Surface Mining Equipment Market size worth $28.9 Billion by 2022: Global Market Insights, Inc.
Surface Mining Equipment Market size is likely to be valued at USD 28.97 Billion by 2022; as per a new research report by Global Market Insights, Inc. Flourishing demand for metallic ore as well as non-metallic ore is expected to drive industry growth over the forecast period. Proliferating mining activities coupled with rising need for technically sophisticated solutions from developing nations is anticipated to fuel demand.
Browse In-depth Research Report on Global Surface Mining Equipment Market with detailed charts and figures: https://www.gminsights.com/industry-analysis/surface-mining-equipment-market
Advent of technology aids in performing work faster and with great ease and precision. In addition, technological developments also facilitate in producing stable surface and embankments as well as selective mining for producing high quality material. Features such as less damaging vibrations and low noise offered by this equipment allow mining activities in residential premises. In addition, surface mining equipment market helps in decreasing cost involved in processing owing to its ability to produce small grains.
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Multiple functions performed by this equipment reduce the need of buying supplementary machine for crushing purpose. The ability of these machines of dumping the material directly into the dumper trucks via conveyor belt is likely to eliminate the need of excavators as well as wheel loaders. Furthermore, it also helps in reducing manpower needs. Usage of these machines offers high accuracy while cutting stable as well as steep surface. It also enables in efficiently planning and coordination in conjunction with enhanced maintenance & operation throughout the process.
Limited economic depth and high visibility issues are estimated to pose as challenge to the surface mining equipment market. Ascending demand for coal, iron ore, chromium as well as diamond are anticipated to present potential opportunities to the industry participants.
Key insights from the report include:
- North America surface mining equipment market size was valued at USD 6 Billion in 2014. It is expected to lose its market share due to strict regulatory norms on coal extraction and coal driven power plants. Asia Pacific is anticipated witness significant growth owing to intensifying demand for metals and coal in the region. The regional industry is expected to grow at a CAGR of 4.2% from 2015 to 2022.
- Open pit mining equipment market share held 31.5% of the overall industry in 2014. It is forecast to be valued at USD 9.31 Billion by 2022 due to rising significance of Palabora copper ore, Sishen iron-ore as well as diamond ore in the industry. Strip mining was valued at USD 10.07 Billion in 2014 and it is expected to reach USD 12.53 Billion by 2022.
- Metallic ore accounted for over 45% of the global industry share in 2014; it is estimated to grow at a CAGR of 3.4% from 2015 to 2022. This can be attributed to growing demand for copper, gold, zinc and silver. Non-metallic ore is likely to grow at a CAGR of over 3.5% from 2015 to 2022 owing to growing application of phosphate, lime and salts.
- Key industry players capturing significant surface mining equipment market share are Atlas Copco, BHP Billiton, Caterpillar, and Sandvik.