The global mining equipment market was evaluated around USD 79.35 billion and is expected to reach approximately USD 173.21 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 8.12% over the forecast period.
Technological
advancements like data transmission via real-time monitoring of activities and
cloud networks have ensued in the growing utilization of smart mining solutions
extending significant benefits across traditional mechanical products. The
conversion from subversive to economical and innovative open pit mining is
estimated to drive the demand for the next few years.
Also, the expansion of high-performance tools
has made it feasible without increasing the costs to a remove ores of declining
grades. This drift is gradually noticeable in numerous steel manufacturing
enterprises engaging to penetrate the mineral exploration segment for ensuring
their sources of iron ore and coking coal at an affordable cost.
The
decreasing capital spending has affected the products demand negatively over
the recent years. Though, the tough demand for drilling and exploration
operations and the rising growths in this segment are anticipated to contribute
to the market growth positively. Moreover, market players are concentrating on
enhancing productivity, efficiency, and cost decline in their processes to
defend their revenue margins.
The
growing inclination towards spreading novel technologies and funding the
renewable installations is boosting the expansion of automated exploration
processes and equipment for improving energy consumption.
The
demands of the drilling & exploration and oil & gas industries are
overlapping for alleviating the required support operations. Despite the
uncertain safety issues and small commodity costing struggles in the market,
the developing exploration drifts are anticipated to present sufficient
opportunities for growth and improvement of the global market.
Technology
Outlook and Trend Analysis:
In
2015, drills & breakers reported for around 10.5% of the market share. The
promoting demand for the secretive exploration of coal, minerals, and metal is
anticipated to affect the market positively during the forecast years.
The
robust technology-based effective drilling solutions development is also
projected to fuel the market growth.
In 2015, the surface mining equipment ruled
the market. This can be assigned to the lifting demand from the substitute
market due to consumption of energy and safety policies together with strict
emission measures.
The
rising domestic demand from the developing nations like India, China, South
Africa, and Brazil, due to the quick escalating automation across the metal
exploration industry, is anticipated to actuate the growth of the global
market.
Application
Outlook and Trend Analysis
In
2015, the metal mining application seized the leading revenue of around USD 27
billion, which can be assigned to the rising exploration and resource
activities.
Furthermore,
the growing requirement for base metals, like copper, gold, silver, platinum,
and others, is anticipated to bestow to the growth of market revenue. The
requirement for gold has supported owing to its financial, emotional, and
cultural value and is anticipated to increase further in the emerging
countries.
Regional Outlook and Trend Analysis
In
2015, the Asia Pacific mining equipment industry reported for around 60% of the
market share, due to the existence of robust countries such as India, China,
and Australia. Organizations in India are outsourcing ventures to mining
service organizations with the segments becoming more prepared in the nation.
The
unexplored drilling and exploration potential in the country is projected to
supply large market growth opportunities over the projected period.
Furthermore, the opportunities for mineral exploration, infrastructure, and
resources are escalating in the Middle East Asia region with the advent of
fresh laws looking for funds.
Competitive Insights
Few
of the major market players are Joy Global Inc., Komatsu Ltd., Atlas Copco,
Caterpillar Inc., Metso Corporation, and Sandvik AB. The amplified
concentration on the different business aspects combined with cost-cutting in
services and products are the strategies integrated by market players till the
market gains its earlier impulse.
Market players are also concentrating on
present products with GPS technology, electronic control modules, and database
instruments for improving product offering.
Comments
Post a Comment