Mining Equipment Market size is expected to reach USD 99.13 billion by 2024; according to a new research report by Global Market Insights, Inc.
While mining operations depend heavily on the ore location, the prominent production locations function in water shortage among other conditions. This has given rise to the need for effective solutions as well as contributed to demand for robust hardware. Increasing mechanization of construction processes coupled with strong economic growth will drive China mining equipment market size over the next few years.
The adoption of multifunction machinery, that is applicable to numerous tasks has led to increased demand due to cost saving characteristics as compared to single-function counterparts. This has also resulted in considerably lower time requirements, while enhancing productivity and overall efficiency.
Technological developments resulting in facilitation of real-time monitoring to detect and monitor failure are expected to propel mining equipment market share. The need to cope with lower ore grades and more remote locations has driven the need for automation and innovation.
Several manufacturers offer facilities such as installment loans and operating and financing leases, which offers the option to own machinery under lease. The leasing can be done on a full payout basis or by selecting a suitable leasing option, which allows returning or buying the equipment at a predetermined rate. Companies continue to make use of multiple options such as rentals, outright purchases, and leasing on varied machinery. This model in North America and Europe consists of short-term rentals of equipment to small contractors and individuals. As the industry has evolved, a greater variety of products has become available on rent. Several manufacturers engage in exclusive and non-exclusive distributorship contracts.
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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