Global mining equipment market forecast to 2025

The mining equipment market is estimated to be US$77.7 billion in 2018 and is projected to reach US$112.3 billion by 2025, at a CAGR of 5.40%.

Increase in demand for metals and minerals, upcoming emission regulations, increase in development of electric and autonomous mining are the major reasons for the market growth.

According to the California Resource Board, RNG from landfill-diverted food and green waste can provide a reduction of 125% in the greenhouse gas emissions and RNG from dairy manure can result in a reduction of 400% in greenhouse gas emissions on replacing traditional vehicle fuels.

Metals considered in the study are iron, copper, and gold as they have the largest deposits. According to the National Bureau of Statistics, Australia, Brazil, China, and India account for the largest iron production. China, Peru, and the US accounted for the largest copper production, whereas China, Russia, and the US accounted for the largest gold production, as of 2017.

The mining equipment industry has witnessed substantial growth, particularly in emerging economies such as China and India. Asia Oceania is expected to witness an annual growth of 6 - 7%, whereas the overall global growth rate is expected to be 5 - 6% during the next eight years. The region has witnessed growth in mining operations due to increasing demand for raw materials.

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Read the article online at: https://www.globalminingreview.com/finance-business/31122018/global-mining-equipment-market-forecast-to-2025/