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Global Mining Supply Services Industry Set to Grow Over Next 7 Yrs.

Feb 2, 2023

The Global Mining Equipment market is predicted to grow from USD $132.4 billion in 2021 to USD $208.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.72% over the forecast period according to a report released by Spherical Insights & Consulting. 

Some of the key companies profiled Epiroc; Boart Longyear Ltd; Caterpillar Inc; China Coal Energy Group Co. Ltd; Vipeak Mining Machinery Co. Ltd; Guangdong Leimeng Intelligent Equipment Group Co. Ltd; Henan Baichy Machinery Equipment Co. Ltd; Komatsu Ltd; Liebherr; and MetsoQutotec.

The growth predicted over the next 7 years is due to an increase in the need for prototype solutions across a number of industrial sectors, including aerospace, automotive, healthcare, and military, is expected to drive the market.

The Covid 19 epidemic had a significant negative influence on the mining industry, which led to a steep fall in the demand for mining equipment. Mining equipment production was suspended as a result of industries closing their doors due to the global lockdown. This made its supply chain and distribution system even more difficult. Constant lockdowns not only halted technical progress in mining equipment but also hampered expansion. 

The pandemic's effects on global unemployment, financial crises, temporarily dried up the market for pricey commodities including gold, diamonds, silver, and other stones. The continuous travel restrictions on the import-export of raw resources and the frequent abandonment of mining projects also had a negative influence on the market for mining equipment.

But as pandemic restrictions ease, according to the report,  there will be a rising demand for mining equipment  to satisfy the increasing demand from the mining sector.

The report offers a comprehensive overview of the industry, including an analysis of current trends and prospects. It also provides insights into the key players in the market and their strategies for growth. 

The metal mining category holds the largest share in the mining equipment market. The Mining Equipment Market is divided into Metal Mining, Non-Metal Mining, and Coal Mining based on Application.

Pic 4_Sandvik Underground Driller_300
Sandvik Mining Equipment produces an array of automated drilling equipment. Photo supplied by Sandvik

The metal mining industry, is expected to grow at CAGR of 6.2% in the mining equipment market during the forecast period. The demand for precious metals is rising, government regulations are favorable, and there is a rise in the transport of metal resources, all of which assist the metal mining industry.

However, the non-metal mining category is anticipated to grow at the quickest rate in the coming years due to the demand for the removal of rocks, stones, and sand.

The electric vehicle category will grow at significant CAGR during the forecast period. The electric vehicle category is predicted to grow at significant CAGR over the coming years. The concentration of manufacturers nowadays is on producing reliable machinery that don't harm the environment or mining equipment that is environmentally friendly.

Several developing nations are using hybrid technology in the production of mining equipment in an effort to embrace sustainability. The growing demand for sustainable and eco-friendly mining products in highly developed countries is one factor driving the growth of the worldwide mining industry.

 The surface mining equipment accounted for the highest revenue share, The type of surface mining equipment, which generated approx. 37.8% of global revenue in 2021, dominated the market. It is anticipated that rising demand for diamonds, coal, iron ore, and chromium in emerging nations would open up new market opportunities for surface mining equipment throughout the projected period. The increased use of this machinery has allowed certain mining companies to explore high-quality resources and construct embankments and solid surfaces.

The coal mining category held the largest share in the surface mining market with 36.5% revenue share in 2021, the coal mining application led the mining equipment market. In the coal mining sector, applications for mining equipment are expected to grow dramatically. Its expansion is attributed to an increase in the need for electricity generation. The uses and application of coal mining equipment have grown along with the production of coal. As a consequence, it is anticipated that the coal mining industry will continue to dominate the market throughout the forecast period.

Geographically, Asia-Pacific is leader in the market accounting for around 37.5% of total market share in 2021. The adoption of electric cars and the rising shift toward renewable energy sources are expected to drive market development in developing nations like India and China in the coming years.

Depleting surface mineral deposits in the area due to increased global demand for these minerals is the main factor driving need for mining equipment in the Asia-Pacific region. Following the surface depletion of such minerals, deep mining operations are expanding in the area, increasing the need for mining equipment there.

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis.

The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.  

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Image Pic 2 Boart Longyear_500

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