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Mining Equipment Market Size, Share & Growth Outlook, 2031

www.mordorintelligence.com

The mining equipment market size is projected to be USD 117.60 billion in 2025, USD 123.04 billion in 2026, and reach USD 160.32 billion by 2031, growing at a CAGR of 5.44% from 2026 to 2031. Growth is driven by brisk capital spending on battery-mineral projects, the accelerated replacement of diesel fleets in Canada, Chile, and Australia, and renewed iron-ore developments in Western Australia and Brazil. By power output, units under 500 HP captured 43.42% of 2025 revenue; equipment above 1,000 HP is forecast to rise at a 6.29% CAGR between 2026 and 2031. By application, metal mining contributed 48.15% of the mining equipment market size in 2025, whereas mineral mining is projected to register a 9.03% CAGR through 2031. Note: Market size and forecast figures in this report are generated using Mordor Intelligence’s proprietary estimation framework, updated with the latest available data and insights as of January 2026. ... Lithium, cobalt, and nickel expansions are reshaping procurement, as battery-metal mines require high-throughput crushers and flotation cells distinct from base-metal circuits. In contrast, ultra-class machinery above 1,000 HP is projected to deliver the fastest growth, expanding at a 6.29% CAGR from 2026 to 2031 as miners consolidate material-handling tasks into fewer, higher-capacity units that lower cost-per-ton metrics in large open pits.

Mining Equipment Market Size & Share Report, 2026-2033

www.grandviewresearch.com

Size, Share & Trends Analysis Report By Equipment, By Power Source (Gasoline, Electric), By Power Output (2000 HP), By Application (Metal Mining, Coal Mining), By Region, And Segment Forecasts ... The global mining equipment market size was valued at USD 155.4 billion in 2025 and is projected to grow from USD 163.3 billion in 2026 to USD 239.4 billion by 2033, at a CAGR of 5.6% from 2026 to 2033. The shift toward electrification, renewable energy systems, and battery technologies is significantly increasing the need for critical minerals, prompting mining companies to expand exploration and production activities. This trend drives demand for large excavators, high-tonnage haul trucks, drilling rigs, crushing and screening equipment, and underground machinery. The North America mining equipment industry held a significant share in 2025. The market in North America is characterized by strong demand for high-capacity machinery, driven by ongoing investments in the extraction of metals, critical minerals, and industrial minerals. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global mining equipment market report based on equipment, power source, power output, application and region. The global mining equipment market size was estimated at USD 155.4 billion in 2025 and expected to reach USD 163.3 billion in 2026.

Underground Mining Equipment Market Report, 2026-2033

www.grandviewresearch.com

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global underground mining equipment market report based on equipment, mining technique, application, and region: Equipment Outlook (Revenue, USD Billion, 2021 - 2033) ... b. The the global underground mining equipment size was estimated at USD 45.17 billion in 2025 and is expected to reach USD 47.3 billion in 2026. The global underground mining equipment market size was estimated at USD 45.17 billion in 2025 and is projected to reach USD 72.9 billion by 2033, growing at a CAGR of 6.4% from 2026 to 2033. Growing demand for coal, metals, and minerals is significantly driving underground mining equipment adoption as industries expand power generation, construction, and manufacturing capacity. Automation and tele-remote functionalities are strengthening adoption in large-scale metal and coal mines. Continuous fleet upgrades for higher payload capacity and durability keep LHDs at the center of underground material handling. Drills segment is expected to grow at a considerable CAGR of 7.0% from 2026 to 2033 in terms of revenue. The longwall mining segment is expected to grow at a notable CAGR of 6.8% from 2026 to 2033 in terms of revenue, as mining companies seek higher productivity and fully automated extraction of deep coal seams. Continuous cutting systems, remote-controlled shearers, and real-time monitoring significantly reduce labor exposure and boost safety. High recovery rates and operational efficiency make it attractive for large-scale mines transitioning from surface mining.

Explore the Global Surface Mining Equipment Market — analysis ...

www.futuremarketinsights.com

Open-pit mining method: 47.2% share in 2026, driven by end-use requirements in the primary application channels. China: 8.80% compound growth, supported by domestic investment and rising consumption. ... Nikhil Kaitwade, Principal Consultant for Industrial Automation, opines, The surface mining equipment market is structurally cyclical but currently operating in the early phase of a capital expenditure recovery driven by critical mineral demand. Market scope includes all commercially traded surface mining equipment segmented by product type (excavators, haul trucks, draglines, dozers, drills, loaders, crushers), method (open-pit mining, strip mining, mountaintop removal), and application (coal mining, metal ore mining, mineral mining). Revenue sizing spans the 2026 to 2036 forecast period. Based on Application, the market is segmented into Coal mining, Metal mining, Mineral mining, and Other (bauxite mining). Regionally, the market is classified into North America, Latin America, Western Europe, Eastern Europe, Balkan & Baltic Countries, Russia & Belarus, Central Asia, East Asia, South Asia & Pacific, and the Middle East & Africa. Surface Mining Equipment Market Analysis By Product Type · The Excavators segment is projected to represent 29.6% of the surface mining equipment market revenue in 2026, establishing its leadership in product types. The Open-pit mining segment is expected to account for 47.2% of the market revenue in 2026, maintaining its dominance as the primary mining method. This method’s popularity stems from its cost-effectiveness and suitability for extracting near-surface mineral deposits.

Mining Equipment Market Size, Share and Forecast, 2026-2033

www.coherentmarketinsights.com

Market players are thus, focused on developing machines with capability of extracting specific metals and minerals, where they are using telematics. This ensures reduced downtime caused by malfunctions and it helps plan maintenance activities. Thus, this trend is likely to continue in the market over the forecast period. Growing demand for aluminum, iron, and copper in Europe is a growing trend · The demand for these metals in European region is creating strong need for mining equipment. For instance, MetsoOyi, has developed a novel predictive maintenance solution for mining equipment which is intended for helping maximize performance and uptime of commination circuits. Thus, this trend is expected to support growth of the market during the forecast period. To learn more about this report, Request Free Sample · Based on Type, the market is segmented into Mineral Processing Equipment (Portable, Stationary); Surface Mining Equipment (Articulated dump truck, Crawler dozer, Crawler excavator, and Others); Underground Mining Equipment (Hydraulic excavators, Mining dozers, Underground haulers, and Others); Mining Drills & Breakers (Drills, Breakers); Crushing, Pulverizing & Screening Equipment (Portable, Stationary), and Others. The global mining equipment market reflects strong fundamentals fueled by growing demand for critical minerals and metals in diverse industries. Global infrastructure development projects, especially in emerging markets, represent key growth drivers complemented by the speeding up process of migrating to renewable energy technologies that use rare earth minerals and lithium. Trends in automation and digitalization are transforming operating models, with mining firms increasingly using autonomous vehicles, IoT-connected equipment, and AI-based predictive maintenance tools to improve productivity and safety levels. Mining Equipment Market is estimated to be valued at USD 1,41,741.9 Mn in 2026 and is expected to reach USD 2,16,385.7 Mn in 2033, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2026 to 2033. Based on Type, Surface Mining Equipment Segment is expected to dominate the global market with 31% shares over the forecast period. This is due to the rise in demand for metals and minerals.

Mining Equipment Market Key Growth Drivers and Trends by 2034

www.polarismarketresearch.com

The market is projected to register a CAGR of 5.8% from 2026 to 2034. It is driven by rising mineral demand, fleet modernization, and expanding automation adoption globally. Which region dominates the global mining equipment market? Asia Pacific led the market with 49.80% revenue share in 2025. Coal mechanization, nickel expansion, and large iron-ore fleet investments boost the dominance. What are the key trends driving growth in the mining equipment industry? The global mining equipment market size was valued at USD 155.84 billion in 2025 and is projected to register a CAGR of 5.8% from 2026 to 2034. The market is driven by increasing demand for efficient mineral extraction and expanding mining activities in emerging economies. Mining Equipment Market Size & Share Global Analysis Report, 2026-2034 · REQUEST CUSTOMIZATION DOWNLOAD SAMPLE REPORT BUY THIS REPORT · Mining Equipment Market Size, Share & Trends Analysis Report: By Type (Underground Mining Equipment, Surface Mining Equipment), By Propulsion, By Power Output, By Application, By Region – Market Forecast, 2026–2034 January 2026: Caterpillar Inc. introduced the Cat AI Assistant to improve equipment interaction. It supports operators with real-time guidance and better decision-making.