Global Mining Equipment

Report Overview

Technological Innovation is Transforming the Global Mining Equipment Market

Key trends covered in this report:

• Mining sector technological innovation
• Increasing critical minerals and metals mining activity
• The global shift away from coal consumption and mining

Featuring 154 Tables and 84 Figures!
 

Global demand for mining equipment was $145 billion in 2024, and it is projected to advance 6.2% per year to $197 billion in 2029. Multiple trends will support market gains, including:

• expansion of the global agricultural, construction, and manufacturing sectors, which will generate demand for a wide range of mined commodities
• the replacement of aging machines and attachments around the world
• new mines opening and exploration activity rising in many areas
• growing use of newly developed, state-of-the-art mining equipment
• government efforts to promote technological innovation in the mining sector and drive the extraction of critical minerals and metals

However, the ongoing shift away from coal consumption in many parts of the world – compounded by the attendant rise of alternative energy sources – will negatively affect coal mining activity and restrain greater equipment sales, with a more significant impact on sales occurring beyond 2029.

Technological Innovation to Transform the Global Mining Sector

Intensifying competition, regulatory uncertainty, and worsening workforce issues are prompting mining operations around the world to adopt advanced technologies. Companies are also facing scrutiny over their work’s impact on both human health and the environment. To address these challenges, firms are increasing their use of electric and hybrid machines; specialized, high-performance equipment and attachments; automated models; and advanced related technologies (e.g., sophisticated mine operating software, state-of-the-art material handling machinery). Producers of mining equipment will incorporate new technologies – such as advanced sensors, data collection capabilities, and new safety features – into the next generations of their machines so that they are cleaner, safer, more efficient, and more productive than their predecessors. 

Critical Materials Mining Activity to Surge Through 2029

Advances in critical minerals and metals mining activity will be among the most important drivers of global mining equipment market gains. Exploration activity has increased in recent years, and many new mines are expected to open around the world by 2029. Governments have also laid out long-term critical materials strategies and/or start initiatives to promote critical minerals and metals mining. For example, 2024 saw France, Germany, and Italy each launch a Raw Materials Fund to increase investment in projects that ensure sufficient long-term access to critical raw materials (for both those nations as well as the EU). These countries also pushed private companies to increase investment.

Historical Market Trends & Growth Factors

Demand for mining equipment at the global level – and in most mature markets – is relatively cyclical because of:

• economic factors (such as fixed investment spending and industrial output) that drive mining equipment use, which often exhibit a considerable amount of cyclicality themselves

• the large amount of mining equipment already in use in North America, Europe, and Asia

• cyclical trends in key end use markets for mined commodities, such as manufacturing and construction

• the availability of used mining machines, which tends to increase during periods of strong growth as larger mine operators replaced older machines with new, more capable models

These and other related factors mean that periods of strong growth – during which mining companies replace large amounts of older equipment and invest in new mining machinery – are frequently followed by significant moderation.

This is particularly true for the mature markets of North America, Europe, and Asia, but cyclicality plays a smaller role in markets that are at an early stage of development. Because of the limited amount of mining machinery in use in these developing markets, they tend to register a prolonged period of continuous growth (albeit, from a low base) initially. As they reach later stages of development, product demand tends to become more cyclical because of the factors discussed above.

Global Mining Outlook

Commodity Prices

Commodity prices are one of the primary determinants of mining equipment demand:

• High commodity prices make mine operators more profitable and more likely to invest in new mine exploration and newer, more efficient machinery.

• On the other hand, low commodity prices lead mine operators to suspend or scale down operations and invest less aggressively in new equipment.

However, there is some lead-time between when commodity prices start to rise or fall and when operators choose to invest in or delay mine equipment purchases. Because many mined commodities are traded globally, market dynamics and current economic conditions affect prices. Short term or initial drops in prices are unlikely to have any significant impact on mine equipment demand, yet sustained price declines like those recorded in 2008-2009 and 2015-2016 will generally result in the postponement of equipment purchases.

Likewise, after an extended decline in commodity prices, mine operators tend to continue to delay mine exploration and equipment replacement during the initial rebound in prices. Instead, operators tend to wait until there is some sustained growth in prices and profits start to increase before investment levels rise.

Mined commodity prices have been quite volatile in recent years and have risen significantly since 2019:

• In 2020, the COVID-19 pandemic negatively affected key end use sectors for mined commodities, resulting in declining output and falling prices. Shortages – brought about by supply chain disruptions – prevented some commodity prices from minerals and metals from falling further.

• Advances in manufacturing and construction activity in 2021 – supported by a rebound in both international trade and capital flows – generated demand for a wide range of mined commodities, driving up prices. The pandemic also forced mining operations around the world to cut costs and scale back operations, and this made ramping up production in 2021 more difficult.

• In 2022, inflation surged around the world, driving price gains and resulting in increased volatility. The conflict in Ukraine was another key driver because it distorted international commodity trade flows, resulted in sanctions being placed on Russia, and occurred in the areas of Ukraine where the most mining occurs.

• Supply chain disruptions, a global chip shortage, high rate of inflation, and the war in Ukraine continued to be drivers of commodity prices growth and volatility in 2023. Manufacturing, construction, and agricultural activity was also rising in many parts of the world and driving demand for mined materials.

• Although price growth slowed in 2024 and the cost of some commodities fell, mined material prices generally remained high.

Demand by Market

Global demand for mining equipment can be segmented into three markets:

• coal mining

• metals mining

• minerals mining

All three comprise large markets when viewed on a global basis; however, sales patterns differ between countries depending on the amount and type of natural resources available in a given nation. Mineral mining is the largest end-use market for equipment, followed by metals and coal.

Global mining demand is forecast to grow 6.2% annually to $196.5 billion in 2029. Although the metals mining segment will register the fastest growth during this time, the minerals segment will post the largest gains:

• Advances in world manufacturing and construction activity will drive both metals and minerals mining production gains and associated equipment sales.

• The minerals segment will also benefit from increased demand for these commodities in other key end use markets, such as agriculture.

• Metals mining firms are intensive users of mining machinery and invest heavily in technological innovation because of their immense financial resources, and these will continue to be key drivers of.

• Governments around the world are actively promoting critical metals and minerals mining and commercial interest is growing, and many new mines are expected to open by 2029.

• The development of numerous new technologies will drive demand for metals and minerals.

The coal segment has more limited growth prospects because of the ongoing shift away from the use of coal-fired power plants around the world due to concerns about climate change and air pollution. In the near term, however, the use of coal will rise in some parts of the world because of the conflict in Ukraine, which has driven up natural gas and oil prices and distorted international trade of these products. In some developing areas (such as the Africa/Mideast region), coal will continue to be used because of their growing energy needs.

Global Mining Equipment Report Details

Key Industry Participants Driving Trends  

Global Mining Equipment Report Scope

This study analyzes global supply of and demand for mining equipment. Products covered by this report include:

• surface mining equipment

  • mining trucks

  • excavators and shovels

  • loaders

  • mining dozers or tractors

  • other surface mining machinery (e.g., compactors, draglines, graders, other earthmoving machinery, and specialized conveying equipment)

• underground mining equipment

  • augers

  • borers

  • continuous miners

  • drums

  • face-haulage vehicles

  • hydraulic roof supports

  • loader machines

  • longwall mining systems

  • rippers and shearers

  • roadheaders

  • roof bolters

  • underground dozers, loaders, and trucks

• mining drills and breakers, and portable drilling rigs

  • electric, hydraulic, and pneumatic blastholes

  • core, coal, percussion, and rotary drills

  • track-, trailer-, truck-mounted, and portable drilling rigs

  • breakers

• crushing, pulverizing, and screening equipment used in mining applications

  • grinding mills and pulverizers

  • portable crushing, screening, washing, and combination plants

  • stationary crushers

  • stationary vibrating screens and related products

• mineral processing and other miscellaneous mining equipment

  • centrifuges

  • classifiers

  • dryers

  • feeders

  • flotation and related equipment

  • spiral concentrators

  • thickeners

• mining machinery parts and attachments (e.g., blades, buckets, filters for beneficiation equipment, mining drill bits, etc.)

Excluded from the scope of the study are certain products that can be used at mining sites and are sometimes considered to be mining machinery, including general purpose material handling and oilfield equipment, and dry stacking equipment. Also excluded is used and rebuilt mining machinery of all types.

Historical data for 2014, 2019, and 2024 and forecasts to 2029 and 2034 are provided for mining equipment supply and demand in current dollars (which are not adjusted to account for inflation). In addition, annual historical data and forecasts at the global level are provided for 2021 through 2028.

Demand is also segmented by market:

• metals

• minerals

• coal (including anthracite, or hard coal, and bituminous, or soft coal)