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Global Mining Equipment Market to Reach $147B by 2020
(Minews) - According to a new study by GrandView Research, the global market for mining equipment is expected to reach $147.69 billion by 2020.

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.

Further key findings from the study suggest:

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 this equipment, 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.

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.

Asia Pacific 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.

Key industry participants include Caterpillar, Hitachi Construction Machinery, Komatsu Limited, Atlas Copco AB and Sandvik AB among others.
Publish date : Friday 14 March 2014 20:29
Story Code: 5385
 
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