The global mining equipment market size is anticipated to exhibit a valuation of USD 128.39 billion by 2025, according to a report by Grand View Research, Inc. Increasing number of drilling activities and research work across the globe is likely to influence growth of the market in next few years.
Gradual downfall in the world economy is likely to have a negative impact on both developed and emerging economies. In addition, weak demand and low investments from major geographies such as North America and Europe can add to economic downfall.
The industry is expected to start its recovery in 2016 as new sites are expected to be opened up and equipment manufacturers are increasing their capital spending. Untapped regions of Africa, such as Congo and Zambia having substantial metal mines and Latin American countries such as Peru, Brazil, and Chile, are expected to trigger the recovery in the industry.
Mining companies have to cope with the decreasing ore grades and exhaustion of easily accessible mining sites, which has led to the shifting of mining sites to remote locations. These locations involve a higher degree of technical complexity related to infrastructure, labor, and energy consumption. Therefore, a highly efficient equipment is required to cater to this industry over the forecast period. According to FLSmidth, customers are currently puttinga strong focus on productivity and energy efficiency,which was earlier on capacity expansion.
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Further key findings from the report suggest:
The mineral processing machinery market is anticipated to grow at a CAGR of over 7% from 2016 to 2025.This market is expected to remain buoyant throughout the forecast period as it is the foremost process that majority of the ores have to go through post-mining for providing a more concentrated material.
Coal mining is expected to account for over 35% of the industry by 2025.The equipment for coal extraction has expanded its purposes and adoption as the excavation of coal has boomed in the recent years.
The North American mining equipment market is expected to contribute significantly to the revenue growth as the identification of new natural gas reserves in the U.S. is expected to provide traction to the demand for this equipment.
The key players in the mining equipment market include Joy Global Inc., Komatsu Ltd., Sandvik AB, Atlas Copco AB, Metso Corporation, and Caterpillar Inc., among others.The competition in the industry is becoming intense as Chinese manufacturers are coming up with the quality curve at an alarming pace.
Grand View Research has segmented the mining equipment market based on the product, application, and region:
Mining Equipment Product Outlook (Revenue, USD Billion, 2014 - 2025)
Mining drills & breakers
Crushing, pulverizing & screening equipment
Mineral processing machinery
Surface mining equipment
Underground mining machinery
Mining Equipment Application Outlook (Revenue, USD Billion, 2014 - 2025)
Mining Equipment Regional Outlook (Revenue, USD Billion, 2014 - 2025)
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