A Growing Market for Mining Equipment
July 30, 2015
The mining equipment market is likely to grow in the next few years.
That’s according to a new study released earlier this month. The study by Grand View Research states that the global mining equipment market is expected to reach more than $95 billion in sales by 2022.
The mining industry has been dealing with an economic downturn in recent years. This has had a negative impact on the mining equipment market. Leading mining manufacturers have seen a drop in overall revenue.
Most of the revenue drop is tied to newer mining projects. Current operations are doing okay.
There are hopes the mining industry will be on the road to recovery over the next few years. Mining equipment manufacturers are expected to increase capital spending in the next year or so.
Other findings from the study:
- Metal mining is expected to be a main market, due to increased demand for precious metals like platinum, silver and gold.
- Coal mining is also expected to see growth due to growing demand for coal in electricity generation and heating.
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