Mining and Oil and Gas Field Machinery Manufacturing Market Report 2026

The mining and oil and gas field machinery manufacturing market size has grown strongly in recent years. It will grow from $200.32 billion in 2025 to $212.32 billion in 2026 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to expansion of mining activities, oil and gas exploration growth, infrastructure development projects, demand for mineral resources, industrialization in emerging economies.

The mining and oil and gas field machinery manufacturing market size is expected to see strong growth in the next few years. It will grow to $278.34 billion in 2030 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to deepwater and offshore exploration growth, automation in mining operations, demand for critical minerals, safety regulation enforcement, digital transformation of heavy equipment. Major trends in the forecast period include automation of drilling and blasting equipment, integration of remote monitoring systems, growth of high capacity mining machinery, adoption of predictive maintenance technologies, rising demand for energy efficient equipment.

The rise in oil exploration is expected to drive the growth of the mining and oil and gas field machinery manufacturing market in the coming years. Oil exploration involves identifying locations with potential oil and natural gas resources beneath the Earth’s surface. In the mining and oil and gas machinery sector, exploration activities include drilling water wells and blasting natural gas extraction wells, often using portable drilling rigs for oil and gas fields. For example, in June 2023, the Energy Information Administration reported that global oil demand is projected to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in exploration, extraction, and production are expected to grow 11% year-on-year to a record USD 528 billion in 2023. Consequently, rising oil exploration is propelling growth in the mining and oil and gas field machinery manufacturing market.

The mining and oil and gas field machinery market is witnessing a trend toward innovative drilling technologies that enhance efficiency, reduce operational costs, improve safety, and minimize environmental impact. Drilling technology encompasses the methods, equipment, and processes used to create holes in the Earth’s surface for extracting oil, gas, minerals, and groundwater. For instance, in May 2024, a UAE-based industrialization and energy services company introduced Threlix, a drilling technology designed to streamline operations through advanced data analytics and automation, enabling real-time monitoring and adjustments. This innovation aims to lower drilling costs and environmental footprints by optimizing resource utilization and reducing waste. Technologies like Threlix demonstrate a commitment to sustainable and efficient energy resource extraction.

In February 2025, a US-based power technology and engine company acquired First Mode Holdings Inc. to advance zero-emission mining technologies. This acquisition allows the company to integrate First Mode’s hydrogen fuel cell and battery-electric propulsion systems into large mining haul trucks and other heavy equipment, supporting the transition to clean energy operations. First Mode Holdings specializes in decarbonization technologies for the mining sector, including zero-emission powertrains and sustainable vehicle integration solutions.

Major companies operating in the mining and oil and gas field machinery manufacturing market are Caterpillar Inc., Komatsu Limited, National Oilwell Varco Inc., Sandvik AB, Epiroc AB, Liebherr Group, Terex Corporation, Metso Corporation, SANY Group Co. Ltd., Bell Equipment Limited, Hitachi Construction Machinery Co. Ltd., Atlas Copco AB, Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., J.C. Bamford Excavators Limited, Taiyuan Heavy Industry Co. Ltd., Vermeer Corporation, Baker Hughes Company, Schlumberger Limited, TechnipFMC plc, Mitsubishi Heavy Industries Ltd., ThyssenKrupp AG, ERA Mining Machinery Limited.

North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2025. The regions covered in the mining and oil and gas field machinery manufacturing market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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