Forecast on Mining Equipment Market Share, Growth Potential & Trends

The mining equipment market is expected to witness substantial growth by 2027 on account of escalating product uptake in the booming construction and manufacturing industry in key regions.
Mining equipment are indispensable pieces of machinery that help to carry out highly specialized mining tasks, including drilling, crushing, and excavating, among others. These types of machinery facilitate smooth mining operations and significantly reduce potential hazards involved in the process. The mining industry is an essential provider of various raw materials for different industries. As a result, soaring demand for resources across several industry verticals globally has augmented industry uptake in recent years.
Moreover, to cater to the increasing need for integration of advanced technologies in mining equipment, industry players have been employing lucrative strategies, which has favorably impacted the global business landscape. For instance, in December 2021, Sandvik AB, a leading multinational engineering company, announced the acquisition of Deswik, an Australia-based mine planning software provider. The deal enabled Sandvik to strengthen its foothold in software and digitalization by integrating Deswik’s software systems that assist digitalization across the mining planning stages.
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To cite another instance, in October 2021, AB Volvo, a major manufacturer of construction equipment, introduced its novel battery-electric prototype developed by LEGO Technic and Volvo Construction equipment, dubbed the Volvo LX03. The Volvo LX03 has been designed using smart construction technology and is equipped with a self-learning concept that enables the wheel loader to perform tasks, make decisions, and interact with humans.
The mining equipment market has been segregated on the basis of end-use, product, and region. In terms of product, the market has further been bifurcated into underground mining machinery, mining drilling and breakers, surface mining equipment, crushing, pulverizing & screening equipment, mineral processing machinery, and others.
The mining drilling and breakers sub-segment is projected to garner considerable gains by 2027, expanding at a CAGR of around 3% over the study timeline. Several technological innovations, such as optical micro cameras, sonic, infrared, and IoT, are likely to propel segmental growth over the forthcoming years.
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With respect to end-use, the mining equipment market has been segmented into coal mining, metal mining, and mineral mining. The coal mining sub-segment is anticipated to grow at a sturdy pace over 2021-2027 on account of surging demand for coal in energy generation.
From the regional point of view, the Middle East & Africa mining equipment market is speculated to attain a notable valuation by 2027, progressing at approximately 5% CAGR over the analysis period. This growth is attributed to rising government investments in the regional mining industry.