As stated in a recently published information by Credence Research Inc “Mining Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the growth of mining equipment market is strongly depends on economic conditions, demand for minerals, and number of mining projects.
The global mining equipment market is expected to see a significant growth though the forecast period 2015 – 2022 with improving economic conditions and rising mining activities across the world. In addition, stringent mandatory regulations are forcing mining companies to replace their outdated to improve mining process and labors’ safety. Advanced mining equipment reduces need of manpower and improves the efficiency of mining process which is influencing the demand for these equipments.
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Based on product type, surface mining equipment accounted for the largest revenue share in 2015. The demand for surface mining equipment is expected to grow steadily with rising demand for precious mines. We have considered bulldozers, loaders, dumping trucks, service trucks and other maintenance equipment to estimate the market size surface mining equipment. Underground equipments are expected to see the fastest growth compared to other product categories. This growth is primarily attributed to rising adoption of energy efficient mining equipment across the world due stringent energy efficiency regulations.
We have classified the global mining equipment market into coal, metal and mineral based on its end-use application segments. Metal mining is the largest application segment for mining equipment and expected to maintain its dominating position with rising demand precious metals such as gold, platinum and silver. In addition, complex and large scale operation are forcing metal mining companies to deploy advanced mining equipment to improve operating efficiency and reduce operating costs. Coal is major source of electricity and heat generation. The demand for mining equipment is rising steadily with improving economic conditions and rising demand for electricity across the globe.
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Asia Pacific is the largest regional market in the global mining equipment market. Asia Pacific is expected to maintain its dominating positions throughout the forecast period with rising demand from China and India. Asia Pacific also expected to see the fastest growth for mining equipment during the forecast period. North America and Europe are expected to grow at a steady rate with improving output of metal mining sector.
The global mining equipment industry is concentrated with large number of recognized multinational players. Some major players in the global mining equipment industry include Caterpillar Inc., Hitachi Construction Machinery, Komatsu Limited, Atlas Copco AB and Sandvik AB. Global players are facing competition from low cost Chinese manufacturers such as China National Coal Mining Equipment, Northern Heavy Industries Group and Zhengzhou Coal Mining Machinery Group.
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