Surface Mining Equipment Market Analysis

Surface Mining Equipment Market Analysis

Mountain top removal mining equipment market size was valued at over USD 5.5 billion in 2014. The surge in the sector is mainly because it requires less number of workers and it assures maximum coal recovery as compared to the other conventional methods. Strip mining is anticipated to grow at a CAGR of 3.5% from 2015 to 2022 and it is likely to exceed USD 12 billion by 2022.
 

Metallic ore accumulated around 46% of the overall surface mining equipment market share in 2014. It is likely to reach USD 13 billion by 2022 due to rising demand for metals such as gold, zinc, silver and copper etc. Non-metallic ore is forecast to account for more than 30% of the overall industry share by 2022 and would be valued at over USD 9 billion by 2022. The hike in demand can be addressed to flourishing use of salts, lime and phosphate.
 

North America, including U.S. surface mining equipment market size, is anticipated to be driven by the presence of the Appalachian region as it contains more than 50 billion tons of coal reserves. It accounted for over 25% of the overall industry share in 2014 and is likely to be valued over USD 7 billion by 2022.
 

Asia Pacific surface mining equipment industryis expected to be the fastest growing region, valued over USD 8 billion in 2014, with forecast over USD 11 billion by 2022. China surface mining equipment market size is likely to witness significant growth due to rapid growing demand for metal as well as coal in mining industry.