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 applications of Mining Equipment include Coal Mining, Metal Mining and Mineral Mining, among which the market for Metal Mining is the largest, estimated to account for over 40% share in 2024, and is also the fastest growing. Major categories of mined metals include copper, aluminum and lithium, among others, all of which are much in demand because of their application in sectors, such as construction, automotive and electronics. To take a case in point, climate change is an issue that has been confronting humans for a very long time now, because of which global warming is increasing at an alarming pace. One of the major factors responsible for this dire situation is exhaust emissions from fossil-fuel driven automobiles, which technological developments have helped reduce but not completely eliminate. In a paradox of sorts, while mining is considered to be an environment-harming operation, this very sector is instrumental in helping extract lithium and other metals utilized to make lithium-ion batteries for powering electric vehicles (EVs), which help in reducing environmental pollution. As a consequence, the market for Mining Equipment required to extract and process metals would continue to maintain a healthy growth over the coming period.

The report studies the Mining Equipment market across all major regions including North America (The United States and Canada), Europe (Germany, Russia, Spain, Ukraine and Rest of Europe), China, Asia-Pacific (Excl China) (Australia, India and Rest of Asia-Pacific), Latin America (Brazil, Chile, Mexico, Peru and Rest of Latin America) and Rest of World (South Africa and Other RoW).

The market for major types of Mining Equipment analyzed in this report include Crushing, Pulverizing & Screening Equipment, Drills & Breakers, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment and Parts & Attachments. The study also examines the market for Mining Equipment by power source, comprising Diesel, Electric and Hybrid. The applications where Mining Equipment is used as analyzed in this report include Coal Mining, Metal Mining and Mineral Mining.

About Industry Experts, Inc
Industry Experts, Inc., ranks among the leading market research providers globally. The company's off-the-shelf and customized business intelligence reports offer strategic insights and valuable guidance to enable various stakeholders, such as corporate strategists, analysts, researchers and startups, among others, in obtaining valuable, crisp and unbiased current and future market data. For more information, contact us on +1-320-497-3787 or visit https://industry-experts.com/