World mining equipment market to reach $156 billion by 2022

World mining equipment market to reach $156 billion by 2022

A new report published by Allied Market Research shows that the global mining market is anticipated to reach US$156 billion by 2022, growing at a CAGR of 7.9% during 2016 through 2022.

The study, titled “World Mining Equipment Market – Opportunities and Forecasts, 2015 – 2022” said the Asia-Pacific region had the highest revenue of over $50 billion in 2015, followed by Latin America, the Middle East and Africa (LAMEA).

The market growth is likely to be driven by increasing demand for coal in electricity generating applications, growing demand for technology advanced mining equipment and rising construction of railways and roads through hilly areas, according to the analysts.

The metal mining segment occupied a large share of 39%, followed by mineral mining in 2015.

The metal mining segment is expected to see the fastest compound annual growth rate (CAGR) of 10.3% during the forecast period, owing to increasing demand of copper, nickel, lead, zinc and others. Coal mining is expected to see substantial growth in developing economies such as India and China in the next couple of years.

The segmentations by type include mineral processing equipment, surface mining equipment, mining drills and breakers, crushing, pulverising & screening equipment, underground mining equipment, and other mining equipment. Mining drills and breakers is anticipated to be the fastest growing segment from a growth perspective due to increasing application in metal mining.

In 2015, LAMEA was the second biggest market followed by North America. Asia-Pacific will continue to lead the overall market due to increasing demand from China, India, Indonesia and others.