resources such as bauxite, iron ore, and titanium is growing all over the world. Moreover, due to rising natural resources demand in emerging countries in Asia Pacific, such as China and India is creating demand for advanced mining equipment.
For instance, according to the Coherent Market Insights, the mining equipment market in China is witnessing increased sales every year due to growing mining activities for silver, copper, titanium, iron, which are utilized in manufacturing of electronic equipment. Thus, the global mining equipment market is likely to witness strong growth in the coming future.
Growing demand for technologically developed mining equipment is expected to create lucrative environment for growth opportunities in the global mining equipment market during the forecast period. With technological development, high quality products, market players are provided with a great opportunity for strengthening their market presence. With novel advancements, the mining processes will become automized and easier needing lesser time.
Moreover, use of advanced technologies such as artificial intelligence facilitates efficient and sale hole digging with drills. Thus, the demand advanced technology is increasing in mining equipment, which is creating various growth opportunities in the market.
Furthermore, market players are adopting autonomous and digitized systems for smart mining, which is also expected to provide them with multiple growth opportunities in the global mining equipment market during the forecast period. Major players such as Combitech, LKAB, ABB, AB Volvo, and Epiroc in collaboration are starting a project in the ore mine of northern Sweden.
This project comprises control systems, efficient management systems, and improved mining equipment that can cater the future needs for sustainable mining industry. Thus, these factors are likely to support the market growth in the coming future.
Mining equipment market continues to witness technological developments and innovations. Various technologies are revolutionizing the industry including Internet of Things (IoT), automation, plasma technology, and 3D imaging. These machines are created with the use of technologies and materials that are capable of withstanding high temperatures and pressure. These machines are exposed to chemical substances and high radiation, which directly impacts the functioning parts. Market players are thus, focused on developing machines with capability of extracting specific metals and minerals, where they are using telematics. This ensures reduced downtime caused by malfunctions and it helps plan maintenance activities. Thus, this trend is likely to continue in the market over the forecast period.
The demand for these metals in European region is creating strong need for mining equipment. With this growing demand for copper, iron, and aluminum, mining activities are growing all over the world. Thus, high level machineries and technologies are in use for these mining exploration and extraction activities in Europe, which in turns is driving growth of the mining equipment market in the region.
For instance, MetsoOyi, has developed a novel predictive maintenance solution for mining equipment which is intended for helping maximize performance and uptime of commination circuits. Thus, this trend is expected to support growth of the market during the forecast period.
Based on Type, the market is segmented into Mineral Processing Equipment (Portable, Stationary); Surface Mining Equipment (Articulated dump truck, Crawler dozer, Crawler excavator, and Others); Underground Mining Equipment (Hydraulic excavators, Mining dozers, Underground haulers, and Others); Mining Drills & Breakers (Drills, Breakers); Crushing, Pulverizing & Screening Equipment (Portable, Stationary), and Others. Out of which, Mineral Processing is expected to dominate the global market over the forecast period and this is attributed to the rise in demand for metals and minerals due to ever growing population around the world and new consumers from emerging countries.
Surface Mining Equipment segment is also expected to witness significant growth in the near future and this is owing to the growing adoption of novel technologies leading to rise in demand for mining equipment for the development of construction and mining sector. The growing population is driving the projected to infrastructure development for end users. This in turn is driving the demand for mining equipment, which is expected to boost the mining equipment market growth
Based on Application, the market is segmented into Metal Mining, Mineral Mining, and Coal Mining. Out of which, Metal Mining is expected to dominate the global market over the forecast period and this is attributed to the growing demand for metals due to rapidly growth of mechanical equipment, automobile, and infrastructure sectors in recent years. This has led to rise in mining industries, which is further supporting growth of this segment.
Mineral Mining segment is also expected to witness significant growth in the near future and this is owing to the rise in demand for minerals in emerging countries such as China and India, as industrial sector of these countries is witnessing strong growth. Moreover, demand for various minerals is also increasing in green energy technologies need for low-carbon future. Thus, the segment will witness strong growth in the market.
To learn more about this report, Download Free Sample
North America among regions is projected to show significant growth in the global mining equipment market during the forecast period. This can be attributed to growing demand for silver and gold in the U.S. and Canada.
The U.S. is one of the major producers of oil, coal, and other metals. The demand for minerals and metals is growing in various industries in this region, such as construction, manufacturing, and automotive. Moreover, mining activities are also increasing, which is leading to use of mining machinery. Along with this, the mining sector in Canada is showing strong growth, which is also expected to support growth of the global mining equipment market across North America region.
Asia Pacific is also projected to gain robust growth in the global mining equipment market during the forecast period, owing to rise in demand for metals such as nickel, bauxite, and copper in the region. Along with this, rise in demand for precious metals and minerals such as diamond, silver, gold, and platinum is leading to growing need for mining equipment in Asia Pacific, Thus, these factors are anticipated to boost growth of the market across this region.
China dominates the market for mining machinery with its big mining sector, particularly in coal, base metals, and rare earth. It has a strong indigenous production platform, official support, and growing demand for high-capacity and mechanized equipment. Local firms and foreign producers both engage in supplying sophisticated machinery to maintain high-scale operations.
The U.S. is a prominent contributor to the mining equipment market, with strong demand stemming from metal and mineral mining, particularly copper, gold, and lithium. High technology adoption, ranging from autonomous trucks to AI-based monitoring equipment, is supported by established OEMs and mining behemoths. Environmental regulations also support investment in efficient and sustainable equipment.
Australia is a global leader in mining, dominated by iron ore, coal, and lithium. Its mining equipment sector surfs on export levels that are high and sustained investment in mine automation and remote operation technology. The country is a center of mining machinery innovation with wide collaboration among mining companies and equipment manufacturers.
India's mining equipment market is expanding rapidly in reaction to increasing indigenous demand for coal, iron ore, and construction minerals. Infrastructure building and the promotional support offered by policy for commercial mining have encouraged the sale of equipment. While there is high price sensitivity, there is increasing interest in upgradation to more efficient and safer equipment.
Russia has enormous mineral deposits and a very large mining machinery market, mainly for coal, gold, and diamond mining. In spite of geopolitical issues, the nation keeps spending on the upgrading of its mining fleet through locally manufactured as well as imported machinery in order to cater to large-scale mining projects.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2024 | Market Size in 2025: | USD 1,41,741.9 Mn |
| Historical Data for: | 2020 To 2024 | Forecast Period: | 2025 To 2032 |
| Forecast Period 2025 to 2032 CAGR: | 6.23% | 2032 Value Projection: | USD 2,16,385.7 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Epiroc Ab, AB Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and Deere & Company |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
*Definition: Mining equipment is a broad category of heavy machinery used in the extraction of metals, minerals, and coal. It varies in size and functionality to match different mining activities. Its applications include dredging, excavating, mining, and quarrying.
Share
Share
About Author
Ramprasad Bhute is a Senior Research Consultant with over 6 years of experience in market research and business consulting. He manages consulting and market research projects centered on go-to-market strategy, opportunity analysis, competitive landscape, and market size estimation and forecasting. He also advises clients on identifying and targeting absolute opportunities to penetrate untapped markets.
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients
Schedule a meeting with report Author
