Surface Mining Equipment Market – Drivers and Forecasts by Technavio

November 12, 2017

LONDON–(BUSINESS WIRE)–#Construction—Technavio
analysts forecast the global
surface mining equipment market to grow at a CAGR of over 3%
during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global surface mining equipment market for 2017-2021.
Surface mining equipment is used for surface mining activities, such as
strip mining, mountaintop mining, and open-pit mining.

In 2012-2015, the global surface mining equipment market witnessed a
slow growth. However, in the wake of crude oil prices stabilization in
the first quarter of 2016, the market started to witness a positive
trend. According to the World Bank, crude oil prices are expected to
return to the pre-2012 levels by 2022. This is anticipated to drive the
economy of countries in EMEA, increasing the inflow of cash into
countries that are dependent on crude oil as their major source of
income.

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global surface mining equipment market:

Rise in demand for housing projects globally
High demand for precious metals
Increase in industrial commodity prices

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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 rates and
interest rates on loans.

Likhitha Bandla, a lead construction
research analyst at Technavio, says, “The growth in population levels
coupled with the high purchasing power of individuals will increase the
requirement of building new houses. Strong economic conditions are also
expected to drive the housing industry. Stable economic conditions
attract investments in various industries from government and private
corporations. These investments in various industries create new jobs,
resulting in the decrease of unemployment rate.”

High demand for precious metals

The demand for precious metals, such as gold, platinum, and diamond, is
expected to increase over the forecast period. With the expected
stabilization in crude oil prices by 2022, the global economy is
anticipated to remain strong. This will increase the employment rate
across various countries, subsequently increasing the level of
disposable incomes. The rise in disposable incomes is anticipated to
increase the demand for gold and silver, especially among the growing
middle-class urban population.

“Precious metals, such as gold, silver, and platinum, have prime
importance in other industries because of their properties, such as low
reactivity, high corrosion resistance, and good electrical conductivity.
These precious metals have significant demand across various sectors,
such as glassware, electronics, computer hardware, medical supplies,
dentistry equipment, and others,” adds Likhitha.

Increase in industrial commodity prices

Industrial commodity prices are expected to increase over the forecast
period. According to the World Bank reports, crude oil prices are
forecast to reach above the USD 60 mark in 2018. However, rising oil
prices coupled with the backing of the Organization of the Petroleum
Exporting Countries (OPEC) and non-OPEC states will allow crude oil
prices to stabilize gradually.

Increased prices for commodities reflect a high demand. The increased
demand for minerals is expected to increase mining activities related to
mineral ores. The increased demand for energy will lead to the demand
for coal, which will subsequently increase coal mining activities. This
is anticipated to drive the global surface
mining equipment market over the forecast period.

Top vendors:

Atlas Copco
Caterpillar
Komatsu
LARSEN & TOUBRO
Sandvik

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