Mining Equipments Market Size, Analysis, and Forecast Report: 2014-2020

The mining industry is expected to witness growth with a single digit CAGR over the next six years on account of the further expanding demand for metal and mineral commodities. Latin America accounted for about 8% of the global mining equipment demand in 2013 and its contribution towards global mining equipment sales was registered at 15% for the same year. The region serves as the prime destination for mining exploration and investment at a global level.

The key reason which has accelerated the growth of the Latin American mining equipment market is the enhanced demand for the consumption of natural resources. Presently, the region produces about 45% of the global copper, 21% of the global zinc, 50% of the global silver and 26% of the global molybdenum production. In addition, foreign investment, especially from China, US, Canada and Australia, plays a significant role in the growth of the Latin American mining equipment market. Further, other operations such as the Panama Stock Operation (PSO), CSR activities, and introduction of next generation mining equipment such as Autonomous Haulage System (AHS) also serve as driving factors for the growth of the mining equipment market in Latin America. Among these, CSR activities primarily focus on rehabilitation and support programmes, promotion of healthy lifestyle and awareness programmes for the adoption of green technology. However, in the past few years, the mining industry and hence the mining equipment industry has been facing an economic crisis on account of the requirement for budget allocation in the maintenance of the mining industry and equipment, etc.

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Illegal mining operations at some locations and the risk associated with the mining industry serve as further constraints for the Latin American mining equipment industry. Surging demand and abundant availability of natural resources(including the world’s top...