Global Surface Mining Equipment Market Size Likely to Expand at a CAGR of 7.10% By 2033

The CMI Team’s most recent market research predicts that from 2024 to 2033, the size of the global surface mining equipment market will grow at a CAGR of 7.10%. In 2024, the market size is projected to reach a valuation of USD 59.6 Billion. By 2033, the valuation is anticipated to reach USD 103.10 Billion.

Surface Mining Equipment Market: Growth Factors and Dynamics

The Surface Mining Equipment Market presents significant growth opportunities due to several factors:

• Increasing Demand for Minerals and Metals: The increasing demand for minerals and metals of the global population resulting from industrialization and urbanization increases the demand for machines that can surface mine with efficiency.

• Preference for Advanced Mining Techniques: As it will be seen in the discussion, there is a gradual shift from merely adopting progressive mining methods to superior methods that offer efficacy, security, and strength in resource exp Mai/Fav 30, 2014 on the environment.

• Technological Advancements: New technologies and or variations thereof in surface mining equipment such as intelligent systems for automation, real time monitoring and energy efficiency are increasing the efficiency and safe mining practices.

• Supportive Government Initiatives and Policies: Government encouragement, higher expenditure on surface mines, and business-friendly policies for environmentally friendly mining are acting as agents motivating the application of superior tools in surface mines.

• Growing Awareness and Acceptance: The elements stimulating the overall demand for more sophisticated mining methods involve educational campaigns and sponsors from such areas as machinery science.

• Expansion of Mining Operations: The growth in mining companies especially in the emerging markets is putting pressure on equipment manufactures for better and effective surface mining tools.

• Integration with Advanced Technologies: Surface mining equipment is also being linked with artificial intelligence/ machine learning strategies for optimizing operational schemes, tracking and real-time controlling, and resources usage to improve proficiency.

• Aging Workforce: This has resulted in the mining workforce ageing and the mining industry therefore requiring technologies good enough to help overcome physical burdens and hazards, to attract young talent to the mining workforce.

• Increased Research and Development: The increased funding of research and development activities from the leading market participants as well as the emergence of innovative process applications and enhancements of the currently available technologies to increase operational capacity is further driving the growth of this market.

• Environmental and Regulatory Pressures: The rising importance of green mining and enhanced environmental standards are some factors that are acting as the foundation for green mining equipment.

Surface Mining Equipment Market: New Product Launch

• In July 2024, Manheim Australia is preparing its latest national multi-vendor mining auction in conjunction with Lennon Heavy Equipment, with a range of heavy machines up for grabs online for one week starting July 25 at 3pm. Assets including dump trucks, excavators, bulldozers, graders, loaders, surface miners, conveyors, forklifts, buckets, prime movers, utes and generators will be available to bid on, with the digital auction ending at 3pm on July 31.

• In April 2024, MEVCO (Mining Electric Vehicle Company) has entered an exclusive global partnership with Rivian Automotive, Inc. to provide EVs to the mining, mining services and mining equipment industries. MEVCO specializes in providing sustainable and efficient electric vehicle fleets solutions to the mining industry. This collaboration signals a new standard for responsible and forward-thinking mining practices, and is a catalyst for positive change in the mining landscape.

• In April 2024, Epiroc launched SmartROC T30 R, a surface radio remote drill rig, built on the same flagship platform as newly released SmartROC T25 R. The construction and quarrying rig is equipped with the Epiroc Rig Control System (RCS), which enables the highest technology and automation level within the segment. The T30 R’s automated features, together with 19 kW drilling power, a wide coverage area and optimal terrainability, provide the operator with more drilled metres per shift. New SmartROC T30 R is now joining SmartROC T25 R, both built on the same flagship platform for surface drill rigs. The powerful model with 19 kW drilling power, developed for construction and quarrying, will provide operators with the highest technology and automation level within its segment, making everyday life easier for the operator.

• In January 2024, Komatsu is set to introduce its new underground hard rock mining machinery at the Investing in African Mining Indaba. Expanding its portfolio, Komatsu, known for opencast mining equipment, ventured into underground mining with the 2017 acquisition of Joy Global. Now, they are debuting equipment like the Komatsu WX07 wheel loader, ZJ21 jumbo drill rig, and ZB21 medium-class bolter for the African market. Komatsu’s innovative equipment features a shared platform for easy conversion between drilling and bolting tasks, enhancing operational efficiency.

Report Scope

Surface Mining Equipment Market: COVID-19 Analysis

The COVID-19 pandemic significantly disrupted the global surface mining equipment market. Supply chain constraints owing to lockdowns impacted their demand from large industries such as oil & gas, and the mining industry. Production shutdown and restriction on cross-border movement of products also considered on market expansion.

However, market experienced a revival which was due to the essential industries including oil & gas and mining industries that continued to support the surface mining equipment for the support of various production facilities. When industries started to revive post pandemic phase, the market slowly recovered, as more funds flowed into the infrastructural development and there was a need to cut down on energy consumption in terms of surface mining equipment solutions.

List of the prominent players in the Surface Mining Equipment Market:

• Caterpillar Inc.
• Komatsu Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Liebherr Group
• Terex Corporation
• Sandvik AB
• Atlas Copco AB
• Volvo Construction Equipment
• Joy Global Inc.
• SANY Group
• Doosan Infracore Co. Ltd.
• Metso Corporation
• Astec Industries Inc.
• Thyssenkrupp AG
• BEML Limited
• Kawasaki Heavy Industries Ltd.
• Hyundai Heavy Industries Co. Ltd.
• JCB
• Wirtgen Group
• FLSmidth & Co. A/S
• Others

The Surface Mining Equipment Market is segmented as follows:

By Equipment Type

• Mining Drills and Breakers
• Crushing, Pulverizing, and Screening Equipment
• Excavators
• Loaders
• Dozers
• Haul Trucks
• Others

By Mineral Type

• Metallic Ore Mining
• Non-metallic Ore Mining
• Coal Mining

By Application

• Mining
• Infrastructure
• Others

By End-user

• Mining Companies
• Construction Companies
• Government Agencies
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America