U.S. mining equipment market share is set to grow at 3.2% CAGR

The report “Mining Equipment Market Size By Product (Mining Drills & Breakers, Crushing, Pulverizing & Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment, Underground Mining Machinery), By Application (Metal Mining, Mineral Mining, Coal Mining), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” Mining Equipment Market size is expected to reach USD 99.13 billion by 2024; according to a new research report by Global Market Insights, Inc.

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 mining equipment market size over the next few years.

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The adoption of multifunction machinery, that is applicable to numerous tasks has led to increased demand due to cost saving characteristics as compared to single-function counterparts. This has also resulted in considerably lower time requirements, while enhancing productivity and overall efficiency.
Technological developments resulting in facilitation of real-time monitoring to detect and monitor failure are expected to propel mining equipment market share. The need to cope with lower ore grades and more remote locations has driven the need for automation and innovation.

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.

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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.

• Europe mining equipment market share exceeded 14.5% of the global revenue in 2015.

• 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.

• The industry is highly regulated in nature. After sales service and maintenance activities have proved crucial for achieving competitive advantage. Major companies include Caterpillar, Sandvik, Atlas Copco, etc.
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
o Mining Drills & Breakers
o Crushing, Pulverizing & Screening Equipment
o Mineral Processing Machinery
o Surface Mining Equipment
o Underground Mining Machinery
o Others
Mining equipment market by application
o Metal Mining
o Mineral Mining
o Coal Mining
The above information is provided on a regional and country basis for the following:
o North America
• U.S.
• Canada
• Mexico
o Europe
• UK
• Germany
• France
• Italy
• Russia

Browse Related Reports:
• Surface Mining Equipment Market Size By Technique (Strip Mining, Mountain Removal Mining, Open Pit Mining), By Mineral (Metallic Ore, Non Metallic Ore, Coal), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022

https://www.gminsights.com/industry-analysis/surface-mining-equipment-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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