How is the mining equipment industry

market size
Global scale continues to grow: According to Precedence Research data, the global mining machinery market is expected to reach $119.1 billion in 2023 and $207.4 billion in 2033.
The demand in the Chinese market is strong: According to data from Zhongyan Puhua, the production of mining machinery in China will reach 7.5364 million tons in 2023, and the demand will increase to 7.3215 million tons.
Development Trends
Intelligence: According to the “2024 Blue Book of Intelligent Mining and Autonomous Driving Industry”, it is expected that by 2030, the market space for intelligent coal mines in China will reach 1.4105 trillion yuan, and the intelligent market size of non coal mines is expected to reach 910.7 billion yuan. The guidance issued by seven departments including the National Bureau of Mining Safety Supervision also proposes to establish a complete intelligent standard system for mines by 2026.
Large scale, multifunctional, and modular: In order to adapt to different mining environments and process requirements, improve equipment flexibility and maintainability, the mining machinery industry will develop towards large-scale, multifunctional, and modular design.
Greenization: With the improvement of environmental awareness and the implementation of energy-saving and emission reduction policies, green, efficient, and energy-saving metallurgical and mining machinery and equipment will become the mainstream products in the market.
Competitive landscape
International enterprises have an advantage: the market for large tonnage mining and mining trucks is highly concentrated, with major players including well-known companies such as Caterpillar, Komatsu, Sandvik, Epiroc, and Metso.
The rise of Chinese enterprises: The main competitive enterprises in the domestic metallurgical and mining machinery industry include two categories: state-owned enterprises and private enterprises. State owned enterprises such as CITIC Heavy Industries and China First Heavy Industries occupy an important position in the market with their advantages in technology, capital, brand, and other aspects. Private enterprises seek breakthroughs in segmented fields and emerging markets through flexible operating mechanisms and keen market insights.
profit model
The aftermarket revenue of mining machinery accounts for up to 70%, and the aftermarket is the main source of revenue throughout the product lifecycle, including equipment installation, commissioning, maintenance, and accessory supply and other follow-up services.
Policy environment
China has issued a series of relevant policies and plans, such as the “Several Opinions of the State Council on Accelerating the Revitalization of the Equipment Manufacturing Industry” and “Made in China 2025”, which encourage enterprises to innovate in research and development, increase capital investment, and provide tax incentives, providing a favorable policy environment for the development of the mining machinery industry.
Facing challenges
The pressure of technological innovation is high: the industry is accelerating technological innovation and transformation upgrading, and enterprises need to continuously invest a large amount of funds and manpower in research and development to keep up with the development trends of intelligence, greening, etc.
Intense market competition: Many domestic and foreign enterprises participate in the competition. Enterprises not only need to compete in product quality, technological innovation, after-sales service, but also face challenges from external factors such as changes in market demand and adjustments to environmental policies.
Environmental requirements are increasing: With the continuous improvement of environmental standards, mining equipment enterprises need to pay more attention to environmental performance and increase environmental investment in product design and production processes.