24 Dec Mining equipment market to hit $112 billion by 2025
The mining equipment market has been estimated to be US$77.7 billion in 2018, and has been projected to reach $112.3 billion by 2025, according to a report by Research and Markets.
The stabilisation of commodity prices after the lows of 2015-16 has strenghtened the mining equipment market in recent years, and increasing demand for iron, copper, coal and graphite is expected to further boost equipment manufacturers.
Emission regulations are also likely to have a significant impact on the mining equipment market, according to the report. New regulations that aim to reduce the harmful effects of vehicular emissions are set to drive demand for new mining equipment.
Automation in the mining sector provides another significant opportunity for equipment manufacturers. Autonomous mining equipment is being adopted by some of the major players in the mining sector, and this trend is set to continue into the future.
The coal mining equipment market in Asia Oceania region is projected to grow at a CAGR of 5.98% during the forecast period, as a result of growing populations in the region and increasing domestic demand for raw materials like coal.