Mining has been negatively impacted by recent changes in the global economy, however the equipment industry can expect positive results in upcoming years.
Despite hardships faced with job losses in the mining industry, a Freedonia report says that mining machinery demand will rise 7% globally for the next three years, until 2019.
Mining Equipment Demand Predictions
Many areas across the mining machinery industry are projected to grow: drills and breaking equipment, crushing and screening equipment, surface mining machinery, and underground mining equipment.
The drills and breaking equipment category is anticipated to see the largest change in growth over the next three years. These machines are widely useful across various types of mining projects, specifically during exploration.
The second best performing sector is crushing and screening mining equipment, which includes machines that are commonly used in mining, quarrying, construction, and demolition.
The positive increase in mining machinery demand is expected to be at its height in developing countries, with China dominating the demand.
Since China has an energy and manufacturing-dependent market, their demand for natural resources has created a demand for mining machinery, according to Grandview Research.
Western Europe also has a heightened demand for mining machinery, as construction is expecting to experience an increase.
Demand predictions for the mining equipment industry are optimistic says Australian Mining, and whilst Australia may not see as many benefits as other countries several years of low equipment sales may result in a high demand for modern reliable machinery.
When this occurs lead time to deliver new equipment will influence productivity and many mining operations will need a quality hire company to bridge the gap.