Anticipated increase for equipment costs

The prices of mining equipment and machinery are expected to witness a steady rise soon as the mining industry is increasingly adopting smart technology.

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Iamge credit: Pixabay

According to business consultancy firm Grand View, companies operating in the mining equipment market are figuring out ways to thrive in an industry prone to witnessing steep rises and falls. ‘It is vital for the companies to capitalise on new business opportunities with the help of advanced technology and unconventional business plans,’ the firm states.

The advent of automation and smart technology is anticipated to present them with the opportunities to expand their business on global scale. Rise in exploration capabilities with the use of advanced technologies like 3-D mapping, X-ray diffraction, sensor-based sorting, internet of things (IoT), and underground mobile miners, among others, may widen the scope of business for companies.

According to Grand View, the global mining equipment market is expected to witness steady growth over the next four to five years. A surge in mining activities and adoption of advanced technologies are anticipated to propel market expansion through 2025.

Adoption of wearable technology, drones, automated vehicles and robotics can create growth opportunities for market players.

Some of the top companies operating in the market, including Sandvik, Atlas Copco and Caterpillar, are adopting strategies like collaborations and mergers and acquisitions to rediscover growth opportunities in the market.

Rising demand for natural resources is anticipated to present the mining equipment market with growth opportunities across Middle East, Africa and Latin America.

Asia Pacific, on the other hand, is projected to emerge as the dominating regional market for mining machinery. The region is projected to hold the majority of the market share due to robust economic growth in India, Australia and China.

Government efforts for consolidation of mining business can further propel this regional growth in near future. Use of coal in electricity production is expected to impel the demand for coal exploration equipment. This factor is anticipated to positively influence the prices of coal in the US and drive the regional market for mining equipment.


 

 

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