World mining equipment market to reach US$156 billion

According to World Mining Equipment Market – Opportunities and Forecasts, 2015 - 2022, a new report published by Allied Market Research, the global mining equipment market is expected to garner US$156 billion by 2022, growing at a CAGR of 7.9% during 2016 - 2022. Asia-Pacific accounted for the highest revenue of over US$50 billion in 2015, followed by LAMEA. The report argues that growth will be driven by increasing demand for coal in electricity generating applications and increasing demand for technologically advanced mining equipment.

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

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

Surface mining equipment accounted for a 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.

Edited from press release by Angharad Lock

Read the article online at: https://www.worldcoal.com/mining/05072016/world-mining-equipment-market-to-reach-us-156-billion-1064/