Albany, NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) report, titled, "Mining Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018" provides an all-encompassing view of the global mining equipment market. According to this report, the global mining equipment market will grow at a moderate CAGR of 8.6% during the forecast period between 2012 and 2018. In 2012, the global mining equipment market was worth US$71.5 billion and is anticipated to be worth US$117.0 billion by 2018.The growing number of mining activities worldwide will drive the global mining equipment market. Furthermore, the accelerating demand for mineral and metal commodities will fuel the global mining equipment market. Other factors such as growing consumption of fertilizer minerals, elevated demand for technologically advanced solutions, and growing demand for commodities will further fuel the global mining equipment market. On the contrary, factors such as the increasing safety and environment concerns along with the differences in import duties and tariff restrictions will suppress the market growth.
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According to equipment type, the global mining equipment market is segmented into six sub-sectors. These are mineral processing machinery, mining drills and breakers, pulverizing, crushing, and screening equipment, surface mining equipment, underground mining machinery, and other mining equipment. The segment of mining drills and breakers is developing at a rapid pace across the globe. Owing to the accelerating demand from developing nations, the mining equipment market will demonstrate high growth rate in these nations, as mining drills and breakers are imperative equipment for most operations.The segment underground mining currently holds the second largest share in the global mining equipment market. Furthermore, the surface mining equipment segment held substantial 37% share in the overall mining equipment market. Application-wise, the three main sectors of the global mining equipment market are mineral mining, coal mining, and metal mining.
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Geographically, the global mining equipment market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2012, Asia Pacific led the market with over 60% of the global mining equipment market share. Many large iron ore projects are being planned for nations such as Africa, Brazil, Russia, Australia, and others. This will further stimulate the growth of the global mining equipment market. At present Latin America and Asia Pacific are the leading regions in the global mining equipment market on the basis of coal mining, oil refineries, and other underground mining activities. Propelled by the growing mining production and other related sales in China, India, and Indonesia, the mining equipment market is expected to expand remarkably. China alone accounts for over 50% of the overall mining equipment market.
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The competitive landscape of the global mining equipment market is marked with increasing mergers and acquisitions. Around 1,379 deals related to M&As worth US$71 billion were announced in the first half of 2011 (source: columbia.edu). Innovation is the prime focus of the leading players in the market. Several R&D projects are currently being carried out in the global mining equipment market. The key players in the global mining equipment market are Caterpillar Inc., Sandvik AB, Hitachi Construction Machinery, Altas Copco Ab, Komatsu Limited, and Joy Global Inc.
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