Mining and Oil & Gas Machinery Manufacturers

The 700 mining and oil and gas machinery manufacturers in the US produce machinery used in the exploration and extraction of minerals and petroleum resources. Machinery may be highly specialized to perform a specific task or made more versatile by equipping them with various attachments. Many firms in this industry have an international presence or compete with foreign firms in their domestic market. Machinery used for offshore drilling, surface mining; and material conveying is not included in this industry profile.

Dependence on Oil & Gas Production

The number of new oil and gas wells drilled and their productivity and longevity drive demand for machinery, sales of parts and attachments, and service revenue.

Fewer Coal Mines, Less Output

Competition from cleaner-burning fuels, concern over environmental impacts, and health risks related to coal mining are taking a toll on the coal industry.

Aug 23, 2026 - Baker Hughes Restructuring

• Baker Hughes is laying off 147 employees at its Houston manufacturing and testing facility as the oilfield services company restructures operations amid volatile oil prices, industry consolidation, and increasing automation, the Houston Chronicle reports. The affected positions span manufacturing, engineering, materials management, purchasing, and support functions. The company said the layoffs are part of ongoing efforts to optimize its portfolio and improve long-term competitiveness. For makers of oil and gas machinery, the layoffs highlight continued pressure to reduce costs, improve efficiency, and adapt to a more disciplined spending environment among energy producers. While demand for oilfield equipment remains supported by drilling activity, manufacturers continue to face uncertainty from fluctuating crude prices, consolidation, and productivity improvements that may limit hiring and capital investment. In a deal diversifying Baker Hughes beyond traditional oilfield equipment, it has acquired Chart Industries, expanding its portfolio in LNG, hydrogen, carbon capture, and industrial process technologies.
• The International Energy Agency said a proposed US-Iran peace agreement could lead to a significant global oil oversupply in 2027 as disrupted production and exports recover, The Wall Street Journal reports. The agency forecasts oil supply could increase by about 8 million barrels per day next year, far exceeding expected demand growth of 2 million barrels per day. While current supply disruptions and low inventories continue to support prices in the near term, the expected return of Iranian exports and normalization of shipping through the Strait of Hormuz could weaken market fundamentals. Lower oil prices resulting from excess supply could reduce exploration and drilling activity, particularly in higher-cost production regions, reducing demand for oil and gas machinery used for extraction. Firms may face pressure on capital spending, project development, and rig utilization if oil prices decline and producers become more cautious about expanding production.
• The Trump administration has unveiled a draft plan to dramatically expand offshore oil and gas drilling, proposing as many as 34 lease sales across 21 regions, including California, the Gulf of Mexico, Alaska, and the Arctic, S&P Global reports. Trump’s plan could unlock billions of barrels of federal offshore reserves, boosting long-term production capacity and unleashing activity throughout the oil and gas supply chain, including creating one of the strongest offshore‑driven equipment cycles in years, benefiting upstream machinery suppliers. A larger leasing footprint, including potential new activity off California and the eastern Gulf of Mexico, would increase long‑term demand for offshore drilling rigs, subsea equipment, wellheads, pumps, compressors, and related capital machinery. It would also strengthen aftermarket and service demand, since expanded offshore activity requires ongoing maintenance, replacement parts, and reliability upgrades.
• Producer prices for mining and oil and gas machinery manufacturers hit another new high in July, rising 2.2% compared to a year ago, after rising 1.4% in the previous July-to-July annual comparison, according to the latest US Bureau of Labor Statistics data. A mix of energy sector demand, input cost increases (steel), and supply constraints is driving up producer prices. Employment by the industry rose 0.9% year over year in June and job growth among mining and oil and gas machinery manufacturers lags that of overall private employment. Meanwhile, wages at agricultural, construction, and mining machinery manufacturers rose 2.7% over the same period to $30.29, BLS data show.

Industry size & Structure

A typical manufacturer of mining and oil and gas machinery operates out of a single location, employs 84 workers, and generates about $21 million annually.

• The mining and oil and gas field machinery manufacturing industry consists of about 700 companies that employ about 59,000 workers and generate $15 billion annually.
• The heavy machinery segment is dominated by large, technologically advanced firms with broad market reach. Not only do these large firms produce a wide range of products, but most have international operations and extensive dealer networks.
• The mining machinery segment of the industry is concentrated with the 20 largest firms representing 64% of its revenue. The oil and gas machinery segment is slightly less concentrated with the 20 largest firms representing 57% of its revenue.
• The aftermarket segment, which includes replacement parts, attachments, service, and refurbishment, is fragmented with many smaller firms competing based on price, breadth of products, and proximity to customers. Mining and oil and gas machinery manufacturers may partner with aftermarket suppliers to obtain parts and attachments and broaden their equipment options.
• Large companies with US manufacturing operations include Caterpillar, Komatsu Mining (P&H, Joy, Montabert), Epiroc, Boart Longyear, and TMG Manufacturing.
• The industry competes domestically and internationally with foreign-based manufacturers including Terex, Sandvik, XCMG, Sany, and Metso Minerals.