Mining Equipment Market Will Grow at a CAGR of 10.2% from 2014 to 2020
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April 3, 2014 (Newswire.com) - Global mining equipment Market is expected to reach USD 147.69 billion by 2020, according to a new study by GrandView Research, Inc. Growth in mining activities such as drilling and earth moving is expected to boost demand for shredders, loaders and crushers among other mining equipment. Increasing demand for fertilizer minerals is also expected to favorably impact market demand over the forecast period.
Mining operations rely on major mineral production regions such as North America, Australia, South Africa, etc. Water scarcity and dry spells in these regions has resulted in growing demand for effective mining solutions. Technologically advanced mining solutions are also estimated to witness growing adoption due to the need for robust hardware in mining locations. However, mining equipments produce harmful gases including carbon monoxide and sulfur oxides, which adversely affect the environment. This is expected to be curbed by the development of hybridization applications in the coming years.
The report "Mining Equipment Market Analysis And Segment Forecasts To 2020," is available now to Grand View Research customers at grandviewresearch.com/industry-analysis/mining-equipment-industry
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Further Key findings from the study suggest:
1. Surface mining equipment accounted for over 36% of the global market in 2013; it is expected to continue being the largest product segment over the forecast period. Demand for these equipments including service trucks, bulk trucks, bulldozers, etc. is estimated to be driven by demand for commodities such as iron ore and bauxite. Mining drills and breakers are expected to witness the fastest growth over the next six years, at an estimated CAGR of 10.2% from 2014 to 2020.
2. Metal mining is expected to be the largest and fastest growing application market over the next six years. Price-driven increases in resource exploration and mine development activity are expected to be the key driving forces for expected growth in metal mining application. Furthermore, growing demand for precious metals such as gold, silver, and platinum is expected to favorably impact segment growth. It accounted for over 41% of the overall market share in 2013, and is expected to grow at a CAGR of 8.7% from 2014 to 2020.
3. Asia Pacific and accounted for over 59% of global mining equipment demand in 2013, and is expected to dominate the market over the next six years, at an estimated CAGR of 8.7% from 2014 to 2020, primarily due to high estimated demand from China. Growing mine production and machinery sales is expected to fuel regional growth over the forecast period. Government restrictions on coal fired power plants and coal mine operations in the U.S. may act as a barrier to overall revenue generation.
4. Key industry participants include Caterpillar Inc., Hitachi Construction Machinery, Komatsu Limited, Atlas Copco AB and Sandvik AB among others. Companies operating in the market require high capital investment, and equipment production needs the presence of large production lines as well as meeting safety standards. Market participants focus on investment in R&D activities to drive innovation; strategic partnerships and mergers and acquisitions are among other growth strategies followed.
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For the purpose of this study, GrandView Research has segmented the global mining equipment market on the basis of product, application and region:
i. Mining Equipment Product Outlook (Revenue, 2012 - 2020)
- Mining Drills & Breakers
- Crushing, Pulverizing & Screening Equipment
- Mineral Processing Machinery
- Surface Mining Equipment
- Underground Mining Machinery
ii. Mining Equipment Application Outlook (Revenue, 2012 - 2020)
- Metal Mining
- Mineral Mining
- Coal Mining
iii. Mining Equipment Regional Outlook (Revenue, 2012 - 2020)
- North America
- Asia Pacific
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