Northbrook, IL 60062 -- (SBWIRE) -- 08/31/2023 -- The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%. The growth of this market can be attributed to the growing demand for different minerals, the rise in infrastructure development activities that require metals and minerals, and the need for safer mining operations, thus driving demand for advanced and highly efficient mining machines.

Based on the Machinery Category, the continuously rising demand for minerals for various industrial as well as residential applications has led to an increase in surface mining activities. This has created a demand for highly efficient and safe mining machines at mining locations. Advanced features like GPS tracking and autonomous machine operation are rising in demand for safe mining operations to reduce human errors. Apart from this, underground mines where mine ventilation is difficult have created a growth opportunity for electric mining machines which produce zero emissions and the least noise pollution. Thus, the rising demand for minerals and metals is leading to increased mining operations which is further promoting the mining machinery market.

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Based on Power Output, the mining operations involve the movement of heavy material and the drilling of hard rocks at the mining sites. This requires heavy machines that operate efficiently in such situations. The engines used in mining machinery vary based on power capacity and applications. Mining companies must extract minerals from deeper deposits as they exhaust shallower mineral deposits. To accomplish this, more robust equipment that can withstand the high pressures and temperatures encountered at depth is needed. Mining machines in the range of 500-2,000 HP power output are majorly used in the mining machinery market due to their versatile working capability. These machines can be utilized for both surface as well as underground mining. A balance between power and efficiency is provided by machines with 500–2000 HP. Without being overly big or heavy, they have enough power to handle difficult tasks like digging, hauling, drilling, and material handling.
Based on Propulsion, the market for mining machinery is anticipated to grow gradually in the diesel propulsion segment, though the trend for electrification is rising. Diesel engines are mostly preferred in many mining machines due to the requirement of heavy torque and reliability. Diesel fuel generates approximately 11% more energy per gallon than gasoline, 67% more energy per gallon than LNG, and 250% more energy per gallon than CNG. Diesel burns more slowly than gasoline and uses less fuel overall. Compared to other fuels, diesel produces more torque at a lower speed which is highly required for mining operations. During idling, diesel engines use very little fuel. Hence, diesel is the most used fuel in mining machinery. But due to stringent emission norms at various regional levels, mining machinery manufacturers are trying for alternate fuels like biodiesel, CNG/LNG/RNG which would offer similar output as received from diesel engines. Additionally, the European Commission is planning to ban diesel vehicles which will significantly influence the off-highway industry; hence the demand or usage of biofuel is expected to increase. The main factors influencing mining companies' decision to use biofuels or alternative fuels in mining machinery are financial incentives related to carbon pricing schemes and environmental incentives.

Based on Region, Asia Oceania is expected to lead the mining machinery market in 2023, with China being the largest market in the region. The increasing investments in new product development in the mining machinery market due to increased demand for advanced vehicle features, rise in trend for connectivity in vehicles, and growth in demand for superior user experiences to differentiate their products in the automotive industry are some of the factors expected to drive the mining machinery market in Asia Pacific.

Key Market Players:

The major players in the mining machinery market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland). These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, South America, Asia Oceania, and the Middle East and Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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