The latest study conducted by Global Market Insights Inc. claims that the global mining equipment market  will hit USD 130 billion by 2032. Rapid urbanization and dynamic growth in the number of construction activities driven by the surging population expansion have accelerated the demand for mineral resources, such as silica sand, lime, metals, talc, and kaolin. As a result, the growing focus on infrastructure development as well as residential and commercial construction is expected to propel the need for mineral resources, encouraging mining operators to invest in advanced mining equipment.

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Advancements in electric underground mining equipment to drive industry growth

The underground mining equipment market is estimated to reach over USD 40 billion by 2032. The rising utilisation of various electric machines and devices for the extraction of metals is driving the deployment of these machineries. The growing emphasis on zero-emission technologies is further providing significant scope for the penetration of electric underground equipment. In January 2023, Finnish tech company, Normet Group unveiled a new range of utility vehicles and electric service equipment for underground mining applications to decarbonize the mining sector.

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Growing spending abilities on mineral exploration activities to foster demand for mining equipment

The industry size from mineral mining exceeded USD 25 billion in 2022. The increasing number of mineral extraction activities and mining projects to address the soaring demand for minerals in the construction, healthcare, and pharmaceutical sectors will boost the adoption of mining equipment. To that end, mineral producers worldwide are heavily investing in mineral processing machinery, pulverizers & screening machines, and breakers. For instance, in March 2023, Saskatchewan rolled out a new critical mineral strategy to strengthen the mining sector in the Canadian province by enhancing mineral exploration spending to 15% by 2030.

Rising espousal of energy-efficient mining technologies to spur North America industry growth

North America mining equipment market is poised to register 4% CAGR through 2032 owing to the robust footprint of leading industry players. The regional manufacturers are introducing innovative hauling equipment and autonomous drilling solutions with novel features. Moreover, the rising supportive government efforts to strengthen technology penetration in the mining sector will support the business dynamics. Additionally, in June 2022, the U.S. Department of Energy (DOE) announced USD 500 million worth of Clean Energy Demonstrations on Current & Former Mine Land Programs to promote clean energy transition across the mining sector.

Mergers & acquisitions to boost mining equipment industry growth Terex Corporation, SANY Group, CNH Industrial, AB Volvo, Hyundai Heavy Industries Company Limited, Metso Corporation, Komatsu Limited, Thyssenkrupp, and Sandvik AB are some of the leading companies in the business scenario worldwide. These participants are focusing on strategic mergers and collaborations to expand their business footprint and production capabilities.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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