MINING EQUIPMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Mining Equipment Market Drivers:

Growing demand for underground mining equipment to propel the market growth

Ore deposits are obtained from below the surface of the earth. The debris that is removed for uncovering required ore is difficult to do so through surface mining. Thus, underground techniques are utilized for such scenarios. There are various types of breakers and drills used in underground mining. Thus, several market players are focusing on development of novel breakers and drill applications in underground mining. For instance, in January 2019, Boart Longyear introduced DruftMaster series of drill bits intended for drifting and tunneling applications in the mining industry. Thus, these factors are expected to propel growth of the global mining equipment market over the forecast period.

Increase in consumption of natural resources in electronics industry to augment the market pace

The sales of mining equipment are increasing due to growing consumption of natural resources. The demand for these resources such as bauxite, iron ore, and titanium is growing all over the world. Moreover, Due to rising natural resources demand in emerging countries in Asia Pacific, such as China and India is creating demand for advanced mining equipment. For instance, according to the Coherent Market Insights, the mining equipment market in China is witnessing increased sales every year due to growing mining activities for silver, copper, titanium, iron, which are utilized in manufacturing of electronic equipment. Thus, the global mining equipment market is likely to witness strong growth in the coming future.

Global Mining Equipment Market Opportunities:

Growing demand for technologically developed mining equipment is expected to create lucrative environment for growth opportunities in the global mining equipment market during the forecast period. With technological development, high quality products, market players are provided with a great opportunity for strengthening their market presence. With novel advancements, the mining processes will become automized and easier needing lesser time. Moreover, use of advanced technologies such as artificial intelligence facilitate efficient and sale hole digging with drills. Thus, the demand advanced technology is increasing in mining equipment, which is creating various growth opportunities in the market.

Furthermore, market players are adopting autonomous and digitized systems for sustainable mining, which is also expected to provide them with multiple growth opportunities in the global mining equipment market during the forecast period. Major players such as Combitech, LKAB, ABB, AB Volvo, and Epiroc in collaboration are starting a project in the ore mine of northern Sweden. This project comprises control systems, efficient management systems, and improved mining equipment that can cater the future needs for sustainable mining industry. Thus, these factors are likely to support the market growth in the coming future.

Global Mining Equipment Market Restraints:

Stringent regulations by governments to impede the market growth

Laws and regulations by various governments around the world impact metal and mining industries significantly. Due to such regulations, the market faces issues such as delay in mining permit by government authorities, which further slows down the mining process of new projects. Moreover, tariffs and government regulations are becoming strict with respect to the mining industry. The growing awareness regarding environmental impact of mining is leading to implementation several regulations and rules on players in the mining industry. Thus, these factors are expected to hinder growth of the global mining equipment market over the forecast period.

Incompetent infrastructure for crushing and screening industry to hinder the market growth

Crushing & screening industry face various challenges, among which inadequate industrial infrastructure is a major challenge. This is associated with poor infrastructure facilities such as good roads, constant power supply, water supply, rail & airport links, housing, sanitation needs, and industrial training requirements. For instance, in emerging countries such as India, the lack of infrastructure to support these activities is significant. Moreover, there are various other issues linked to inappropriate shortage of power and roads that create challenges for the crushing & screening industry. Thus, these factors are expected to impact the demand for mining equipment in the coming future, which is likely to hinder the market growth. However, the technological advancements in these regions will support growth of the market in the near future.