Research report forecasts exceptional growth to Mining Equipment market

SPOKANE (Scrap Monster): The latest research report published by Hexa Research predicts significant growth to global mining equipment market over the next four years. Mining activities are likely to gain significant momentum during this period on the back of rising demand for metals, minerals, ores etc. The boost in mining activities worldwide is expected to take the mining equipment market to new heights by 2020, the report says.

According to Hexa Research, Asia Pacific region, which emerged as the top market in 2013, will report fastest growth over the forecast period. Australia, India and China are likely to witness significant jump in mining activities. The region is likely to report increased mining activities and mine production. Increased demand for natural resources will result in China dominating the new mining equipment market.

The proposed series of ore extraction projects in other countries such as Russia, Brazil and Africa are also likely to contribute to the projected growth of global mining equipment market. Harsh working conditions including hard soil and rocky conditions coupled with water shortage will boost the demand for drilling and extraction devices. Meantime, restrictions on coal and mineral mining will result in stagnant growth of mining equipment market in Europe and North America.

On the other hand, the safety risks associated with the use of heavy mining equipment is expected to limit the growth of mining equipment market over the period of next eight years until 2024. The key risks include mishandling of mining equipment such as loaders, crushers, earth movers and drillers. Adequate training must be provided to equipment operators so as to avoid risks, the report noted. Also, mining activities also lead to environmental risks including soil erosion, land sliding and emission of toxic chemicals.

The diversity of mining activity will lead to increased demand of certain types of mining equipment in certain specific geographical regions. For instance, Asia will see rising demand for iron ore and coal mining equipment, whereas gold mining equipment is likely to see increased demand from African region. Uranium-rich Australian mines would result in increased demand for equipment of that category.

Mining equipment are broadly classified into various categories based on their mode of operation. The major categories include surface mining equipment, under mining equipment, mineral processing equipment, screening and pulverizing equipment. Out of these, surface mining equipment such as bulldozers, front-end loaders, service trucks, bulk trucks, maintenance equipment and rear-dump trucks reported largest demand in 2013. According to Hexa Research, surface mining equipment is expected to remain as the market leader during the forecast period. Key players in the surface mining equipment market include Komatsu Limited, Caterpillar Inc.,Sandvik AB, Atlas Copco AB, and Hitachi Construction Machinery. 

The Hexa Research report also predicts that huge investments in research and development activities will deliver new technologies in the design and construction of mining equipment.

About Hexa Research

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. Headquartered in Felton, California, it offers comprehensive business intelligence in the form of industry reports.