World Mining Equipment Market to Grow at 7.9% CAGR through 2022, Predicts Industry Experts in Its New Report Available at MarketPublishers.com19 Jan 2017 • by Natalie Aster
LONDON – Driven by the prospect of growth in the production of metals like copper and iron ore along with new projects and expansions, the world’s market for mining machinery and equipment is currently following an upward trend.
Whilst the first years of the current decade saw a decline in mining equipment sales, the worldwide market still maintained steady growth, stimulated by an insatiable demand for mining materials, mineable commodities and production of primary metals coming especially from the developing regions of the APAC, Middle East, Africa and South America.
Demand for mining equipment depends on the level of mining activity in any region. Therefore, with a continuous rise in mining activities globally, the positive effect on the usage of mining equipment in the years ahead would be quite evident.
Countries in APAC, such as India, Australia and China are reporting an increase in mining activities. Furthermore, proposed iron ore extraction projects in Brazil, Russia and Africa are also predicted to propel the market for mining equipment in the APAC region.
The world’s mining equipment market stood at around USD 100 billion in the past year. The value of this market is expected to register a 7.9% CAGR in the next 6 years to go beyond USD 107.3 billion in the year 2017 and, further, USD 150 billion by the year 2022.
The surface mining machinery sector is expected to capture the largest chunk of the global mining equipment market in the years ahead. The value of this sector will likely reach USD 42 billion in the current year.
New research study “Mining Equipment – A Global Market Overview” elaborated by Industry Experts gives a detailed guide to the worldwide mining equipment market, scrutinizes the current market scenario, presents historical insights, uncovers the market performance estimates and also discusses the top development trends. It highlights the market dynamics, examines the major drivers and restraints, identifies key challenges, opportunities and prospects, touches upon regulative issues and competitive scenario. A future outlook is also at hand.
For other research studies by Industry Experts follow to this page at MarketPublishers.com.