Increasing Demand for Metals and Minerals Propelling Demand for Mining Equipment, Global Market to Touch $230 billion by 2030

Industry Experts, Inc., published the latest version of its report on Mining Equipment Market . This new global market research report reveals that the demand for mining equipment is estimated at US$154 billion in 2024 and projected to reach US$230 billion by 2030 at a 2024-2030 CAGR of 6.9%. Some of the factors instrumental in driving demand for Mining Equipment include emerging economies engaging in increasing mining operations, technological developments and a growing global need for metals and minerals, apart from coal. The problem in accessing resource deposits and decline in ore grades has led to a rise in the demand for high-performance, specialized mining equipment, which can overcome these challenges. Aging machinery needs to be replaced with more efficient and eco-friendly equipment, further contributing to market demand. Automation and remote monitoring are being increasingly adopted for mining, owing to which advanced equipment is much sought after. The major ...