Global Surface Mining Equipment Market 2017-2021
About Surface Mining Equipment
Surface mining is a popular method of mining and is practiced worldwide because of its advantages over underground mining. Major advantages of surface mining include: Can recover up to 100% of the mining resources within mining excavation, and Cheaper than underground mining. Surface mining uses heavy equipment, such as excavators, large hydraulic excavators, mining trucks, hydraulic mining shovels, and rotary drills, to remove the overburden. It then makes use of mining equipment, such as dragline, to extract minerals.
Technavio’s analysts forecast the global surface mining equipment market to grow at a CAGR of 3.24% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global surface mining equipment market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Surface Mining Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global surface mining equipment market: Atlas Copco, Caterpillar, Komatsu, LARSEN & TOUBRO, and Sandvik.
Other Prominent Vendors in the market are: Hitachi Construction Machinery, Vermeer, JCB, Vale, XCMG, Terex, SANY GROUP, Metso, Kobelco Construction Machinery, AB Volvo, Deere, and WIRTGEN GROUP.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is environment-friendly mining activities. Mining can be made environment-friendly by developing new strategies and practices, and integrating these practices to reduce the negative environmental impacts of mining operations. To reduce the negative environmental impacts of mining activities, it is necessary to introduce mining equipment that emits less harmful particles into water, air, and land.”
According to the report, one driver in the market is rise in demand for housing projects globally. The housing market accounts for a major share of the global construction market. Increasing economic growth, purchasing power, consumer confidence, and urban population will exponentially increase the demand for residential complexes and projects in the forecast period. This demand will further be driven by decreasing unemployment rate and interest rates on loans. Decreasing interest rates coupled with increasing income levels of the population will encourage the need for buying houses, both as a necessity and from an investment perspective.
Further, the report states that one challenge in the market is environment regulations for mining activities. Mining has several negative impacts on the environment, which necessitates the application of strict environmental regulations on mining companies. The environmental impacts of mining include loss of biodiversity, contamination of water resources, the formation of sinkholes, erosion of exposed hillsides, soil erosion, soil pollution, and others. In addition, mining affects the health of people residing near mining sites. Mining companies in many countries are forced to follow strict environmental regulations or even ban mining activities during certain periods of each year.
Atlas Copco, Caterpillar, Komatsu, LARSEN & TOUBRO, and Sandvik, Hitachi Construction Machinery, Vermeer, JCB, Vale, XCMG, Terex, SANY GROUP, Metso, Kobelco Construction Machinery, AB Volvo, Deere, WIRTGEN GROUP
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