Mining Equipment Market to grow at over 4.7% CAGR from 2016 to 2024.

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World Mining Equipment Market Opportunities and
Forecasts, 2016 2024
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Global Mining Industry Overview
Mining Equipment Market is witnessing a
substantial surge prominently driven by the
escalating exploration and excavating activities
across the globe. Major technological
innovations such as machine failure detection as
well as real-time monitoring will support the
industry growth over the coming timeframe.
According to Global Market Insights, Inc.,
Global mining equipment market worth USD 69
billion in 2015, is projected to exhibit an
annual growth rate of 4.7 over the period of
2016 to 2024. The surging need for automation
and innovation in mining equipment to cope with
lower ore grades will also influence the industry
development. Mining equipment finds a wide set
of applications in coal mining, mineral mining,
and metal mining. The metal mining application
surpassed a revenue of USD 29 billion in 2015 and
will record a growth rate of 5 over the coming
seven years, driven by the growing demand for
metals such as gold. In addition, the surging
need for coal across the cement manufacturing,
steel production, and electricity generation will
positively influence the coal mining sector
notably, thereby driving the mining equipment
industry growth. The mineral mining application
will also contribute significantly towards the
market growth over the coming timeframe.
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Continued
In terms of product, mining equipment market is
segmented as underground mining machinery,
crushing, mineral processing machinery, mining
drills breakers, pulverizing screening
equipment, and surface mining equipment.
Surface mining equipment industry occupied 35
of the global market revenue in 2015 and is
anticipated to register an annual growth rate of
3.4 over the period of 2016 to 2024. The growing
mining activities across the developing regions
along with the surging need for technologically
advanced products are the key attributing factors
driving the industry growth. The mining drills
breakers machinery will exhibit lucrative
growth rate, owing to its increasing demand
across coal minerals mining as well as
underground metal mining. Additionally, growing
adoption of multi-functional machinery to
increase its efficiency will also stimulate the
mining equipment industry size.
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China Mining Equipment Market size, by
application, 2013-2024 (USD Billion)

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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.

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