Mining Equipment Market is Anticipated to Generate Huge Revenue by 2024
Category: #business  By Rahul Varpe  Date: 2020-10-15
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Mining Equipment Market is Anticipated to Generate Huge Revenue by 2024

The collaborative approach of mining companies and regulatory bodies to accelerate the number of mining activities will have a significant influence on the mining equipment industry growth. With the deployment of ambitious product development programs, global mining equipment industry is likely to traverse alongside a positive growth path. Driven by the growing investments in the mining and metal exploration activities, mining equipment market size will surpass USD 95 billion by the end of 2024.

Recently, the International Council on Mining and Metals revealed a plan to make mining vehicles safer and cleaner at the International Mining and Resources Conference held in Melbourne. At the conference, numerous renowned truck and mining equipment suppliers came together to accelerate the invention of next-gen mining equipment. In addition, the Innovation for Cleaner Safer Vehicles (ICSV) is also planning to launch GHG emission-free surface mining vehicles by the end of 2040. The increasing concerns about the depleting fossil fuel resources along with growing importance of emission-free vehicles are thus poised to observe a positive impact on the mining equipment market share.

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Over the last few years, in order to deal with the increasing number of mining activities, most of the countries have been planning to procure advanced mining equipment. The initiatives taken by the regulatory bodies have opened up new business opportunities for mining equipment market players. Validating the aforementioned fact, in July 2018, Coal India Ltd has unveiled its plan to procure mining equipment of worth USD 2 billion over the coming three years. With the procurement of numerous mining equipment, it is looking forward to meeting the growing demand for coal in India. Coal India has also set an aim to produce 630 million tons of coal in 2018-19 and one billion tones in the coming years.

The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging need to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.

Similar to Coal India, the Zimbabwe Consolidated Diamond Company also has invested USD 100 million in the design and installation of complementary mining equipment. With the deployment of advanced equipment, the Zimbabwean diamond company aims to produce the best quality diamonds across the globe. In order to increase FDIs and contribute to strengthen the country’s economy, most of the diamond-producing companies have been investing heavily in the mining sector. The surging participation of the regional governments in the development of the mining industry for the betterment of economy will have a positive influence on mining equipment market size from metal mining applications.

Aided by years of intense experience in the development of electric machinery, Hitachi is aiming to decrease life cycle costs of equipment and the burden they pose on the environment. The shifting focus of equipment manufacturers toward the development of highly innovative and fuel-efficient products is likely to proliferate the mining equipment market size over the years ahead.

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Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.

In line with the ambitious clean vehicle development programs, in October 2018, Hitachi Construction Machinery signed an agreement with KTEG Kiesel Technologie Entwicklung GmbH to develop electric construction machinery. With this strategic agreement, it also looking forward to expanding its business across European countries owing to the deployment of strict regulatory norms for curbing GHG emission across Europe. KTEG will help Hitachi to commercialize electric construction equipment in the Europe mining equipment market.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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