The global mining machinery market size was valued at USD 29 billion in 2020 and by 2025 it is projected to grow USD 36 billion at a compound annual growth rate (CAGR) of 4.4%.

Over the next few years, continuing digital mining progress is expected to change the main facets of mining. Increased investment is expected to trigger demand for mining equipment over the forecast period, along with government funding for digital mining innovation.

Insights by Application

• Mineral
• Metal
• Coal

The mineral segment by application holds the largest market during the forecast period.

The mineral segment is the largest and is estimated to rise during the forecast period at a CAGR of 4.33%. Across the Asia Oceania zone, barite, limestone, some semi-precious gem deposits, as well as other industrial mineral deposits, are present. It is also hypothesised that the area would drive the demand for mineral mining machinery.

Autonomous Mining Machinery, Insights by Mining Category

• Surface mining
• Underground mining

The largest share of total sales in 2019 was held by surface mining equipment and is expected to retain its lead over the projected period. Growing demand in developing markets for copper, iron ore, chromium, and diamonds is expected to provide avenues for growth in surface mining equipment over the next few years.

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Electric Mining machinery, Insights by Battery Type

• Lithium-ion
• Lead-acid
• Others (lithium-ion phosphate, lithium titanite oxide, lithium manganese oxide, nickel-metal hydride, and solid-state battery)

Lithium-ion segment, by battery type, is projected to account for the largest market due to advantages such as long life, long charging cycle, and safety in all working conditions.

The demand for electric mining machinery is dominated by the lithium-ion segment as they provide an advantage over traditional ones, taking into account greenhouse emissions and protection in underground environments. Considering its benefits over lead-acid batteries, the mining industry is increasingly moving to the use of lithium-ion battery technologies.

Source: VynZ Research