MINExpo: Showcase for a $156-billion industry
According to a recent report published by Allied Market Research, titled, “World Mining Equipment Market,” the global mining equipment market is expected to garner $156 billion by 2022, growing at a rate of 7.9% during 2016-2022. Asia-Pacific accounted for thehighest revenue of over $50 billion in 2015.
The market growth is likely to be driven by increasing demand for coal in electricity generating applications, increasing demand for technologically advanced mining equipment, and rising construction of roads and railways through hilly areas.
The metal mining segment occupied a major share of around 39%, followed by mineral mining in 2015. The metal mining segment is anticipated to witness the fastest rate of 10.3% during the forecast period, owing to increasing demand of base metals such as copper, nickel, lead, zinc and others. Moreover, coal mining is anticipated to witness impressive growth in developing economies such as China and India in the coming years.
The segmentations by type includes mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing and screening equipment, and other mining equipment.
Surface mining equipment accounted for the maximum market share of around 31% in 2015, as it is extensively being used in application areas such as coal mining. From a growth perspective, mining drills and breakers are projected to be the fastest growing segment due to increasing application in metal mining.
Key findings of the study
- Asia-Pacific would continue to be the dominant market for mining equipment throughout the; forecast period.
- Metal mining application segment is forecast to witness growth during 2016-2020.
- Surface mining equipment accounted for the largest share of the overall market in 2015.
- Mining drills and breakers segment is expected to exhibit fastest growth during the forecast period.
- Product launch and acquisition are the key growth strategies adopted by the leading market players to strengthen their foothold in the market. Key companies profiled include Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global Inc., HitachiConstruction Machinery Co. Ltd., Atlas Copco, AB Volvo, Doosan Heavy Industries & Construction, Metso, and Liebherr Group.
Read the full study at www.alliedmarketresearch.com/mining-equipment-market.