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 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. Autonomous mining trucks navigate predetermined paths precisely, reducing fuel consumption and human error while boosting safety and production volume. Electrification trends in the market in China, Japan, US and Europe are gaining traction with leading suppliers such as Komatsu, Caterpillar, Epiroc, and Sandvik.
Surface Mining Machinery is predicted to have the largest market share in the machinery category segment.
Surface mining dominates the mining machinery market, by category segment over the forecast period from 2023 to 2030. The growth of this segment is attributed to increased usage of different machinery such as Crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks for increased output. Increased mining activities in Asian and South American countries such as China, Australia, Chile, Peru, and Canada. These machineries are used for extracting large quantities of minerals and materials, material handling, and processing application to sustain the increased demand in various industries such as automotive, defense, construction, power & renewable energy, pharmaceutical, and manufacturing among others. The demand for minerals such as coal, iron ore, gold, copper, lithium, nickel, and uranium is constantly growing for different applications. Furthermore, the mining machinery manufacturers are heavily investing in R&D activities to enhance electric and hybrid technology that will continue to support the sustainable development of mining machinery for surface mining applications.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=99264577
“Electric and Hybrid mining trucks are estimated to hold the largest market share.”
For several reasons, the market share of electric and hybrid mining trucks, like dumpers and tipper trucks, is bigger than that of electric and hybrid LHD dumpers. In surface and underground mining operations, these trucks move massive quantities of materials, which makes them very advantageous because of their diesel engine-electric battery combination. While diesel fuel is saved and emissions are reduced during use, it is helpful in underground areas where ventilation is very important. When required, they also deliver extra power, increasing performance and productivity; furthermore, they decrease noise levels, making it easier on long shifts for operators. Conversely, electric and hybrid LHD dumpers are more efficient and save costs, but they are intended for very specialized activities underground and have low ventilation costs. Therefore, the wider use and benefits of electric and hybrid mining trucks lead to their more significant underground mining equipment market share.
Asia Oceania is expected to account for the largest share of the Mining machinery Market.
Asia Oceania is expected to be the largest market for mining machinery market in during the forecast year due to its abundant mineral resources, growing economy, and increasing demand for minerals and metals. Numerous factors, such as urbanization, industrialization, and rising incomes, are fueling this growth. The demand for minerals and metals, which are used in a variety of goods like building materials, electronics, and transportation, rises along with the economy. Countries such as China, India, and Australia are major contributors while Japan and Indonesia are among other contributors to the growth of mining machinery in the region. Some of the major mines like the Oyu Tolgoi Copper-Gold Mine in Mongolia, the Talcher Coalfield Project (India), the Zongzhai Copper Mine Project (China), and others in Asia Oceania demand for advanced and efficient mining machinery for increasing the mining output, thus creating a growth opportunity for the mining machinery market. Apart from this, China is a major reserve for lithium. The rise in demand for lithium-ion batteries in electric vehicles has created the need for large extraction of lithium from mines thus upsurging the demand for underground mining machinery in the region.
Key Market Players:
Major players operating in the mining machinery market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=99264577
