Global mining equipment market to reach $156 billion by 2022 — report

The global mining equipment market is expected to garner $156 billion by 2022, increasing at a compound annual growth rate (CAGR) of 7.9% during 2016 – 2022, a new report published by Allied Market ...

The global mining equipment market is expected to garner $156 billion by 2022, increasing at a compound annual growth rate (CAGR) of 7.9% during 2016 – 2022, a new report published by Allied Market Research shows.

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

The metal mining segment is anticipated to witness the fastest growth (10.3%) during 2016 – 2022, on increasing demand of base metals.

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

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

The metal mining segment is anticipated to witness the fastest CAGR of 10.3% during the forecast period, owing to increasing demand of base metals such as copper, nickel, lead, zinc and others.

Moreover, coal mining is anticipated to witness impressive growth in developing economies such as China and India in the coming years.

The segmentations by type include mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing & screening equipment, and other mining equipment.

Surface mining equipment accounted for the maximum market share of around 31% in 2015, as they are extensively being used in application areas such as coal mining.

From a growth perspective, mining drills and breakers is projected to be the fastest growing segment due to increasing application in metal mining.

The global mining equipment market is expected to garner $156 billion by 2022, increasing at a compound annual growth rate (CAGR) of 7.9% during 2016 – 2022, a new report published by Allied Market Research shows.

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

The metal mining segment is anticipated to witness the fastest growth (10.3%) during 2016 – 2022, on increasing demand of base metals.

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

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

The metal mining segment is anticipated to witness the fastest CAGR of 10.3% during the forecast period, owing to increasing demand of base metals such as copper, nickel, lead, zinc and others.

Moreover, coal mining is anticipated to witness impressive growth in developing economies such as China and India in the coming years.

The segmentations by type include mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing & screening equipment, and other mining equipment.