As per research report by Global Market Insights Inc., the surface mining equipment market is expected to increase by USD $28 million by the year 2022 due to the ever-increasing demand of metallic ore and mineral supplies within the industry. This marks a significant growth of CAGR% of 3.6% from the year 2015. Increase in the population over a period has pushed the demand of minerals to progress on the agriculture output resulting in the market growth in the recent years.
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Various fragmentations within the surface mining market can be categorized as strip mining, open-pit mining, highwall mining, mountaintop removal, dredging and coal mining. As per the technical analysis, the coal mining sector has witnessed growth, as less manual labor is required producing utmost coal generation. The strip mining sector has the probability to grow USD $12 billion in coming few years which is an approximate increase of CAGR 3.5%. The mineral analysis states that the metallic ore industry will witness an increase in the demand of gold, silver, zinc and copper. The market has already demonstrated an increase in the market share of 46% and is expected to mark a figure of USD $13 billion in the near future. Non-metallic ore industry will grown by 30% with the boom in demand of salts and phosphate which would value at USD $9 billion during the expected time frame. Hi-tech equipment innovations and adding requirement for minerals and gas, the industry is certainly growing, resulting in increase of discoveries and investments in the market.
Currently leading players in the market are top giants like Hitachi, Atlas Copco, Komatsu, Sandvik and Caterpillar. The competitive surface mining equipment market share is held by top-notch market players like Goldcorp, Rio Tinto, Vale S.A, and BHP Billiton. Swedish company Sandvik has signed an agreement with China-based Linglong Jinan Heavy Machinery for the production and sale of underground and surface mining equipment.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.