The global mining machinery market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR of 4.5%. Increasing use of electric machinery in underground mining and an increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market.
The mining machinery market is dominated by Caterpillar Inc. (US), Komatsu Ltd. (Japan), Epiroc AB (Sweden), Sandvik AB (Sweden), and Doosan Corporation (South Korea). These companies developed new products, adopted expansion strategies, undertook agreements, partnerships, and supply orders, and used acquisitions to gain traction in the mining machinery market.
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Caterpillar Inc. is the leading player in the market majorly because it generates the highest mining machinery revenue of all market players. It focuses on organic as well as inorganic growth strategies. In May 2020, Caterpillar introduced its new Cat 6060 hydraulic mining shovel, which features multiple design enhancements and new components that enhance machine performance, durability, serviceability, and operator comfort. The new 6060 has updated engines, optimized hydraulics, heavy-duty structures and undercarriage, Cat electronics, and cab. The 600-ton class mining shovel has a bucket payload of approximately 61 tons per pass in both face shovel and backhoe configurations. It is an efficient 4-pass match with the Cat 793 mining truck and 5-pass match with the Cat 794 AC mining truck. Primary respondents also ranked this company as the leading player in this market.
Komatsu Ltd. is another leading player because of its diversified mining machinery portfolio. The company developed new products and reported multiple inorganic growth strategies for mining machinery in the period, 2018–2020. For example, in June 2019, Komatsu announced the acquisition of Timberock International Ltd. to support the growth of its hard rock drilling and bolting solutions for mining customers worldwide. With the addition of the Timberock portfolio, Komatsu offers its customers a complete range of hard rock drilling feed and bolting head products and expanded capabilities in drifter repairs.
Mining Machinery Market by Category (Crushing, Pulverizing, and Screening, Mineral Processing, Surface & Underground), Application, Propulsion, Power Output, Electric Machinery (Mining Truck, LHD), Autonomous Machinery and Region - Global Forecast to 2025
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