The global mining equipment market is estimated to witness a steady growth in the following years due to increased demand of mining machinery, fuelled by an increase in overall mining activity, globally. Owing to its immense growth potential, industry analysts have estimated that this segment would be growing at a CAGR of 8.08% in the period between 2014 and 2018. This sustained growth of the segment is accredited to its extensive use in extraction of bauxite, platinum, iron ore, copper, sands, coal, gold and others metals.
This report: Global Mining Equipment Market 2014-2018 highlights the global market scenario, market drivers and dominant market players in the industry. It also provides a detailed insight on the market outlook and challenges which threaten the market, thereby outlining the growth trajectory of this market for the forecast period between 2014 and 2018.
Key market drivers
The mining equipment industry is driven forward owing to its immense potential in countries like China, Russia, India, Australia, South Africa, Brazil and Canada. Industry experts have therefore calculated that this segment would reach USD 117 billion by 2018, strongly stimulated by a growing demand for energy efficient mining equipment. This is due to the fact that metal, mineral as well as oil and gas mining, all require vast amounts of energy, and saving up on these energy costs would bring down production costs significantly. Moreover, energy-efficient devises are also utilized for washing, transportation, screening processes and for excavation. It is estimated that over 10% to 15% of the production costs of mining market comprises energy costs, which is compelling vendors to manufacture an increased number of energy-saving appliances.
Key market players
There are some reputed companies which have been witnessing substantial growth in this industry, including Caterpillar Inc., Komatsu, Hitachi Construction Machinery, Atlas Copco, Joy Global, Sandvik Mining, Metso Corp. among many others. Innovation and advanced technology are recognized as the key forces driving these companies. One of these companies, Sandvik has recently launched a versatile NSU core barrel system for pump-in and drilling applications. Besides enhancing productivity, the new devise also cuts down on the net working capital which results in safer handling of the equipment.
Though the market has been thriving and bears a positive outlook for the next few years, certain challenges like the requirement of a large amount of initial investment in this segment has been hindering its progress. The advanced mining equipment are cost intensive, and this has consequently prompted several mining vendors to utilize inexpensive equipment, leading to an eventual rise in the cost of production.
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