Surface mining equipment market size worth $28.9 billion by 2022
Published Date: March 10, 2016 Authors: Ankit Gupta, Aditya Singh Bais
Surface mining equipment market size is forecast to reach USD 28.97 billion by 2022; according to a new industry research report published by Global Market Insights, Inc. Strong metallic ore demand outlook, should drive industry growth for the next six years. Proliferating exploration in the mining industry, coupled with growing demand for sophestication in equipments, especially from emerging market will help demand evolution.
Along with enabling precision, technology innovation also facilitates surface stability and embankment and selective mining options for high quality extraction. Vibration and noise reduction offered by these equipments allow mining process to be somewhat less hazardous. Also, surface mining equipment market has potential to reduce processing costs and improve profit margins for industry participants.
Multiple functions offered by surface mining equipment may eliminate supplementary procurement, especially for crushing. These machines have the ability to dump material directly into dumper trucks using the conveyor belt, which can eliminate wheel loader and excavator needs, along with the required manpower.
Economic issues and problems regarding high visibility will be key issues for surface mining equipment market participants. Strong global outlook on coal, chromium, iron ore and diamond should provide attractive industry growth opportunities.
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Key insights from the report include:
- U.S. surface mining equipment market size in terms of revenue was close to USD 6 billion in 2014. High reguloatory intervention could see adeclining trend in revenur growth for coal extraction driven power plants. Asia Pacific, particluarly India and China should witness strong demand, driven by high domestic mineral consumption. Growth expactations for the region are over 4% up to 2022.
- Open pit mining equipment market share accounted for more than 31% of global industry revenue, with USD 9.31 forecast for 2022. Sishen iron-ore, Palabora copper ore along with daimonds, which are swiftly gaining importance could be critical for market evolution. Strip mining equipment industry was calculated to be over USD 10 billion in revenue, with acticipation of USD 12.53 billion by 2022.
- In 2014, the global industry witnessed metallic aores take up over 45% of demand; along with growth expectation of 3.4% CAGR up to 2022. Strong global ques for gold, silver, copper, and zinc should drive the metallic ore segment. Non-metallic ore business is forecast to gain at more than 3.5% over the forecast period.
- Major industry players with notable surface mining equipment market share include BHP Billiton, Atlas Copco, Sandvik and Caterpillar.