North America Mining Equipment Market Size (2024 - 2029)

The North America Mining Equipment Market is projected to experience growth driven by increased mining activities for base and precious metals, particularly in the United States and Canada. The market's expansion is supported by the electrification of powertrains in mining machinery, addressing environmental concerns and enhancing operational efficiency. Investments from Original Equipment Manufacturers and the demand for sustainable products are key factors contributing to the market's growth. Additionally, the automation of machinery presents opportunities for manufacturers to capture a larger market share, as mining companies pursue new projects to meet the rising demand for raw materials.

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Market Size of North America Mining Equipment Industry

North America Mining Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 13.02 Billion
Market Size (2029) USD 16.29 Billion
CAGR (2024 - 2029) 4.58 %
Market Concentration Medium

Major Players

North American Mining Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Mining Equipment Market Analysis

The North America Mining Equipment Market size is estimated at USD 13.02 billion in 2024, and is expected to reach USD 16.29 billion by 2029, growing at a CAGR of 4.58% during the forecast period (2024-2029).

With the rising consumption of base metals and precious metals in several applications, the mining activities of these metals increased, especially in countries such as the United States and Canada.

According to the World Gold Council, Canada at 194.5 tons, followed by the United States at 172.7 tons, securing the 3rd and 4th position in the Global Gold Mining ranking.

Electrification of powertrains for construction and mining machinery has been in focus due to concerns over emissions and noises generated by conventional diesel-powered machinery. Powertrains offer various advantages, such as high overall efficiency, high maneuverability, and accuracy during operations. Investments in the sector by Original Equipment Manufacturers (OEMs), coupled with demand for sustainable products, will likely drive the market growth.

For instance, in September 2023, a Canadian iron ore producer awarded Metso an order for two powerful Vertimill 4500 grinding mills to be delivered in 3Q24. that support the decarbonization of the steel industry through production of high-grade and high-purity iron ore with sustainable processes.

The mining equipment manufacturers look at opportunities like the automation of machinery to attract customers and capture a significant share of the market. The growing demand for raw materials resulted in mining companies exploring new mining projects, thus boosting the mining equipment market.

North America Mining Equipment Industry Segmentation

Mining equipment comprises of equipment including vehicles that are used at the mining sites to increase the mining location throughput and offer ease in raw material transportation and extraction.

The North American mining equipment market is segmented by type, application, and country.

By type, the market is segmented into surface mining equipment, underground mining equipment, and mineral processing equipment. By application, the market is segmented into metal mining, mineral mining, and coal mining. By country, the market is segmented into the United States, Canada, and the Rest of North America. The report offers market size and forecasts for North American mining equipment in value (USD) and volume (units) for the above segments.

By Type
Surface Mining Equipment
Underground Mining Equipment
Mineral Processing Equipment
By Application
Metal Mining
Mineral Mining
Coal Mining
By Country
United States
Canada
Rest of North America
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North America Mining Equipment Market Size Summary

The North America mining equipment market is poised for significant growth, driven by the increasing demand for base and precious metals, particularly in the United States and Canada. The market is experiencing a shift towards electrification and automation, with a focus on reducing emissions and enhancing operational efficiency. This transition is supported by investments from Original Equipment Manufacturers (OEMs) and the growing demand for sustainable mining solutions. The market is characterized by the deployment of advanced machinery such as electric shovels, high wall miners, and hydraulic excavators, which are being upgraded to meet the rising demand for raw materials. The surface mining segment is expected to see substantial growth due to technological advancements and the increasing demand for oil sands, coal, and gas.

Canada plays a pivotal role in the North American mining equipment market, being a leading producer of various metals and minerals, including potash, uranium, and diamonds. The country's stable political and economic environment, coupled with its vast mineral reserves, makes it an attractive destination for mining activities. The demand for minerals essential for renewable energy technologies, such as nickel and cobalt, is expected to rise, further boosting the market. The market is fairly consolidated, with major players like Liebherr International, Terex Corporation, and Caterpillar Inc. investing heavily in research and development to enhance equipment performance and safety. Strategic agreements, such as those between Albemarle and Caterpillar, highlight the industry's focus on integrating innovative solutions to meet the evolving needs of the mining sector.

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North America Mining Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing use of Electric Machinery in Mining

    2. 1.2 Market Restraints

      1. 1.2.1 Stringent Government Policies Might Hinder the Growth of the Market for Equipment

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Buyers/Consumers

      2. 1.3.2 Bargaining Power of Suppliers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Surface Mining Equipment

      2. 2.1.2 Underground Mining Equipment

      3. 2.1.3 Mineral Processing Equipment

    2. 2.2 By Application

      1. 2.2.1 Metal Mining

      2. 2.2.2 Mineral Mining

      3. 2.2.3 Coal Mining

    3. 2.3 By Country

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Mining Equipment Market Size FAQs

The North America Mining Equipment Market size is expected to reach USD 13.02 billion in 2024 and grow at a CAGR of 4.58% to reach USD 16.29 billion by 2029.

In 2024, the North America Mining Equipment Market size is expected to reach USD 13.02 billion.

North America Mining Equipment Market Report Snapshots

North America Mining Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)