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Worldwide mining equipment market size is projected to expand at over 5% compound annual growth rate (CAGR) up to 2024 when the machinery shipment is expected to cross 450 thousand units driven by rapid evolution in mining processes and a rise in the adoption of automated solutions.
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The surface mining equipment segment accounted for a revenue share of over 40% in 2017 and is anticipated to grow further during the forecast period. Currently, almost all metallic and non-metallic minerals along with a larger fraction of coal are mined via surface mining methods, which is expected to provide an impetus to the segment growth.
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There are 66,479 coal mining equipment for sale suppliers, mainly located in Asia. The top supplying countries or regions are China, India, and South Korea, which supply 99%, 1%, and 1% of coal mining equipment for sale respectively. Coal mining equipment for sale products are most popular in Southeast Asia, Domestic Market, and Africa.
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Lowell McClung, Vice President, added: "The industry is steady but a little fragile defined by what coal prices are for the day. But I am also optimistic about the future." Metalcraft Mining Equipment specializes in custom manufacturing, reconditioning, repair, and sales of underground mining machinery.
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Global demand for machinery used in metals and minerals mining applications is projected to climb more than 5% annually during the 2017-2022 period, while sales of coal mining equipment are expected to grow just 2% per year because of a worldwide shift toward the use of natural gas and alternative fuels.
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Global sales of surface mining machinery – such as excavators and loaders – are forecast to climb 4.5% per annum through 2022, bolstered by growing strip mining of aggregates, coal, and other materials. The drills and breakers; crushing, pulverizing, and screening equipment; and mineral processing and other machinery segments are expect to expand at an above average pace.
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