Key Insights of Surface Mining Equipment Market - 2022| Dominated Players Key Players: BHP, Vale, Rio Tinto, Anglo American, Barrick Gold Corporation, Freeport-McMoRan, Goldcorp

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.

Various fragmentations within the surface mining market can be categorized as strip mining, open-pit mining, highwall mining, mountaintop removal, dredging and coal mining. As per the technical analysis, the coal mining sector has witnessed growth, as less manual labor is required producing utmost coal generation. The strip-mining sector has the probability to grow USD $12 billion in coming few years which is an approximate increase of CAGR 3.5%. The mineral analysis states that the metallic ore industry will witness an increase in the demand of gold, silver, zinc and copper. The market has already demonstrated an increase in the market share of 46% and is expected to mark a figure of USD $13 billion in the near future. Non-metallic ore industry will grow by 30% with the boom in demand of salts and phosphate which would value at USD $9 billion during the expected time frame. Hi-tech equipment innovations and adding requirement for minerals and gas, the industry is certainly growing, resulting in increase of discoveries and investments in the market.

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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.

The Asia Pacific surface mining industry is likely to grow with the increasing demand in the countries like China and India. This regional market is at valued up to USD $8 billion currently and might reach the market valued up to USD $11 billion by 2022, mainly China regional market growing significantly with the demand of metallic ore and coal in the mining industry. With the rigid government regulations in the United States and Europe, these countries are expected to lose some market share in the coming years as per the industry forecast. The limitations on import duties and taxes are likely to affect the market pessimistically due to the security apprehensions.

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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.

Currently leading players in the market are top giants like Hitachi, Atlas Copco, Komatsu, Sandvik and Caterpillar. The competitive surface mining equipment market share is held by top-notch market players like Goldcorp, Rio Tinto, Vale S.A, and BHP Billiton. Swedish company Sandvik has signed an agreement with China-based Linglong Jinan Heavy Machinery for the production and sale of underground and surface mining equipment.

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