PMV Middle East
MINING EQUIPMENT MARKET SET FOR GROWTH
The global Mining Equipment Market is valued at $147.5bn in 2021 and is projected to reach a value of $272.9bn by 2028 at a CAGR of 10.8% over the forecast period 2022-2028.
The Mining Equipment Market is one of the most important sectors in the global economy, and it is expected to grow steadily in the coming years.
However, the sector is prone to volatility, and there are a number of factors that could impact its growth or decline.
According to Vantage Market Research, growth in the Mining Equipment Market will be driven by continued demand for higher production rates in mineral resources exploration and development (E&D) activities, increases in coal and other mine production, and growing demand from construction markets. The market will experience significant consolidation over the next seven years as larger players acquire smaller rivals or exit the market completely.
Vantage forecasts that used Mining Equipment Market sales will account for more than 30% of total sales by 2028.
This is due to a decline in new Mining Equipment Market purchases by miners as they focus on improving efficiency and reducing costs. Additionally, miners are replacing aging assets with newer models that feature improved performance.
The Chinese economy is continuing to grow rapidly, and this is leading to increased demands for commodities such as metals and minerals from countries around the world, including many in the Asia Pacific.