The global mining machinery market is on track for massive growth, rising from $140 billion in 2024 to an estimated $220 billion by 2034, according to industry forecasts. That’s a compound annual growth rate (CAGR) of 5.5% over the next decade.
This sharp increase isn’t just about more machines. It’s about a significant shift in how mining companies source, invest in, and manage procurement.
At Storm Procurement, we’re already seeing the impact on our global network, tightening lead times, rising demand for smarter machines, and a focus on long-term sourcing strategies.
Why the Mining Machinery Market Is Rising
The surge is being driven by a global rush for critical minerals like lithium, copper, cobalt, and rare earth elements. Technology like electric vehicles (EVs) and renewable energy infrastructure. require far more minerals than their traditional equivalents. An average EV uses up to six times more minerals than a petrol car.
To meet these demands, mining companies are accelerating exploration, opening new sites, and investing in machinery capable of operating at greater depths, in more remote regions, and under tighter environmental controls.
It also isn’t just about scale, it's about modernising and efficiency. Modern mining equipment is expected to do more than extract material, they’re designed to be automation-ready and digitally connected, more energy-efficient with lower emissions and safer and more durable, especially in harsh environments
We're also seeing major geographic shifts in mining activity as governments look to secure their critical mineral supplies. Africa and South America are receiving record levels of investment. Australia, Canada, and the U.S. are expanding domestic production, and emerging economies are building local supply chains to reduce reliance on imports. As a result, mining machinery manufacturers and suppliers are working across more regions, with more logistical complexity, and greater urgency.
How Technology Is Reshaping Mining Operations
In response to rising demand and growing complexity, mining companies are turning to technology not just to scale up, but to operate smarter. Machinery is now expected to do far more than mine materials.
Autonomous haul trucks, robotic drills, and remote-controlled loaders are already being used on large mine sites to reduce downtime, improve safety, and allow for continuous operation. At the same time, equipment is being fitted with real-time sensors that monitor usage, environmental conditions, and wear rates. This means companies can predict when maintenance is needed and identify problems before breakdowns occur, reducing interruptions and extending the lifespan of the product.
Another change is the move toward electrification. With pressure to reduce carbon emissions, many mining companies are investing in hybrid or fully electric fleets that can cut fuel costs and contribute to ESG targets. These machines are quieter, cleaner, and increasingly powerful, making them great alternatives in both underground and surface mining operations.
Strategic Sourcing in a Competitive Market
As this technological shift accelerates, so too does the challenge of sourcing the right machinery at the right time. The speed the mining industry is developing at, as well as global supply chain constraints and a growing demand for specialised equipment, is creating a new problem in the procurement process. For many mining companies, traditional short-term buying processes are no longer working. Instead, there is a clear move toward long-term, strategic sourcing that emphasises reliability, availability, and adaptability.
Storm Procurement is already working closely with mining clients to respond to this shift. We’re seeing rising demand not just for equipment, but for procurement partners who can offer agility, foresight, and access to a broad global network. With operations expanding into more remote and politically complex regions, having a supply chain that can adapt globally is becoming a strategic advantage.
What Comes Next for the Mining Sector
As extraction becomes more technically demanding and environmentally regulated, investing in modern machinery is only the beginning. Mining companies will also need to build the infrastructure, talent, and supplier relationships that support long-term performance.
From automation to electrification, the next decade of mining will be determined by the companies that can adapt quickly and build resilience into every layer of their operations.
At Storm Procurement, we help clients rethink their approach, with a focus on long-term value.
