Mining and Oil and Gas Field Machinery Manufacturing Global Market Report 2024

The mining and oil and gas field machinery manufacturing market size has grown strongly in recent years. It will grow from $178.92 billion in 2023 to $192.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. Historical growth in mining and oil-gas field machinery manufacturing was largely fueled by several factors, including the global demand for natural resources, ongoing infrastructure development projects, increased energy demand, the need for renewal and upgrading of machinery, and the growth of emerging markets alongside economic expansion.

The mining and oil and gas field machinery manufacturing market size is expected to see strongly grown in the next few years. It will grow to $253.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. Anticipated growth in the forecast period for mining and oil-gas field machinery manufacturing is associated with several key factors. These include an increased emphasis on environmental sustainability, the transition towards renewable energy sources, operations in remote and challenging environments, the extraction of critical minerals, and geopolitical considerations influencing the industry.

The burgeoning focus on increased oil exploration stands as a pivotal force propelling the mining and oil and gas field machinery manufacturing market. Oil exploration involves the meticulous search for potential oil and natural gas reservoirs beneath the Earth's surface. Within the realm of machinery manufacturing for mining, oil, and gas fields, exploration demands specialized equipment for drilling water and gas wells, including portable rigs. Notably, insights from the U.S. Energy Information Administration's December 2022 report indicate a significant surge in US crude oil and lease condensate reserves, reaching 44.4 billion barrels by 2021, marking a notable 16% growth. Moreover, the concurrent rise in US oil production to 11.6 million barrels per day in 2021 corroborates the substantial impact of increased oil exploration on driving the growth of machinery manufacturing for these sectors.

The escalating global energy needs emerge as a catalyst bolstering the mining and oil and gas field machinery manufacturing market. As the demand for energy escalates across individual, industrial, and societal spheres, there's a consequential surge in exploration, extraction, and infrastructure development within the mining, oil, and gas sectors. This heightened activity necessitates specialized machinery, thereby fostering the growth of the machinery manufacturing market. Notably, insights from the Energy Information Administration's April 2023 report project a substantial increase in energy consumption across various sectors in the United States, ranging from 0% to 32% between 2022 and 2050, underscoring the profound impact of growing energy needs on driving machinery demand in these industries. The advent of technological advancements represents a pivotal trend gaining momentum within the mining and oil and gas field machinery manufacturing markets. Leading companies in this sector are channeling efforts into innovative solutions to fortify their market positions. Notably, Komatsu Mining Corp.'s September 2021 introduction of the Joy 02ESV scoops equipped with OptiDrive technology exemplifies this trend. Designed for soft rock mining, these machines leverage OptiDrive technology to enhance motor performance, operator productivity, and reliability while concurrently reducing maintenance costs - an innovation tailored for mining applications.

Major players within the mining and oil and gas field machinery manufacturing market are steering their focus towards the development of innovative, energy-saving equipment. This niche involves the creation of machinery designed to optimize operational efficiency and curtail resource consumption in oil and gas extraction and processing. A prime example is Xuzhou Construction Machinery Group Co. Ltd.'s April 2023 launch of a suite of mining equipment products. The XE690DK mining excavator, XDR80TE-AT autonomous electric dump truck, and XDE240 mining dump truck showcase robust performance, energy-efficient designs, and advanced autonomous features. These offerings cater to the burgeoning demand for environmentally friendly, energy-saving machinery in the construction of integrated digital mines, thereby illustrating the market's shift towards more sustainable and technologically advanced solutions.

In September 2022, Epiroc AB, a Swedish manufacturer specializing in mining and infrastructure equipment, completed the acquisition of AARD Mining Equipment Pvt. Ltd. The financial details of this acquisition were not disclosed. Epiroc's strategic goal with this acquisition is to expand its portfolio of underground products and solidify its market presence across the African continent. AARD Mining Equipment Pvt. Ltd., based in South Africa, is recognized for manufacturing a diverse array of equipment specifically designed for the mining industry. This acquisition positions Epiroc to enhance its offerings and strengthen its foothold in Africa's mining equipment sector.

Major companies operating in the mining and oil and gas field machinery manufacturing market report are Caterpillar Inc., Komatsu Limited, Advantech Co. Ltd., ERA Mining Machinery Limited, TechnipFMC PLC, Schlumberger Limited, General Electric Company, Industrea Limited, Joy Global Inc., Baker Hughes Company, National Oilwell Varco Inc., Sandvik AB, Epiroc AB, the Liebherr Group, Hitachi Ltd., Terex Corporation, United Heavy Machinery, Taiyuan Heavy Industry Co. Ltd., Atlas Copco, Doosan Corporation, Hyundai Heavy Industries Co. Ltd., J.C. Bamford Excavators Limited, Metso Corporation, Mitsubishi Heavy Industries Ltd., Nippon Steel Corporation, Outotec Oyj, ThyssenKrupp AG, Bell Equipment Limited, SANY Group Co. Ltd., Vermeer Corporation .

North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2023. The regions covered in the mining and oil and gas field machinery manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the mining and oil and gas field machinery manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories within this sector include oil and gas field machinery and equipment, mining machinery and equipment, alongside other specialized machinery. Oil and gas field machinery encompasses businesses primarily engaged in manufacturing tools and machinery used for drilling water wells or oil and gas wells, including mobile drilling rigs. These tools find applications across on-shore and off-shore operations within the industry.

The mining and oil and gas field machinery manufacturing market research report is one of a series of new reports provides mining and oil and gas field machinery manufacturing market statistics, including mining and oil and gas field machinery manufacturing industry global market size, regional shares, competitors with a mining and oil and gas field machinery manufacturing market share, detailed mining and oil and gas field machinery manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the mining and oil and gas field machinery manufacturing industry. This mining and oil and gas field machinery manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mining and oil and gas field machinery manufacturing market includes revenues earned by entities from services such as mineral and stone beneficiating machinery manufacturing, water well drilling machinery manufacturing, and derrick oil and gas field type manufacturing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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