Surface mining equipment market size is projected to exceed USD 28 billion by 2022, growing at a CAGR of 3.5% from 2015 to 2022.
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- As per research report by Global Market Insights Inc., the surface mining equipment market is expected to increase by USD $28 million by the year 2022 due to the ever-increasing demand of metallic ore and mineral supplies within the industry. This marks a significant growth of CAGR% of 3.6% from the year 2015. Increase in the population over a period has pushed the demand of minerals to progress on the agriculture output resulting in the market growth in the recent years.
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Various fragmentations within the surface mining market can be categorized as strip mining, open-pit mining, highwall mining, mountaintop removal, dredging and coal mining. As per the technical analysis, the coal mining sector has witnessed growth, as less manual labor is required producing utmost coal generation. The strip mining sector has the probability to grow USD $12 billion in coming few years which is an approximate increase of CAGR 3.5%. The mineral analysis states that the metallic ore industry will witness an increase in the demand of gold, silver, zinc and copper. The market has already demonstrated an increase in the market share of 46% and is expected to mark a figure of USD $13 billion in the near future. Non-metallic ore industry will grown by 30% with the boom in demand of salts and phosphate which would value at USD $9 billion during the expected time frame. Hi-tech equipment innovations and adding requirement for minerals and gas, the industry is certainly growing, resulting in increase of discoveries and investments in the market.
Along with enabling precision, technology innovation also facilitates surface stability and embankment and selective mining options for high quality extraction. Vibration and noise reduction offered by these equipments allow mining process to be somewhat less hazardous. Also, surface mining equipment market has potential to reduce processing costs and improve profit margins for industry participants.
The Asia Pacific surface mining industry is likely to grow with the increasing demand in the countries like China and India. This regional market is at valued up to USD $8 billion currently and might reach the market valued up to USD $11 billion by 2022, mainly China regional market growing significantly with the demand of metallic ore and coal in the mining industry. With the rigid government regulations in the United States and Europe, these countries are expected to lose some market share in the coming years as per the industry forecast. The limitations on import duties and taxes are likely to affect the market pessimistically due to the security apprehensions.
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Key insights from the report include:
-U.S. surface mining equipment market size in terms of revenue was close to USD 6 billion in 2014. High reguloatory intervention could see adeclining trend in revenur growth for coal extraction driven power plants. Asia Pacific, particluarly India and China should witness strong demand, driven by high domestic mineral consumption. Growth expactations for the region are over 4% up to 2022.
- Open pit mining equipment market share accounted for more than 31% of global industry revenue, with USD 9.31 forecast for 2022. Sishen iron-ore, Palabora copper ore along with daimonds, which are swiftly gaining importance could be critical for market evolution. Strip mining equipment industry was calculated to be over USD 10 billion in revenue, with acticipation of USD 12.53 billion by 2022.
- In 2014, the global industry witnessed metallic aores take up over 45% of demand; along with growth expectation of 3.4% CAGR up to 2022. Strong global ques for gold, silver, copper, and zinc should drive the metallic ore segment. Non-metallic ore business is forecast to gain at more than 3.5% over the forecast period.
- Major industry players with notable surface mining equipment market share include BHP Billiton, Atlas Copco, Sandvik and Caterpillar.
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