According to ‘Globe Newswire’, “The future of the global mining equipment industry looks good with opportunities in the surface and underground mining segment. The global mining equipment industry is expected to reach an estimated $80.8 billion by 2021, and it is forecast to grow at a CAGR of 2.3% from 2016 to 2021.” The report also says this growth can be attributed to development of higher technologies that can mine more efficiently as well as a growing demand for manufactured goods requiring metal and coal.
The Asian Pacific region is expected to remain the largest market for metal and coal exploration, due to rising metal consumption and infrastructure development. Asian Pacific countries are also expected to witness significant growth due to higher domestic demand for steel and coal and with the presence of large mineral reserves and favorable mining regulations.
Other “Emerging trends which have a direct impact on the dynamics of the industry include the development of underground automation systems, the introduction of automatic power crushers and multi-functional excavators, the use of hybrid electric motors, rail-veyor technology for bulk material haulage solutions… Some companies are also pursuing mergers and acquisitions as strategic initiatives for driving growth.”
Source: (Globe Newswire)