Global Mining Market Insights Forecast 2024 - 2033

The mining market has witnessed strong growth, surging from $2138.73 billion in 2023 to $2276.8 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 6.5%. The remarkable expansion in the historic period can be attributed to technological advancements, increased investments in mining, favorable government policies, the utilization of renewable energy in mining, and the rapid fluctuations in commodity prices. Looking ahead, the market is poised for strong growth, projecting to reach $2825.81 billion in 2028, with a CAGR of 5.5%. The anticipated growth in the forecast period is driven by a rise in infrastructure development, increasing merger and acquisition activities, the implementation of autonomous equipment, and increasing construction activities. Major trends in the forecast period include a focus on the use of lidar (light detection and ranging), drone technology, product innovations, the launch of digital twin, the use of 3D mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery, and an increase in the use of telematics.