The report “Mining Machinery Market by Category (Crushing, Pulverizing, Screening Machinery, Mineral Processing Loader, Surface Mining Machinery, Underground Mining Machinery (electric shovels, hydraulic excavators, mining dozers, mining trucks, and drills)), by Propulsion (Diesel, CNG/LNG/RNG), by Application (Mineral, Metal, Coal), by Mining Category (Surface Mining, Underground Mining), by Type (Mining Truck, LHD), by Battery Type (Lithium-ion, Lead-acid) - Global Forecast to 2030" was valued at USD 29 billion in 2021 and by 2030 it is projected to grow USD 36 billion at a compound annual growth rate (CAGR) of 4.4%.
Over the next few years, continuing digital mining progress is expected to change the main facets of mining. Increased investment is expected to trigger demand for mining equipment over the forecast period, along with government funding for digital mining innovation.
The driving forces are estimated to improve the mining machinery industry by increasing the use of electrical machinery in underground mining and increasing demand for metals and commodities.
In addition, the introduction of different innovations such as robotics and IoT decreases labour costs and the running time associated with mining operations, which is expected to raise demand for advanced mining machinery in turn.
Automation and Electrification Driving the Market growth
It has been observed that profit margins can be improved by increasing efficiency. This forces companies to mount sensors and analyze data generated by them to automate and electrify mining equipment. The cost of industrial robotics has declined by 50 per cent since1990, while manual labour has increased by 80%. Mining activities are now fully automated, such as digging and hauling. By seeing improved efficiency and safety, operators are now reaping the benefits of automation.
Increase in mining activities around the world
The increase in the mineral processing equipment segment of the mining equipment industry has led to a growing number of mineral discovery sites and the resulting demand for specialized processing machinery. Ground crushers, stone refining machines and large earthmover vehicles, such as bulldozers, excavators, dumper trucks, etc., are primarily the equipment used in mineral mining.
Browse 63 market data Tables and 40 Figures spread through 178 Pages and in-depth TOC on “Mining Machinery Market by Category (Crushing, Pulverizing, Screening Machinery, Mineral Processing Loader, Surface Mining Machinery, Underground Mining Machinery (electric shovels, hydraulic excavators, mining dozers, mining trucks, and drills)), by Propulsion (Diesel, CNG/LNG/RNG), by Application (Mineral, Metal, Coal), by Mining Category (Surface Mining, Underground Mining), by Type (Mining Truck, LHD), by Battery Type (Lithium-ion, Lead-acid) - Global Forecast to 2030"
High use of electric machines in underground mining
In underground mining equipment, the use of diesel engines produces noise, heat, and fumes that can make working conditions much more unpleasant. It is also important to ensure adequate ventilation when using diesel-operated mining machinery. By using battery-operated or electronic mining equipment, zero exhaust and low maintenance costs guarantee better working environments. In underground mines, it solves the ventilation dilemma. The operator can operate in a comfortable, ergonomically built cabin in difficult underground conditions with easy and protected access to all service points, while not adding damage to the welfare of the operator. Zero emissions also guarantee reduced expenses for ventilation.
High demand for metals and commodities
The nations which are still developing demands a huge number of metals and materials and other resources for building their not only their infrastructure and but economy as a whole. There’s a huge potential market as far as these nations are concerned along with the developed ones.
Telematics in mining machinery
Companies are continually searching for process optimization, with an intensely competitive world in all markets, which in turn has raised the need for automation in the mining sector. For discovery and control of mines, drones are used. Drones ensure that areas are clear prior to explosions, track post-blast gases and increase overall site safety. The mining industry's automation and teleoperation technologies greatly increase efficiency and safety. Sales of modern mining machinery synchronised with telematics systems are thus anticipated to drive the demand for mining machinery.
Decline in mining machinery sales due to COVID-19
Due to the continuing effect of the COVID-19 pandemic on the mining industry, substantial price declines have occurred for major resources, with prices staying passive in some situations. The new business forecast predicts that it would take about 2-3 years for the mining sector to rebound. With slowing mining operations worldwide, the industry has also seen a decrease in sales of mining equipment.
Export of used mining machinery to developing countries
The use of modern mining machinery is dependent on mining sector funding, which, in turn, relies on the global economic scenario. Developing countries such as South Africa, Argentina and Peru, to name a few, typically opt for used mining machines because, if properly handled, they have a stable life cycle. Such equipment is shipped from industrialised economies in North America and Europe to South America, the Middle East & Africa and South East Asian nations, at a cheaper price relative to modern mining machinery. Sales of modern mining equipment are likely to be hampered by this.
Key Market Players
Global Mining Machinery Market Coverage
Category Insight and Forecast 2018-2030
Propulsion Insight and Forecast 2018-2030
Application Insight and Forecast 2018-2030
Mining Category Insight and Forecast 2018-2030
Type Insight and Forecast 2018-2030
Battery Type Insight and Forecast 2018-2030
Global Mining Machinery Market by Region
Rest of the World (RoW)