Mining Machinery and Equipment Global Market Report 2022: Market is Expected to Grow to $111.95 Billion in 2026 - Long-term Forecast to 2031 - ResearchAndMarkets.com

The "Mining Machinery And Equipment Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global mining machinery and equipment market is expected to grow from $62.02 billion in 2021 to $70.41 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The market is expected to grow to $111.95 billion in 2026 at a compound annual growth rate (CAGR) of 12.3%.

Major players in the mining machinery and equipment market are Caterpillar Inc, Komatsu Ltd, Metso Corporation, Sandvik AB, Doosan Corporation, Liebherr, Hitachi Construction Machinery Co, Ltd, Atlas Copco AB, Epiroc AB, and Sany Heavy Equipment International Holdings Company Limited.

The mining machinery and equipment market consist of sales of mining machinery and equipment by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing underground mining machinery and equipment, such as coal breakers, mining cars, core drills, coal cutters, rock drills and manufacturing mineral beneficiating machinery and equipment used in surface or underground mines. Only goods and services traded between entities or sold to end consumers are included.

The main products types of mining machinery are underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery, and other product types. Crushing reduces the size of materials into small substances for further processing. These mining machines are used for transportation, processing, excavation, and applied in coal, minerals, and metals.

The Asia Pacific was the largest region in the mining machinery market in 2021. Western Europe was the second-largest region in the mining machinery market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The increasing demand for mining is fueling the growth of the mining machinery and equipment market. Underground advanced mining equipment such as trucks, loaders, and diggers is used to dig up the material and is usually transported to the ground through skips or lifts for further production. In the economic growth of developed nations such as Australia, the USA, and Canada, mining has performed a key role.

Mining is notably crucial to the US economy because the USA is among the largest buyers of mineral resources and one of the largest producers in the world. For instance, according to the USA Geological report, in 2019 USA mines produced nearly $86.3 billion worth of minerals. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.

The impact of COVID-19 is expected to impede the growth of the mining machinery and equipment market over the forecast period. The mining industry has struggled with economic problems, but the COVID-19 outbreak is unparalleled, even for the major firms on the market. The sudden breakdown of day-to-day activity and total lockdown throughout countries for months, combined with a persistent threat to human life, has impacted the mining sector.

For instance, in 2021, Shell, the leading supplier of lubricants to the mining industry, reported that about 80% of mining companies encountered operational difficulties, such as lack of qualified staff and inadequate steps to retain workers secure when implementing advanced technologies. Therefore, the impact of COVID-19 hampers the growth of the mining machinery and equipment market.

The growing technological advancements are a major trend shaping popularity in the mining machinery and equipment market. Major firms operating in the mining machinery sector are focusing on developing advanced technology solutions for mining machinery.

For instance, in September 2020, Sandvik, a Sweden-based engineering group in mining and rock excavation, metal-cutting, and materials technology developed a concept vehicle, which is built on high-end technology and fitted with entirely new sensing technologies and artificial intelligence to improve mining procedures.

The AutoMine Model that is used, views its surroundings and atmosphere in 3D and responds in real-time. These technologies give specific consumer benefits by enabling vehicles to adapt and schedule their ways and to find the most efficient paths even in ever-changing environments.

In June 2019, Komatsu Mining, a US-based company that manufactures and services heavy equipment used in the extraction and haulage of coal and minerals in both underground and surface mining, acquired Timberock International for an undisclosed amount.

This acquisition expands Komatsu Mining's range of offerings for drilling and bolting products and provides exciting product development and synergy opportunities. Timberock International Ltd. is a Canada-based manufacturer of drilling and bolting components for underground hard rock mining.

The countries covered in the mining machinery and equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Topics Covered:

1. Executive Summary

2. Mining Machinery And Equipment Market Characteristics

3. Mining Machinery And Equipment Market Trends And Strategies

4. Impact Of COVID-19 On Mining Machinery And Equipment

5. Mining Machinery And Equipment Market Size And Growth

5.1. Global Mining Machinery And Equipment Historic Market, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Mining Machinery And Equipment Forecast Market, 2021-2026F, 2031F, $ Billion

5.2.1. Drivers Of The Market

5.2.2. Restraints On the Market

6. Mining Machinery And Equipment Market Segmentation

6.1. Global Mining Machinery And Equipment Market, Segmentation By Product Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Underground Mining Machinery
• Surface Mining Machinery
• Drills and Breakers
• Crushing, Pulverizing, and Screening Equipment
• Mineral Processing Machinery
• Other Product Types

6.2. Global Mining Machinery And Equipment Market, Segmentation By Function Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Transportation
• Processing
• Excavation

6.3. Global Mining Machinery And Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Coal
• Mineral
• Metal

7. Mining Machinery And Equipment Market Regional And Country Analysis

7.1. Global Mining Machinery And Equipment Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Mining Machinery And Equipment Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Companies Mentioned

• Caterpillar Inc.
• Komatsu Ltd.
• Metso Corporation
• Sandvik AB
• Doosan Corporation
• Liebherr
• Hitachi Construction Machinery Co., Ltd.
• Atlas Copco AB
• Epiroc AB
• Sany Heavy Equipment International Holdings Company Limited
• Hyundai Heavy Industries
• Joy Global Inc.
• Astec Industries Incorporated
• Bell Equipment Limited
• Boart Longyear Ltd.
• Bradken Limited
• FLSmidth & Co.
• Furukawa Co. Ltd.
• Kopex SA
• Deere & Company

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221007005293/en/