Mining Machinery Market worth $32.8 billion by 2030 - Exclusive Report by MarketsandMarkets™

1. Mining Machinery Market worth $32.8 billion by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets 21 Aug, 2023, 02:00 ET  CHICAGO , Aug. 21, 2023 /PRNewswire/ -- 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%, according to a new report by MarketsandMarkets™. The rise in demand for minerals and metals, exploration of new mines, and expansion of existing mines are some factors in?uencing the growth of the mining machinery market. Apart from this, the increase in stringent emission norms has motivated the mining machinery manufacturers to develop electric & hybrid mining machines thus driving further the growth of mining machinery market. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=99264577 Browse in-depth TOC on "Mining Machinery Market". 260 – Tables 80 – Figures        280 - Pages Mining Machinery Market Scope: 

2. Report Coverage Details Market Size USD 32.8 billion by 2030 Growth Rate 4.1% of CAGR Largest Market Asia Pacific Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2023-2030 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends By Machinery Category, Application, Propulsion, Electric & Hybrid Mining Machinery Market By Type, Electric & Hybrid Mining Segments Covered Machinery Market By Battery Chemistry, Autonomous Mining Machinery Market By Mining Category, and Region. Geographies Asia Oceania, North America, Europe, South America, and Middle East, and Africa Covered Report Highlights Updated financial information / product portfolio of players Key Market Use of autonomous mining machinery Opportunities Key Market Drivers Increasing use of electric machinery in underground mining Surface Mining Machinery is predicted to have the largest market share in the machinery category segment. Surface mining dominates the mining machinery market, by category segment over the forecast period from 2023 to 2030. The growth of this segment is attributed to increased usage of different machinery such as Crawler excavators, crawler dozers, motor graders, rigid dump trucks, and articulated dump trucks for increased output. Increased mining activities in Asian and South American countries such as China, Australia, Chile, Peru, and Canada. These machineries are used for extracting large quantities of minerals and materials, material handling, and processing application to sustain the increased demand in various industries such as automotive, defense, construction, power & renewable energy, pharmaceutical, and manufacturing among others. The demand for minerals such as coal, iron ore, gold, copper, lithium, nickel, and uranium is constantly growing for different applications.  Furthermore, the mining machinery manufacturers are heavily investing in R&D activities to enhance electric and hybrid technology that will continue to support the sustainable development of mining machinery for surface mining applications. >2,000 HP power output mining machinery is predicted to be the fastest-growing segment. The >2,000 HP segment covers heavy mining machinery such as crawler excavators, rigid dump trucks, and shovels. These powerful equipment are useful for large-scale mining operations to move large quantities of materials ef?ciently at a rapid pace. This can lead to 

3. lower costs per ton and increased pro?ts for mining companies. Mining machinery falling under this category has an operating weight of approximately 400,000 kg to 750,000 kg. Some of Liebherr's rigid dump truck models that fall into the >2,000 HP power output category include the T284 Standard and R9800. Some other models include the Caterpillar 797F mining truck, Komatsu 860E-1K & 730E-10 Electric drive mining truck, which has a power output of more than 2,500 HP which helps in transporting heavy materials in mining sites. Asia Oceania is expected to account for the largest share of the Mining machinery Market. Asia Oceania is expected to be the largest market for mining machinery industry in during the forecast year due to its abundant mineral resources, growing economy, and increasing demand for minerals and metals. Numerous factors, such as urbanization, industrialization, and rising incomes, are fueling this growth. The demand for minerals and metals, which are used in a variety of goods like building materials, electronics, and transportation, rises along with the economy. Countries such as China, India, and Australia are major contributors while Japan and Indonesia are among other contributors to the growth of mining machinery in the region.  Some of the major mines like the Oyu Tolgoi Copper-Gold Mine in Mongolia, the Talcher Coal?eld Project (India), the Zongzhai Copper Mine Project (China), and others in Asia Oceania demand for advanced and ef?cient mining machinery for increasing the mining output, thus creating a growth opportunity for the mining machinery market. Apart from this, China is a major reserve for lithium. The rise in demand for lithium-ion batteries in electric vehicles has created the need for large extraction of lithium from mines thus upsurging the demand for underground mining machinery in the region. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=99264577 Key Market Players: Mining machinery companies are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland). These companies adopted new product launches, partnerships, and joint ventures to gain traction in the mining machinery market. 

4. Recent Developments: In June 2023, Epiroc AB (Sweden), has completed the purchase of the key assets of Schramm Australia, a major manufacturer of products for reverse circulation (RC) drilling. The assets include intellectual property as well as two production facilities near Perth and two service centers located in Queensland and South Australia and will employ Epiroc. In June 2023, Caterpillar Inc announced the launch of the new Cat 995 Wheel Loader which increased up to 19% productivity than the previous model and 6% increase in hydraulic force with equal hydraulic cycle time. Also, it delivers up to 13% lower hourly fuel consumption and offers an additional 8% ef?ciency gain. In May 2023, Sandvik AB (Sweden) expanded its battery center of excellence in Camarillo, California to strengthen its position as underground mining's leading battery-electric innovator. This phased expansion bene?ted the company with increased space for battery production and testing and added more R&D space to improve the development of its battery and charger technology and added warehouse and of?ce space and increase the site's training and touring capabilities for customers. In March 2023, Komatsu Mitsui Maquinarias Perú (KMMP) and the Minera Antamina company entered into an important commercial agreement. It involves the acquisition of a ?eet of 20 Komatsu haulage trucks, model 980E-5SE, with a load capacity of 400t. These are units equipped with 4400 Hp Cummins QSK95 engines, recognized for having the highest power on the market. In May 2022, Caterpillar Inc (US) acquired Tangent Energy Solutions (US), an energy-as- a-service (EaaS) company. Tangent Energy Solutions offers customers complete turnkey solutions for lowering energy expenses, raising energy effectiveness, lowering emissions, monetising assistance for the electric grid, and ensuring operational resilience. With Tangent Energy, the acquisition was made to create new revenue streams. Caterpillar's extensive lineup of electric power supplies is complemented by Solution's EaaS services, providing . With dependable, effective, sustainable, and connected power solutions that support business operations, Caterpillar Inc. will be able to better serve its customers. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp? id=99264577 

5. Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Electric Construction Equipment Market - Global Forecast to 2027 Farm Equipment Market - Global Forecast to 2027 Construction Equipment Market - Global Forecast to 2027 OTR Tires Market - Global Forecast to 2027 About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

6. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com Research Insight: https://www.marketsandmarkets.com/ResearchInsight/mining- equipment-market.asp     Visit Our Website: https://www.marketsandmarkets.com/ Content Source: https://www.marketsandmarkets.com/PressReleases/mining- equipment.asp    Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg SOURCE MarketsandMarkets 