“The global market size of mining equipment is estimated at more than USD 130 bn”, says Visiongain
15 October 2019
Visiongain’s new report the Mining Equipment Market Report 2020-2030: Forecasts by Industry (Coal, Metal, Minerals), By Equipment (Drills & Breakers, Mineral Processing, Surface Mining, Underground Mining, Crushing), By Propulsion (Diesel, Gasoline, CNG/LNG), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.
In 2019, the global market size of mining equipment is estimated at more than USD 130 billion and is expected to record a CAGR of 11.7 percent over the forecast period. Growing worldwide drilling and exploration operations are expected to fuel the industry in the years to come. Increased technology implementation in the sector of automation has resulted in increased use of intelligent and linked alternatives. This, in fact, has given market players with important possibilities to upgrade current products.
The industry has also experienced data analytics being adopted to assist enhance procedures and decrease operating costs and losses. Big data analytics is used to promote intelligent cooperation, worker safety and security, and faster procurement of materials at most phases engaged in mining procedures. Data analytics has developed as a technological advantage to identify any gear failure during the mining procedure since the activities concerned are complex.
This not only increases the general reliability of the device, but also improves on-site effectiveness in company operations. It is projected that rising supply for base metals like silver, gold, platinum, and copper will add to development in income. However, favourable public strategies, development in mining-related end-use sectors, and changes in commodity rates can influence supply for metal excavation instruments.
Increased supply for metals has encouraged the implementation of removal machinery in the Asia Pacific and Latin American areas. In addition, owing to negative environmental impacts of excavating operations, suppliers of machinery are presenting energy-efficient devices with reduced concentrations of diesel consumption. Manufacturers install combustion catalysts such as FuelSpec, with the goal of reducing emissions and energy consumption during the phase of processing. This will also lead in the years to lead to the development of the industry for mining equipment.
Due to substantial government expenditure in sophisticated technology for subterranean quarrying activities, the underground mining equipment section recorded a significant income proportion in 2017. For example, in 2016, Eastern Coal Fields (ECL) in India spent USD 88.6 million in modernizing the infrastructure at the Jhanjra underground mine and introducing a Low Height Continuous Miner (LHCM) at the location.
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