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COVER STORY

value. Reliability and engineering capability remain non- billion by 2034, growing at a CAGR of 5.81% between 2026 and
negotiable, but uptime, remote diagnostics, energy efficiency, 2034. Accelerating mineral extraction, infrastructure development,
digital integration, parts availability, maintenance support and government investment in coal and critical-mineral programmes,
operator enablement are becoming increasingly important greater mechanisation and the adoption of automated and
differentiators. digitally connected machinery are among the key growth drivers.
For OEMs, this is creating a shift from selling equipment to building The market’s composition highlights where demand is
longer-term technology and service relationships. For miners, it concentrated. Excavators account for 28.5%, while surface mining
is changing the question from which machine offers the highest represents 49.5%, reflecting the continued dominance of open-
capacity? to which equipment ecosystem can deliver the cast coal and iron ore operations. Metal mining contributes 47.1%
strongest operational and economic outcome over its lifecycle? of applications, while East India accounts for 45.7% of the market,
That may ultimately prove to be one of the industry’s most reflecting the concentration of mining and metal-production
consequential shifts: the value of mining equipment will activity across Jharkhand, Odisha and Chhattisgarh.
increasingly be determined not by what the machine can do on Yet the opportunity is not simply about adding more equipment.
its own, but by how intelligently it can perform as part of the mine. As mines become larger and more complex, asset availability
and utilisation are becoming strategic levers. Remote
India’s Equipment Opportunity monitoring, telematics, condition-based maintenance and
India’s mining equipment opportunity is unfolding against a fleet-management systems can help operators reduce downtime,
distinctive backdrop. The country is expanding infrastructure at improve deployment and extract greater productivity from
scale, strengthening domestic resource security and entering existing assets. For large fleets operating for extended hours, even
a more mineral-intensive phase of industrial growth. Coal and incremental improvements in availability can materially influence
iron ore remain fundamental to the economy, while copper mine economics.
and a widening range of critical minerals are gaining strategic The other defining opportunity lies in building the equipment
importance as manufacturing, electrification and the energy ecosystem within India. Growing domestic demand, localisation
transition accelerate. priorities and the country’s engineering capabilities are
This is creating demand across the mining equipment spectrum— encouraging manufacturers to deepen local production,
from exploration and drilling to excavation, hauling, crushing, sourcing, technology partnerships and service networks. The
processing and material handling. More significantly, capacity ambition extends beyond import substitution: a stronger domestic
expansion and technology modernisation are increasingly ecosystem can improve supply resilience, shorten lead times
converging, creating a market where productivity, reliability and and build capabilities suited to India’s operating conditions while
lifecycle economics matter as much as machine capacity. creating potential for global competitiveness.
According to IMARC Group, India’s mining equipment market was The transition is already reaching sophisticated equipment.
valued at US$6.79 billion in 2025 and is projected to reach US$12 In January 2025, Gainwell Engineering delivered what IMARC

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