Global Mining Equipment Market: An Overview
According to the World Bank, our world’s global GDP in 2017 stood at $80 trillion in nominal terms. A global economy of this enormous size cannot function without mining activities. Human life requires mining in every step of the way owing to nearly every product and commodity made out of minerals. An elementary example comes from the official website of US Mineral Information Institute which states that nearly 130 million cell phones retired in the US annually contributing almost 2,100 metric tons of copper, 46 metric tons of silver, 3.9 metric tons of gold, 2 metric tons of palladium, and 0.04 metric tons of platinum as its residues. Factual data of similar enormity is a clear indication of the importance of mining in human life, and how important it is in the development of every single product we use.
Mining equipment market place plays a crucial role in the minerals industry as it enables miners to work with an accentuated efficiency inside the mine tunnels by reducing maneuverability. Proper mining equipment eases the process and makes mineral extraction simpler. Through the usage of reliable mining equipment, costs are minimized tremendously, and workers are able to work expeditiously. There is increased safety as well which results in minimal fatality inside the tunnels. In 2018, the United States of America through the employment of proper mining equipment witnessed only 8 deaths, as compared to 53 recorded in 2008.
According to experts at IndustryARC, mining equipment industry is poised to grow at a standard CAGR of 5% during the forecast period of 2019-2025. The analyst also estimated the market size to be between $100 billion to $105 billion in 2018. The report is titled “Mining Equipment Market: By Method, By Product, By Type, By Geography – Forecast (2019-2025).”
Global Mining Equipment Market: Key Drivers and Disruptive Trends
The global scenario of the mining equipment market has never been more compelling. In a world that is constantly increasing in population and consistently advancing in technology, an affliction to products has become a normal human tendency. Products require incessant extraction of minerals from our earth thus making mining equipment market one of the most important industries.
Global Mineral Requirement
In 2016, according to the World Mining Congress, all the countries in the world collectively mined 16.9 billion metric tons of minerals. Around 40 mining companies collectively earned $500 billion market revenue in the same year. According to the analyst, the Asia Pacific region leads the mining equipment market. This should not come as a surprise since China, and India is the topmost countries in the world for mining. India, for example, produces 95 minerals which include 4 fuel-related minerals, 10 metallic minerals, 23 non-metallic minerals, 3 atomic minerals, and 55 minor minerals. Human life is completely dependent on minerals. A cellphone is composed of 75 different elements occurring in the periodic table, and a computer is made up of around 60 minerals. All these factors point towards the imperativeness of the mining equipment market, and how much it can help sustain human life’s technical needs.
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Mining Equipment Market Trends
Mining equipment market will experience several disrupting trends in 2019. Some of those are:-
Mining equipment will see the inclusion of automation where we will see autonomous driverless vehicles and machinery being employed inside the tunnels. Miners will not have to manually deal with shovels and draglines. The adoption rates have been rather slow, but the industry expects a boost in the next two to three years.
In order to reduce diesel usage in the equipment, companies are now using machinery that either runs electrically or on gas. This helps mining equipment last longer, making the market more reliable.
Mining equipment market will see an unending growth because of the increasing demand for mineral utilization in technical products. Many countries have economic reliance on the mining industry and employ a majority of their workforce in the market. Growth in the mining equipment market will make their lives simpler, and help them in generating more market revenue.