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Mining Equipment Market – Opportunities & Forecast www.miningequipmentsales.com
Mining Equipment report predicts industry to rise Across the world mining equipment is used for a range of purposes including extraction of geological materials such as copper, nickel, cobalt, gold, silver lead, zinc, iron, diamond, platinum and others. The global mining equipment market is expected to reach $165,827 million by 2027 from $121,694 million in 2019, according to the latest Mining Equipment Market Outlook report.
Just this month a privately owned exploration company announced they struck a multi-billion tonne gold-rich mineral system in Cloncurry, North Queensland. Gold-rich mineral system found in North Queensland The company used drilling equipment to find the mineral which is said to be capable of producing high-grade gold and metals such as tungsten, cobalt and heavy earth elements used in batteries and mobile phones.
Equipment demand on the rise • The new report states that the mining equipment market is on the rise due to increase in mining activities such as the exploration in Cloncurry. • This combined with the growth in consumption of natural resources, such as coal, diamond, and uranium, and rise in need for mineral fertilizers to improve agricultural yield are major factors expected to increase demand for the global mining equipment. • However, stringent government regulations such as environmental concerns, safety standards, emission norms, and import regulations are expected to hinder growth of the market. • Increase in use of coal for heating & electricity generation and rise in construction of roads & railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India and China.
The impact of COVID-19 • The COVID-19 pandemic has forced the shut down of various types of mining equipment production in the US, China, India, Latin America and Japan. • While this hampered growth temporarily in 2020, the long-term outlook remains positive, the report says. • The report title, Mining Equipment Market Analysis by Type (Mineral Processing Equipment; Surface Mining Equipment; Underground Mining Equipment; Mining Drills & Breakers; Crushing, Pulverizing, & Screening Equipment; and Others) and Application (Metal Mining, Mineral Mining, and Coal Mining): Global Opportunity Analysis and Industry Forecast, 2020–2027, can be purchased here.
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