San Francisco, California, Aug. 3, 2015 (GLOBE NEWSWIRE) -- The Global Mining Equipment Market is expected to reach USD 95.14 billion by 2022, according to a new study by Grand View Research, Inc. The mining industry has faced an economic slowdown over the last two years due to reduced investments and weak demand from major geographies including North America & Europe which has significantly hampered the mining equipment market.
Leading manufacturers including Caterpillar, Sandvik and Atlas Copco have reported substantial drop in their revenues as a consequence of the mining industry's economic slump. The slowdown is primarily concentrated around new projects and expansion of existing projects. Current operations continue to perform well, with companies striving constantly to improve productivity.
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The mining industry is expected to start its recovery post 2017, as mining equipment manufacturers are expected to increase their capital spending, triggered by the opening of new sites particularly in the untapped regions of Africa and Latin America.
Further key findings from the study suggest:
- Surface mining equipment contributed to over 30% of the overall market revenue in 2014 and is expected to continue dominating the market over the forecast period on account of growing demand for bauxite and iron ore. Underground mining machinery inclusive of continuous machines, long wall machines, hydraulic shovels, and cable shovels, also accounted for significant market share in 2014.
- Metal mining is expected to remain the dominant application market over the forecast period on account of increased demand for precious metals including platinum, gold, and silver; the activity also requires considerable investment as a result of high degree of complexity involved and large scale of operations. Coal mining is poised for high growth due to growing demand for coal in electricity generation and heating.
- Untapped regions of Africa such as Zambia and Congo having considerable metal mines and Latin American countries such as Chile, Brazil, and Peru are expected to trigger recovery in the mining equipment industry. China is anticipated to dominate the market throughout the forecast period on account of high demand from coal and metal industries. Europe and North America are expected to lose share over the next few years, due to barriers such as government restrictions on coal fired power plants.
- Key market participants include multinational companies such as Sandvik, Atlas Copco, Caterpillar, Hitachi Construction Machinery, and Komatsu. Leading players lay emphasis on large production lines and professional manufacturing equipment resulting in high capital investments. In order to comply with stringent safety standards, market entry aspirants seek at obtaining safety qualifications for their products.
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For the purpose of this study, Grand View Research has segmented the global mining equipment market on the basis of product, application, and region:
Mining Equipment Product Outlook (Revenue, USD Million, 2012 - 2022)
- Mining drills & breakers
- Crushing, pulverizing & screening equipment
- Mineral processing machinery
- Surface mining equipment
- Underground mining machinery
Mining Equipment Application Outlook (Revenue, USD Million, 2012 - 2022)
- Metal mining
- Mineral mining
- Coal mining
Mining Equipment Regional Outlook (Revenue, USD Million 2012 - 2022)
- North America
- Asia Pacific
- Latin America
Browse to access more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research