Mining Machinery Market by Machinery Category (Crushing, Pulverizing & Screening, Mineral Processing, Surface & Underground), Application, Power Output, Electric & Hybrid Machinery (Mining Trucks, LHD), Battery Chemistry Region - Global Forecast to 2030
[359 Pages Report] The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%. The mining machinery market is being propelled by a range of factors driving widespread adoption at the global level. The rise in the extraction of minerals, metals, and coal from mines is majorly contributing to the growth of the market. Apart from this, the growing safety norms in mining fields have led to the development of autonomous mining machinery. Also, the need for reduction in emissions in closed mines where there is limited ventilation which might lead to respiratory issues for miners has been promoting the development of electric & hybrid mining machines. User experience is another important factor, with mining machinery manufacturers striving to create intuitive and user-friendly interfaces that enhance convenience and overall satisfaction for handling and monitoring large mining machines from remote locations. These factors collectively ensure mining machinery meets evolving mining operation needs while prioritizing safety and user experience.
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Market Dynamics
DRIVER: Increasing use of electric machinery in underground mining
Diesel engine use in underground mining equipment produces noise, heat, and fumes that can exacerbate already unpleasant working conditions. Additionally, when using mining equipment that is powered by diesel, proper ventilation must be guaranteed. Electric or battery-powered mining equipment guarantees safer working conditions due to zero exhaust and low operating costs. It fixes the issue with ventilation in underground mines. For instance, using battery-powered underground loaders results in cleaner air, lower noise levels, and lower temperatures. High-energy-density batteries can be substituted for other batteries to maintain underground mining. The operator can work in a quiet, ergonomic cabin with simple, safe access to all service points in challenging underground environments without endangering their health. Agreements, partnerships, new launches, or supply orders between mining machinery manufacturers and mining companies are increasingly driving the use of electric mining machinery in underground mines. For instance, in April 2023, XCMG Group (China) launched XDR80TE-AT autonomous electric dump truck. Similarly in March 2023, Liugong India revealed its electric wheel loader, the 856HEMax, at Bauma Conexpo India 2023.
RESTRAINT: International trade policies and relations might restrict the development of the mining machinery market
Trade policies exhibit disparities across nations, showcasing a diverse array of import duties that are implemented in the sphere of international commerce. The purpose behind these levies is to stave off inequitable competition and bestow an advantageous edge upon domestic producers. As a customary practice, governments embark upon bilateral trade compacts with foreign counterparts, aiming to diminish tariffs and dismantle hindrances, ultimately fostering a milieu conducive to uninhibited trade or the establishment of a shared marketplace. While this approach can be advantageous, it does introduce the prospect of heightened competition originating from foreign jurisdictions. The landscape of international relations holds considerable sway over trade dynamics, yielding a pronounced impact. In instances where diplomatic disagreements emerge with partner nations, the viability of trade agreements may become jeopardized, leading to their suspension. In more severe circumstances, stringent limitations might be imposed, consequently curtailing the flow of trade in its entirety. Therefore, the international trade policies and the political relationship between the countries can sometimes act as a restraining factor for the growth of the mining machinery market during the forecast period.
OPPORTUNITY: Use of autonomous mining machinery
Multiple advances have been made in the mining sector, particularly with the introduction of autonomous mining equipment. The mining sector is ideally suited for autonomous machinery due to the repetitive, physically demanding, precise, and time-sensitive nature of the activities. To meet material handling capacity requirements, autonomous mining trucks must follow an exact route every time. This reduces production time, lowers the possibility of human error, increases safety, boosts production volume, and improves accuracy and repeatability.
Autonomous mining equipment is being developed by manufacturers that use a wireless connection to report status, receive commands, and block radio signals from other equipment. It ensures improved output, increased safety, and a reduction in unforeseen maintenance. Some of the major market players that produce autonomous mining trucks used at locations around the world include Caterpillar Inc. (US), Volvo Construction Equipment (Sweden), and Komatsu Ltd. (Japan).
CHALLENGE: Lack of standardization in mining machinery
For local or regional equipment manufacturers, the lack of standardized emission regulations for mining machinery across various global regions poses formidable challenges. Different emission standards make it difficult for manufacturers to export these systems without disruption because they must follow different regulations in various markets. This lack of uniformity also raises concerns about the purchase of necessary raw materials and inventory, which ultimately leads to reduced production capabilities and increased manufacturing costs. Furthermore, the appetite for machinery is intricately tied to emerging mining ventures and the green light given to excavation endeavors. In a broader context, the absence of uniform technical standards and the burdensome weight of elevated manufacturing expenses collectively cast a pall over manufacturers' endeavors within the mining machinery market.
Mining Machinery Market Ecosystem.
The major players in the mining machinery market have the latest technologies, diversified portfolios, and strong distribution networks globally. The major players in the market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland).
“Surface Mining is speculated to hold the maximum share of the autonomous mining machinery market.”
By the year 2030, the primary demand for autonomous mining equipment is predicted to be the largest in surface mining. As indicated by the European Mineral Resources Confederation (EUMICON), autonomous mining machinery holds the promise of enhancing performance by approximately 40 to 80% compared to traditional machinery. This surge in efficiency has led to a notable transition within the sector, with the industry's attention shifting from conventional machinery to autonomous mining equipment. Due to this, many equipment manufacturers are making significant investments and technology partnerships to strengthen their foothold in this space. For instance, in 2022, Scania AB and Rio Tinto entered into an agreement to develop an autonomous mining solution at Rio Tinto’s Channar site. These companies together planned to develop agile autonomous haul trucks at a mine located in Western Australia’s Pilbara region to enhance operational efficiency and lower emissions. Further, in 2021, Liebherr, signed a framework agreement with Hexagon, to deliver next-generation mine automation. The incorporation of Hexagon's technologies allows Liebherr to deliver self-contained mining solutions, aligning with our goal of developing open-structured, advanced mine automation for the future. As a result, these industry leaders’ collaboration with technology providers and mining site operators would subsequently upsurge the autonomous technology onboard which will drive the faster adoption of autonomous mining machinery and enable the market to be projected to witness double-digit growth during the forecast period.
“The Lithium iron phosphate battery chemistry segment is projected to dominate the market.”
Lithium iron phosphate (LFP) batteries are estimated to lead the electric mining machinery market, by battery chemistry during the forecast period. LFP batteries don't contain cobalt and use phosphate as their cathode material. These batteries have high electrochemical stability and low charge flow resistance, which increases their efficiency. Also, due to better temperature resistance, 80−90% discharge capacity of total battery capacity, easy availability of raw materials, and lower manufacturing cost, many OEMs are transitioning to use LFP batteries over NMCs. Major players such as Caterpillar Inc., Sandvik AB, and Sany Group among others are using LFP chemistry to run their mining trucks and LHD loaders. Thus, factors such as enhanced safety, better durability, long cycle life, fast charging capabilities and low maintenance over other chemistries, and optimized energy density range would drive the segmental growth in the future.
“Electric & Hybrid Mining Trucks are predicted to be the fastest-growing segment in the electric & hybrid mining machinery market, by machinery type.”
The increasing demand for electric and hybrid mining machinery is propelled by environmental concerns, cost efficiency, and technological advancements. Electric equipment produces lower emissions, complying with stricter regulations and reducing pollution. Lower operating costs and improved energy efficiency make electric options attractive, with battery technology enhancements further enhancing viability. Almost 95-97% of mining equipment are using this hybrid-electric technology leveraging electric motors. Hybrid-electric machines can use an electric motor to power the machine during low-load conditions, which can significantly reduce fuel consumption and emissions. Currently, mining trucks are generally hybrid, i.e., operated by a diesel engine and an electric battery. Electric mining trucks produce significantly lower, or zero tailpipe emissions compared to their diesel counterparts. As concerns about air quality, climate change, and environmental impact grow, mining companies are seeking cleaner and more sustainable solutions to reduce their carbon footprint. Major companies that offer electric dump trucks include Komatsu Ltd. (Japan), Caterpillar Inc. (US), Epiroc AB (Sweden), and Sandvik AB (Sweden). Apart from this, in August 2022, Vale (Brazil) in partnership with XCMG Mining Machinery Co., Ltd, a subsidiary of Xuzhou Construction Machinery Group Co. Ltd. (XCMG) also tested its 100% electric mining truck in the mines of Água Limpa, in Minas Gerais, and Sorowako, in Indonesia.
“Asia Oceania is predicted to be the largest market for mining machinery.”
Asia Oceania is the largest market for mining machinery, where China, Australia, India, and Japan, lead the market demand, with China and Australia together contributing nearly 60-65% in 2023 in Asia Oceania region. The leading market position of these countries in Asia Oceania is mainly due to the higher number of active mines and the rise in the exportation of unused mines. Furthermore, Asia Oceania is witnessing a surge in demand for metals and minerals for various industrial and infrastructure development activities. China is among the countries that have major lithium reserves which are used in lithium-ion batteries in electric vehicles. Thus, the upsurge in the extraction operation of these lithium reserves has further influenced the demand for advanced mining machines for safer and faster processing. Further, the rising demand for other minerals and precious metals such as coal, copper, bauxite, gold, uranium, and nickel among others have pushed to adopt advanced mining solution to increase extraction level. Also, many leading mining machinery manufacturers and automated mining solution developers are based in Asia Pacific, which enables the development and production of innovative mining machinery in Asia Oceania.
Some of the major players are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland)
Key Market Players
The mining machinery market is moderately fragmented. Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland) are the key companies operating in the market.
These companies adopted new product launches, partnerships, and joint ventures to gain traction in the mining machinery market.
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Report Metric |
Details |
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Market size available for years |
2018–2030 |
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Base year considered |
2022 |
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Forecast period |
2023–2030 |
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Forecast units |
Volume (Units) and Value (USD Million/Billion) |
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Segments Covered |
By Machinery Category, Application, Propulsion, Electric & Hybrid Mining Machinery Market By Type, Electric & Hybrid Mining Machinery Market By Battery Chemistry, Autonomous Mining Machinery Market By Mining Category, and Region. |
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Geographies covered |
Asia Oceania, North America, Europe, South America, and Middle East, and Africa |
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Companies covered |
Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden) and Liebherr (Switzerland) |
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs.
The study segments the mining machinery market:
By Machinery Category
- Crushing, Pulverizing, Screening Machinery
- Mineral Processing Machinery
- Surface Mining Machinery
- Underground Mining Machinery
By Application
- Metal
- Mineral
- Coal
By Power Output
- < 500 HP
- 500 – 2,000 HP
- > 2,000 HP
By Propulsion
- Diesel
- CNG/LNG/RNG
By Electric & Hybrid Mining Machining Market, By Type
- Electric & Hybrid Mining Trucks
- Electric & Hybrid Load Haul Dump Loaders (LHD)
By Electric & Hybrid Mining Machining Market, By Battery Chemistry
- Lithium Iron Phosphate Battery (LFP)
- Nickel Manganese Cobalt Battery (NMC)
- Others
By Autonomous Mining Machining Market, By Mining Category
- Surface Mining
- Underground Mining
By Region
- Asia Oceania
- North America
- South America
- Europe
- Middle East & Africa
Recent Developments
- In June 2023, Epiroc AB (Sweden), has completed the purchase of the key assets of Schramm Australia, a major manufacturer of products for reverse circulation (RC) drilling. The assets include intellectual property as well as two production facilities near Perth and two service centers located in Queensland and South Australia and will employ Epiroc.
- In June 2023, Caterpillar Inc announced the launch of the new Cat 995 Wheel Loader which increased up to 19% productivity than the previous model and 6% increase in hydraulic force with equal hydraulic cycle time. Also, it delivers up to 13% lower hourly fuel consumption and offers an additional 8% efficiency gain.
- In May 2023, Sandvik AB (Sweden) expanded its battery center of excellence in Camarillo, California to strengthen its position as underground mining’s leading battery-electric innovator. This phased expansion benefited the company with increased space for battery production and testing and added more R&D space to improve the development of its battery and charger technology and added warehouse and office space and increase the site’s training and touring capabilities for customers.
- In March 2023, Komatsu Mitsui Maquinarias Perú (KMMP) and the Minera Antamina company entered into an important commercial agreement. It involves the acquisition of a fleet of 20 Komatsu haulage trucks, model 980E-5SE, with a load capacity of 400t. These are units equipped with 4400 Hp Cummins QSK95 engines, recognized for having the highest power on the market.
- In May 2022, Caterpillar Inc (US) acquired Tangent Energy Solutions (US), an energy-as-a-service (EaaS) company. Tangent Energy Solutions offers customers complete turnkey solutions for lowering energy expenses, raising energy effectiveness, lowering emissions, monetising assistance for the electric grid, and ensuring operational resilience. With Tangent Energy, the acquisition was made to create new revenue streams. Caterpillar's extensive lineup of electric power supplies is complemented by Solution's EaaS services, providing . With dependable, effective, sustainable, and connected power solutions that support business operations, Caterpillar Inc. will be able to better serve its customers.
Frequently Asked Questions (FAQ):
What is the current size of the global mining machinery market?
The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%.
Which mining machinery category would be leading the mining machinery market?
The surface mining machinery category would lead the mining machinery market due to the lack of expensive ventilation and tunneling machinery as it works in an open environment, surface mining is often less expensive than underground mining. As a result, surface mining becomes a more appealing choice for mining corporations, particularly in regions with high labor costs
Many companies are operating in the mining machinery market space across the globe. Do you know who the front leaders are and what strategies they have adopted?
The mining machinery market is moderately fragmented. Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland) are the key companies operating in the mining machinery market.
How does the demand for mining machinery vary by region?
Asia Oceania is estimated to be the largest market for mining machinery during the forecast period, followed by North America. The growth of the mining machinery market in Asia Oceania is mainly attributed to the rise in mining activities in countries like China, Australia, and India.
What are the growth opportunities for the mining machinery supplier?
Increased demand for minerals and metals, rise in the extraction of lithium for the electric vehicle industry, exploration of new mines, and expansion of existing mines would create growth opportunities for the mining machinery market. Also, an upsurge in demand for advanced technologies like automation and digitization in mining operations would further influence the growth opportunities for the mining machinery market.
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The study involved four major activities in estimating the current size of the mining machinery market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. The top-down approach was employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred for this research study include financial statements of companies offering mining machinery and information from various trade, business, and professional associations. The secondary data was collected and analyzed to determine the overall size of the mining machinery market, which primary respondents validated.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as CXOs; vice presidents; directors from business development, marketing, and product development/innovation teams; and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.
Primary interviews were conducted to gather insights such as the mining machinery market forecast, current technology trends, and upcoming technologies in the market. Data triangulation of all these points was done with the information gathered from secondary research. Stakeholders from the supply side were interviewed to understand their views on the points mentioned above.
Primary interviews were conducted with market experts from the supply side (mining machinery manufacturers) across the major regions, namely, Asia Oceania, Europe, South America, and North America. Primary data was collected through questionnaires, emails, and telephonic interviews.
In canvassing primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report. After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the findings described in the remainder of this report.
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Market Size Estimation
The research methodology used to estimate the size of the mining machinery market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in the automotive industry at a regional level. Such procurements provide information on the industry's demand aspects for mining machinery.
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Global Mining Machinery Market Size: Bottom-Up Approach, By Machinery Category
Global Mining Machinery Market Size: Top-Down Approach, By Application, Propulsion, Power Output
Global Electric & Hybrid Mining Machinery Market Size: Top-Down Approach, By Mining Category
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Mining Machinery: Mining Machinery is a large machine used for the extraction of raw materials in open-cast mining environments. Mining Machinery refers to the specialized equipment and machinery used in various stages of the mining process, including exploration, extraction, processing, and transportation of minerals and ore deposits. This equipment can range from large-scale mining trucks, excavators, and drilling machines for open-pit operations to underground mining machinery.
Surface Mining Machinery: Surface mining machinery refers to a broad range of tools used mostly in open-pit or open-cast mines to remove minerals and ores from the surface of the ground. When the mineral ore reserves are close to the surface and can be economically mined utilizing sizable machinery, this sort of mining is employed.
Underground Mining Machinery: Underground mining equipment is made specifically to operate in the constrained and difficult conditions of underground mines, where access and space are constrained. Deep within the earth, these machines are essential for drilling, transporting, and processing metals and minerals. They are designed to resist challenging underground environments, which include little light, excessive humidity, and small areas.
Key Stakeholders
- Senior Management
- End User Finance/Procurement Department
- R&D Department
Report Objectives
- To analyze and forecast the market size for mining machinery from 2018 to 2030 in terms of volume (units) and value (USD million/billion)
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To define and describe the mining machinery market by machinery category, propulsion, application, power output, autonomous mining machinery, electric & hybrid mining machinery, battery chemistry, and region.
- By machinery category [crushing, pulverizing, screening machinery; mineral processing; surface mining (crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks); and underground mining (electric shovels, hydraulic excavators, wheeled loaders, mining dozers, mining trucks, and drills)]
- By propulsion [diesel, and compressed natural gas (CNG)/liquified natural gas (LNG)/renewable natural gas (RNG)]
- By application (mineral, metal, and coal)
- By power output (<500 HP, 500-2,000 HP, and >2,000 HP)
- Autonomous mining machinery, by mining category (surface mining and underground mining)
- Electric & hybrid mining machinery, by type [electric & hybrid mining trucks and electric & hybrid load haul dump (LHD) trucks]
- Electric & hybrid mining machinery, by battery chemistry [lithium-iron phosphate, nickel manganese cobalt battery and others (lithium manganese oxide (LMO), lithium titanate oxide (LTO), and solid-state batteries)
- By region (Asia Oceania, Europe, North America, South America, and Middle East & Africa)
- To understand the dynamics (drivers, restraints, opportunities, and challenges) of the mining machinery market
- To analyze the market share of key players operating in the market
- To strategically analyze the market with supply chain analysis, market ecosystem, technology trends, trade analysis, average price trend, regulatory analysis, case studies, and buying criteria
- To understand the dynamics of competitors and distinguish them into stars, emerging leaders, pervasive players, and participants according to the strength of their product portfolio and business strategies.
- To analyze recent developments such as agreements/partnerships/supply orders, acquisitions, geographic expansions, and new product launches of key players in the mining machinery market.
Available Customizations:
MarketsandMarkets offers the following customizations for this market report:
Autonomous Mining Machinery Market, By Level of Automation
- Semi-Autonomous
- Fully Autonomous
Mining Machinery Market, By Country & Machinery Category
- Crushing, Pulverizing, Screening Machinery
- Mineral Processing Machinery
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Mining Machinery Market
Growth opportunities and latent adjacency in Mining Machinery Market
I would like to know the market share of each of the mining equipment manufacturers and what strategies they adopted to maintain their market share
I was wondering if I could get a breakout of the construction equipment market by industry - specifically I am looking for the dollar value of the equipment used in infrastructure. This is for InsideUnmannedSystems magazine.
I want to understand the market for surface and underground mining equipment, annual purchases worldwide.
In our bussiness we dissasembly mining equipmemt We have now one scoop ST1020 One Scoop ST 1030 One Simba MH 12 54 One M7 all being sold for dismantling at cery convenient prices We dsel the equipment we dismantle and send power train and elements also main tool
I am interested in gaining visibility to market trends affecting mining equipment used in surface and underground applications. More specifically, I am interested in the market for aftermarket parts and rebuilt components (transmissions, torque converters, differentials, final drives, hydraulic cylinders, drivelines) used in the repair and maintenance of mobile equipment used in surface and underground mining.
I am interested in gaining visibility to market trends affecting mining equipment used in surface and underground applications. More specifically, I am interested in the market for aftermarket parts and rebuilt components (transmissions, torque converters, differentials, final drives, hydraulic cylinders, drivelines) used in the repair and maintenance of mobile equipment used in surface and underground mining.
I am looking for mining equipment global market statistics related to equipment type and manufacturer
I am covering the broader mining sector for one of my clients and just need to study the report and find unique angles for Africa and particularly South Africa.