Global mining equipment sector to hit $100 billion by 2024

Rising demand for automated machinery will see the mining equipment market grow to nearly US$100 million within six years, according to a new report by Global Market Insights.

The research body said that the mining equipment market will have a compound annual growth rate (CAGR) of above 6%, resulting in the industry’s value reaching $95 billion by 2024.

“Rising health and safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market,” said Global Market Insights.

“The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilised in the processing of industrial products are growing at a rapid pace.”

New developments in the precious metals mining industry, such as plasma technology in underground equipment for yielding gold, silver and platinum from complex ores, are expected to revolutionise the market, concluded the report.