Press release
Mining Equipment Market is expected to rise with 4.7% CAGR from 2016 to 2024 Key players in the industry include Sandvik, Atlas Copco, Caterpillar, Komatsu, and Joy Global
Technological developments resulting in facilitation of real-time monitoring to detect and monitor failure are expected to propel the market share. The need to cope with lower ore grades and more remote locations has driven the need for automation and innovation.
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While mining operations depend heavily on the ore location, the prominent production locations function in water shortage among other conditions. This has given rise to the need for effective solutions as well as contributed to demand for robust hardware. Increasing mechanization of construction processes coupled with strong economic growth will drive China market size over the next few years.
Several manufacturers offer facilities such as installment loans and operating and financing leases, which offers the option to own machinery under lease. The leasing can be done on a full payout basis or by selecting a suitable leasing option, which allows returning or buying the equipment at a predetermined rate. Companies continue to make use of multiple options such as rentals, outright purchases, and leasing on varied machinery. This model in North America and Europe consists of short-term rentals of equipment to small contractors and individuals. As the industry has evolved, a greater variety of products has become available on rent. Several manufacturers engage in exclusive and non-exclusive distributorship contracts.
Key insights from the report include:
U.S. mining equipment market size is set to surpass USD 11.5 billion by 2024, at 3.2% CAGR over the forecast timeframe. Vendors need complete compliance with regulatory mandates in order to ensure emission control and reduce pollution level, such as the Clean Air Act, which sets air quality standards.
Worker safety concerns as well as environmental considerations are among the key trends observed in the ecosystem. Tool tracking can be done with the help of barcode technology. Various companies now equip their machinery, power tools as well as hand tools with barcodes to support effective monitoring and management as these are scanned by digital barcode readers at the beginning and end of each working day.
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Drills and breakers contributed over 10% to the overall revenue in 2015, with high growth anticipated over the forecast timeline. Surface mining equipment market size will exceed USD 30 billion by 2024. Mineral mining equipment share will grow at 3.6% CAGR from 2016 to 2024.
Mining equipment market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD billion from 2013 to 2024, for the following segments:
Mining equipment market by product
Mining Drills & Breakers
Crushing, Pulverizing & Screening Equipment
Mineral Processing Machinery
Surface Mining Equipment
Underground Mining Machinery
Others
Mining equipment market by application
Metal Mining
Mineral Mining
Coal Mining
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