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US$ 28 Billion：How much can surface mining market reach by 2022?
Surface mining equipment market size is projected to exceed USD 28 billion by 2022, growing at a CAGR of 3.6% from 2015 to 2022. Escalating demand for metal and mineral commodities is anticipated to drive the industry growth. Increasing mining activities and growing demand for technically advanced solutions mainly in developing countries is estimated to fuel the industry over the forecast period. It aids in cost optimization owing to its capability of crushing, cutting and loading in a single working pass.
Open pit surface mining equipment market size accounted for over 30% of the overall industry share in 2014 and is estimated to grow at a CAGR of over 3.7% and reach over USD 9 billion by 2022. This type of mining is mainly used for excavating diamond ore, palabora copper ore and sishen iron-ore.
Technology innovation offers precision and helps in time saving by enabling the work process faster and easier. Factors such as health and safety issues coupled with lack of skill technicians might hinder surface mining equipment market size growth. Therefore, how much can surface mining market reach US$ 28 billion by 2022?
Four quick factor analysis will give you an answer.
1、Technique Analysis
Mountain top removal mining equipment market size was valued at over USD 5.5 billion in 2014. The surge in the sector is mainly because it requires less number of workers and it assures maximum coal recovery as compared to the other conventional methods. Strip mining is anticipated to grow at a CAGR of 3.5% from 2015 to 2022 and it is likely to exceed USD 12 billion by 2022.
2、Mineral Extracted Analysis
Metallic ore accumulated around 46% of the overall surface mining equipment market share in 2014. It is likely to reach USD 13 billion by 2022 due to rising demand for metals such as gold, zinc, silver and copper etc. Non-metallic ore is forecast to account for more than 30% of the overall industry share by 2022 and would be valued at over USD 9 billion by 2022. The hike in demand can be addressed to flourishing use of salts, lime and phosphate.
3、Regional Analysis
North America, including U.S. surface mining equipment market size, is anticipated to be driven by the presence of the Appalachian region as it contains more than 50 billion tons of coal reserves. It accounted for over 25% of the overall industry share in 2014 and is likely to be valued over USD 7 billion by 2022.
Asia Pacific surface mining equipment industryis expected to be the fastest growing region, valued over USD 8 billion in 2014, with forecast over USD 11 billion by 2022. China surface mining equipment market size is likely to witness significant growth due to rapid growing demand for metal as well as coal in mining industry.
4、Competitive Market share
Key industry players holding major surface mining equipment market share are BHP Billiton, Vale S.A and Rio Tinto. Other industry participants include Anglo American, Freeport-McMoran, Barrick Gold, Teck, and Goldcorp.
