When it comes to mining equipment, one must ensure that the piece of equipment is in its finest quality and condition in order to produce best results. Mining machines in a proper running condition helps to reduce the costs of expedition and also guarantees that workers are maximizing on their productivity and ensuring utmost safety.
The Rise in Mining Equipment Market: Overview
Worldwide analysts commented that various companies all across the globe are anticipating an increase in metals production such as iron ore and copper, driven by new expansions and projects that are fueling the overall demand for specialized mining machinery and equipment. Despite the drop in sales last year, the world mining equipment market is still looking for an upward climb which is spurred by voracious demand for mineable commodities, production of primary metals, and mining materials coming from countries like India, China, and other developing nations.
The Global Market Size and Growth of Mining Equipment Market
According to a recently released report, the industry for global mining equipment is forecast to rise at a steady pace notching a market figure as high as USD117.0 billion by 2018 from USD 71.5 billion in 2012, moving further at a CAGR of 8.6% in the forecast period 2012 to 2018. The underground mining equipment market has the second largest share in the global market, and is expected to grow at an average rate from 2012 to 2018. In contrast, due to the rising demand for metal and mineral commodities, the surface mining equipment market accounts for nearly 37% of the entire market.
Segments in the Mining Industry and its Market Scenario
The industry associated with geology tools and mining equipment includes tools and services that are completely devoted to generating tools and equipment used during surface, as well as underground mining.
The world mining equipment market is broadly segmented into six sub segments mainly based on equipment types such as –crushing, pulverizing and screening equipment, mining drills and breakers, mineral processing machinery, underground mining machinery, surface mining equipment, and other mining equipment.
In addition, to the above, a handful of other segments such as the mineral mining, metal mining, and coal mining are considered to be the three main application sub segments of the global mining equipment market. The mining drills and breakers are imperative tools used in most mining operations. They are used as crushing, pulverizing, and screening equipment in most mining operations. The market for this is growing at a rapid rate all over the world.
The global mining equipment market will be primarily driven by key factors such as the increase in mining activities and rising demand for metal and mineral commodities. The market is also likely to witness growth due to some added key factors such as the enhanced demand for technically advanced solutions and mining activities, particularly in developing countries.
As the world mining output increases so will the strong sales. Furthermore, increase in commodity prices spurred by growth and technological advancement and economic development is also poised to contribute to the industry’s growth.
Geographic Insights of Mining Equipment Market
A strong demand for mined materials comes from various geographic places like North America, Asia Pacific, Europe and Rest of the World (RoW) regions. However, among all the places, the Asia Pacific market was a leader in the mining equipment market back in 2012, having contributed more than 60% of the entire share in this market.
The Asia Pacific and Latin America are high in demand for mining equipment. They are the current leading regions in terms of development seen in oil refineries, coal mining and other underground mining activities.
Some strong gains are also stirring up in Central and South America, followed by Western Europe, Eastern Europe, and North America. Large iron ore projects are anticipated for an implementation in countries like Russia, Brazil, Africa, Australia, and other regions. Additionally, countries such as India, China and Indonesia are fueled by increasing mining production and related machinery sales. China alone accounts for almost 50% of the entire mining equipment market.
Some of the leading players in the global mining equipment industry include Caterpillar Inc., Hitachi Construction Machinery, Joy Global Inc., Komatsu Limited, Sandvick AB, and Atlas Copco.
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