Surface Mining Equipment Market Size

Surface Mining Equipment Market Size

Surface mining equipment market size is projected to exceed USD 28 billion by 2022, growing at a CAGR of 3.6% from 2015 to 2022. Escalating demand for metal and mineral commodities is anticipated to drive the industry growth. Increasing mining activities and growing demand for technically advanced solutions mainly in developing countries is estimated to fuel the industry over the forecast period. It aids in cost optimization owing to its capability of crushing, cutting and loading in a single working pass.

Open pit surface mining equipment market size accounted for over 30% of the overall industry share in 2014 and is estimated to grow at a CAGR of over 3.7% and reach over USD 9 billion by 2022. This type of mining is mainly used for excavating diamond ore, palabora copper ore and sishen iron-ore.

Technology innovation offers precision and helps in time saving by enabling the work process faster and easier. Proliferating use of this equipment facilitates in selective mining by producing high quality material as well as producing stable surfaces & embankments. In addition, it offers low noise, low dust and less damaging vibrations process hence enables effective mining in residential areas. It assures maximum exploitation of a mines and aids in reducing processing cost involved in crushing by producing small grains, thus eliminating the need of buying the additional crushing equipment.
 

It also facilitates in reducing the need of wheel loaders and excavators owing to is capability of dumping the material into dumper trucks through a conveyor belt. Since, single machine performs multiple tasks it reduces the need of extra machines and man power. Usage of this equipment helps in avoiding blasting work and enables great precision while cutting steep and stable surfaces. It offers effective planning & coordination of the process, along with better operation and maintenance.
 

Factors such as health and safety issues coupled with lack of skill technicians might hinder surface mining equipment market size growth. Flourishing mining activities in countries such as China and India are likely to exhibit potential growth opportunities to the surface mining equipment market. Increasing demand for diamond, iron-ore, coal and chromium is estimated to provide intense growth avenues to the industry.