Mining machinery sales return on track as the world economy recovers from the pandemic. Mine operators that delayed machinery purchases will replace outdated machines, invest in new equipment, and adopt advanced mining technologies fueling the market growth. The global demand for mining equipment is forecasted to grow 1.0% per year to $116.8 billion in 2024.
By 2024, the Asia/Pacific region is expected to register faster growth and larger gains than any other region accounting for an increase in global product demand. China will be responsible for the bulk of regional gains during this time. China has more favourable growth prospects in parts due to the losses its market recorded in recent years and its effective handling of the COVID-19 pandemic.
The US, Canada, France, Italy, the United Kingdom, Japan, and other nations with mature mining equipment markets perform poorly during the forecast period due to the severe impact of COVID-19.
Technological innovation has played a crucial role in the mining machinery industry’s development because it allows manufacturers to comply with new regulations, improve equipment performance, reduce emissions, enhance operator safety and comfort, and expand their product portfolios.
Over the last few years, mining equipment manufacturers have invested heavily in sustainability initiatives by focusing on building more environmentally friendly production facilities, developing more fuel-efficient mining equipment, and incorporating advanced technologies to improve machine performance.