Mining Machinery Market to Reach USD 220 Billion by 2034, Driven by 5.5% CAGR Growth | Exactitude Consultancy

Mining Machinery Market (2025–2034)

/EIN News/ -- Luton, Bedfordshire, United Kingdom, June 03, 2025 (GLOBE NEWSWIRE) -- The global mining machinery market is projected to grow from approximately USD 140 billion in 2024 to USD 220 billion by 2034, expanding at a CAGR of 5.5% over the forecast period. This growth is fueled by escalating mineral extraction demands, particularly for use in electric vehicles (EVs) and renewable energy technologies. Innovations such as automation, electrification, and digital solutions are redefining operational efficiency and sustainability standards in mining practices.

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Market Overview

The mining machinery industry continues to evolve in line with global industrial and energy transitions. Key growth drivers include:

• Surge in global demand for critical minerals (lithium, cobalt, copper) driven by EVs and green energy
• Expansion of mining projects in developing economies
• Technological advancements such as AI, IoT, automation, and electrification
• Shift towards sustainable mining and energy-efficient machinery

However, market growth is tempered by:

• Fluctuating commodity prices
• High upfront capital requirements
• Skilled labor shortages
• Regulatory complexities across different regions

Market Segmentation

By Type

• Surface Mining Machinery
• Underground Mining Machinery
• Material Handling Equipment
• Others

By Application

• Coal Mining
• Metal Mining
• Mineral Mining
• Quarrying

By End-Use Industry

• Construction
• Energy
• Infrastructure
• Manufacturing
• Others

By Sales Channel

• Direct Sales
• Distributor/Dealer Sales

By Equipment Size

• Small
• Medium
• Large

By Technology

• Manual
• Semi-Automated
• Fully Automated / Autonomous Equipment

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Market Dynamics

Drivers

• Rising global infrastructure development and urbanization
• Increasing use of automated and smart mining equipment
• Strategic focus on sustainable and energy-efficient machinery

Challenges

• High capital and operational costs for advanced equipment
• Commodity price volatility affecting investment cycles
• Regulatory restrictions related to environmental impact

Opportunities

• Expanding mining operations in emerging markets (Africa, Latin America, Southeast Asia)
• Integration of AI, machine learning, and predictive analytics
• Growing need for minerals used in renewable energy and EV batteries
• Strategic partnerships and M&A activities enhancing global reach

Regional Analysis

1. Asia-Pacific (42% Market Share in 2024)

Key Markets: China, India, Australia, Indonesia

• Growth Drivers:
  • Rapid industrialization and urbanization, particularly in China and India, are leading to higher mineral demand for infrastructure, construction, and manufacturing.
  • Government policies in China (e.g., “Made in China 2025”) and India (e.g., “Make in India”) support domestic mining and equipment production.
  • Australia remains a global leader in mining exports (iron ore, coal, gold) and invests heavily in automated and autonomous equipment, especially in Western Australia.
• Technological Trends:
  • High adoption of electric and hybrid mining equipment, especially in Australia.
  • Increased use of autonomous haulage systems (AHS) and AI-powered drilling machines in large open-pit mines.
• Challenges:
  • Environmental concerns and regulatory pushback in countries like China on over-mining.
  • Fragmented demand across Southeast Asia due to varying stages of infrastructure development.

2. North America (25% Market Share)

Key Markets: United States, Canada

• Growth Drivers:
  • Home to some of the world’s largest mining companies (e.g., Newmont, Barrick, Teck Resources).
  • High demand for advanced mining machinery driven by deep and complex mining operations, especially in the U.S. and Canadian arctic.
  • Supportive regulations and robust R&D infrastructure.
• Technological Trends:
  • Strong emphasis on digital mining platforms, predictive maintenance, and automation.
  • High deployment of battery-electric vehicles (BEVs) in underground mining, particularly in Canada.
• Challenges:
  • Aging mine infrastructure in some regions.
  • Rising operational costs and energy prices.

3. Europe (20% Market Share)

Key Markets: Germany, Sweden, Finland, Poland

• Growth Drivers:
  • Demand for critical raw materials (CRMs) like lithium, cobalt, and rare earths for the EU’s green transition and EV production.
  • EU-led projects like the European Raw Materials Alliance (ERMA) promoting local sourcing and processing.
  • Sweden is pioneering carbon-neutral mining, with projects like the HYBRIT initiative.
• Technological Trends:
  • Focus on green mining machinery (electric drills, hydrogen-powered haul trucks).
  • Extensive adoption of remote-controlled and smart equipment in Scandinavia.
• Challenges:
  • Strict environmental regulations and permitting delays.
  • Public opposition to mining projects in populated areas.

4. Latin America (10% Market Share)

Key Markets: Chile, Peru, Brazil, Mexico

• Growth Drivers:
  • Abundant copper, lithium, and iron ore reserves, particularly in the Andes region.
  • Surge in foreign direct investment (FDI), especially from China and Canada.
  • Pro-mining reforms in Brazil and Chile aimed at increasing production and simplifying equipment imports.
• Technological Trends:
  • Introduction of semi-autonomous trucks and digital twins in Chilean and Peruvian mines.
  • Push towards renewable energy integration into mining operations (e.g., solar-powered sites in the Atacama Desert).
• Challenges:
  • Political instability, labor strikes, and shifting tax regimes in countries like Peru and Mexico.
  • Environmental opposition and community resistance.

5. Middle East & Africa (Emerging, 6% CAGR)

Key Markets: South Africa, Ghana, Botswana, Saudi Arabia

• Growth Drivers:
  • Rich deposits of gold, diamonds, platinum, and rare earths.
  • Increasing mining investment in Saudi Arabia (Vision 2030 aims to diversify away from oil).
  • Africa’s young labor force and resource wealth offer long-term growth potential.
• Technological Trends:
  • Gradual adoption of modernized machinery, especially in open-pit gold and diamond mines.
  • Use of satellite imaging and drone-based surveying in remote areas.
• Challenges:
  • Poor transportation and energy infrastructure, especially in landlocked countries.
  • Regulatory uncertainty, corruption, and lack of skilled labor.
  • Security issues in parts of West and Central Africa.

6. Southeast Asia

Key Markets: Indonesia, Philippines, Vietnam, Thailand

• Growth Drivers:
  • Rising demand for nickel, copper, and tin, especially for electric vehicle (EV) battery production.
  • Strategic partnerships with China, Japan, and South Korea for mining and refining operations.
  • Government incentives to upgrade mining fleets to meet environmental standards.
• Technological Trends:
  • Growing interest in sustainable and modular mining equipment to navigate rugged terrains.
  • Initiatives in Indonesia to develop fully integrated nickel supply chains, including battery manufacturing.
• Challenges:
  • Environmental degradation, illegal mining, and limited enforcement of mining laws.
  • Need for more structured investment in modern mining infrastructure.

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Competitive Landscape

1. Caterpillar Inc.
2. Komatsu Ltd.
3. Sandvik AB
4. Epiroc AB
5. Hitachi Construction Machinery Co., Ltd.
6. Atlas Copco AB
7. Volvo Construction Equipment
8. Liebherr Group
9. Terex Corporation
10. Doosan Infracore
11. XCMG Group
12. Wirtgen Group
13. CNH Industrial
14. JCB
15. SANY Group
16. Bell Equipment
17. Jiangxi Changhe Agricultural Machinery Co., Ltd.
18. Mitsui Miike Machinery
19. Schaeffler Group
20. China National Coal Group

Recent Developments

1. Caterpillar Inc.

Caterpillar has been actively pursuing innovations to support the mining industry's transition toward sustainability. In September 2024, the company introduced the Cat® Dynamic Energy Transfer (DET) system, designed to transfer energy to both diesel-electric and battery-electric large mining trucks during operation. This system enhances operational efficiency and machine uptime by charging batteries while the equipment is in use, aligning with Caterpillar's commitment to integrated site solutions and energy transition support.

Additionally, Caterpillar is developing a modular Cat® 793 large mining truck platform with powertrain flexibility, including diesel mechanical, diesel electric, and battery electric options. This initiative is part of the company's strategy to provide product design choices that align with customers' operational, sustainability, and productivity goals.

2. Komatsu Ltd.

Komatsu is focusing on sustainable mining solutions through strategic partnerships and product development. In July 2024, Komatsu collaborated with Brazilian miner Vale and U.S.-based Cummins to develop and test haul trucks powered by a combination of ethanol and diesel. These retrofitted dual-fuel engines can run on up to 70% ethanol, potentially reducing direct CO2 emissions by up to 70%. The trucks, with payload capacities between 230 and 290 tons, represent a significant step toward decarbonizing mining operations.

Furthermore, in November 2023, Komatsu and Mitsui & Co., Ltd. announced plans to merge their mining machinery sales and service companies in Peru. This merger aims to offer customers in Peru a broader range of products and services by combining Komatsu's super-large machinery for open-pit and underground mining with Mitsui's existing product lineup.

3. Sandvik AB

Sandvik has secured significant orders, emphasizing its role in providing advanced mining equipment. In March 2025, the company received a major order valued at around SEK 450 million for underground mining equipment from a leading mining customer in Southeast Asia. The order includes development drills, cable bolters, and load and haul equipment, with deliveries scheduled through the first quarter of 2026.

In May 2024, Sandvik expanded its partnership with Hindustan Zinc Limited by supplying underground mining equipment valued at approximately SEK 345 million. The order includes development drills, production drills, trucks, and loaders, enhancing Hindustan Zinc's fleet and supporting its ambitious production plans.

4. Epiroc AB

Epiroc continues to strengthen its position in the mining equipment sector through significant orders and technological advancements. In June 2024, the company secured a large order from Hindustan Zinc Limited in India for mining equipment and aftermarket support, valued at about MSEK 215. The order includes a fleet of mine trucks and rigs for rock reinforcement, face drilling, and production drilling, with equipment featuring Epiroc's Rig Control System for automation and remote control.

Additionally, in October 2024, Epiroc won a substantial order from Eurasian Resources Group in Kazakhstan for underground mining equipment, including battery-electric vehicles. The order, valued at about MSEK 350, includes loaders, mine trucks, and drill rigs, with several machines operated tele-remotely and equipped with collision avoidance systems. Deliveries are set to begin in the first quarter of 2025.

5. Hitachi Construction Machinery Co., Ltd.

Hitachi is expanding its manufacturing capabilities to meet growing demand. In September 2024, the company proposed the development of a new manufacturing facility in Mackay's industrial district in Queensland, Australia. The proposed site will feature a large workshop and warehouse, office spaces, and buildings for painting and washing vehicles. This facility aims to enhance Hitachi's capacity to produce and service construction and mining machinery in the region.

Moreover, in February 2023, Hitachi announced a global price revision for its construction machinery products, citing rising energy costs, raw material price hikes, and increasing logistics costs. The average price increase of 8% for all products was implemented starting in April 2023, reflecting the company's efforts to address global market challenges.

This report is also available in the following languages : Japanese (鉱山機械市場), Korean (광산 기계 시장), Chinese (矿山机械市场), French (Marché des machines minières), German (Markt für Bergbaumaschinen), and Italian (Mercato dei macchinari minerari), etc.

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