Mining Equipment Market Will Near $100 Billion By 2024: Global Market Insights
(Kitco News) - The size of the mining equipment market is set to grow in the next six years, nearly hitting $100 billion by 2024 on rising demand for automated machinery, according to Global Market Insights.
“Mining Equipment Market size will see 6%+ CAGR [compound annual growth rate] of shipments to hit US$95 billion by 2024,” a new report published by Global Market Insights said.
The main driver behind the estimated expansion is the increasing demand for more modern and innovative mining equipment that could improve working conditions in the mine, the research stated.
“Rising health and safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market. Several countries including the U.S., Germany, and France are developing machine safety regulations for the safety of the industrial laborers,” Global Market Insights said.
Mining equipment that can be operated remotely during the mineral extraction process is the goal for mines trying to enter the digital age.
“Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology,” the global market research firm said.
These new technologies would provide a much safer environment for workers and make it easier to extract metals and minerals, which are seeing a rise in industrial demand, the report added.
“The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilized in the processing of industrial products are growing at a rapid pace,” Global Market Insights noted.
New developments in the precious metals mining industry are projected to change the game in the next six years.
“The adoption of plasma technology in underground equipment for yielding precious metals such as silver, gold, and platinum from their complex ores is expected to revolutionize the market,” the report highlighted.
Affordability of the new technology also plays a part in increased demand as companies are more willing to replace the old machinery, Global Market Insights stated.