Overview and Scope
Mining and oil-Gas field machinery manufacturing refers to the production of heavy equipment and machines used in the mining, oil, and gas machinery sectors. These machines are used in mining, quarrying, tunnelling, construction, geological exploration, and blasting to drill through both soft and hard rock.
Sizing and Forecast
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%. The growth in the historic period can be attributed to global demand for natural resources, infrastructure development projects, energy demand, renewal and upgradation of machinery, emerging markets and economic growth.
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%. The growth in the forecast period can be attributed to environmental sustainability, renewable energy transition, remote and harsh environments, mining of critical minerals, geopolitical factors. Major trends in the forecast period include advanced automation and robotics, digitalization and data analytics, focus on sustainability and environmental impact, remote monitoring and maintenance, integration of artificial intelligence .
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Segmentation & Regional Insights
The mining and oil and gas field machinery manufacturing market covered in this report is segmented –
1) By Machinery Types: Oil And Gas Field Machinery And Equipment, Mining Machinery and Equipment, Others Machinerys
2) By Application: On-shore, Off-shore
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
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Major Driver Impacting Market Growth
The increased oil exploration is expected to propel the growth of the mining and oil and gas field machinery manufacturing market going forward. Oil exploration is the process of looking into locations where there may be abundant oil and natural gas resources beneath the surface of the earth. Oil exploration is used in mining and oil and gas field machinery manufacturing for drilling water wells and blasting natural gas extraction wells, including portable drilling rigs for oil and gas fields. For instance, in December 2022, according to a report shared by the U.S. Energy Information Administration, a US-based government agency, in 2021, the proven reserves of US crude oil and lease condensate had grown by 6.2 billion barrels (16 percent), to 44.4 billion barrels. Additionally, the oil production in the US increased to 11.6 million barrels per day in 2021. Therefore, the increasing oil exploration is driving the growth of the mining and oil and gas field machinery manufacturing market.
Key Industry Players
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 .
The mining and oil and gas field machinery manufacturing market report table of contents includes:
1. Executive Summary
2. Mining And Oil And Gas Field Machinery Manufacturing Market Characteristics
3. Mining And Oil And Gas Field Machinery Manufacturing Market Trends And Strategies
4. Mining And Oil And Gas Field Machinery Manufacturing Market – Macro Economic Scenario
5. Global Mining And Oil And Gas Field Machinery Manufacturing Market Size and Growth
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31. Global Mining And Oil And Gas Field Machinery Manufacturing Market Competitive Benchmarking
32. Global Mining And Oil And Gas Field Machinery Manufacturing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Mining And Oil And Gas Field Machinery Manufacturing Market
34. Mining And Oil And Gas Field Machinery Manufacturing Market Future Outlook and Potential Analysis
35. Appendix
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