Albany, NY -- (SBWIRE) -- 10/23/2014 -- Transparency Market Research has added a new report based on Mining Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018. According to this report, the global mining equipment market is expected to reach USD 117.0 billion by 2018 from USD 71.5 billion in 2012 at a CAGR of 8.6% from 2012 to 2018.

Despite certain shortcomings in the industry, the mining machinery market across the globe is forecast to grow 8.6% per year through 2017. As several resource companies and countries look forward to capitalize on new opportunities, the global patterns of investment in the mining sector is largely determined by these industrializing companies it self.

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The global mining equipment market is segmented into six sub-segments mainly based on equipment types such as – crushing, pulverizing and screening equipment, mining drills and breakers, mineral processing machinery, underground mining machinery, surface mining equipment, and other mining equipment. A few additional segments like the mineral mining, metal mining, and coal mining are regarded as the three main application sub segments of the global mining equipment market. The mining drills and breakers market is growing at a rapid rate all over the world. Owing to the increasing demand for mining activities from developing countries, this market in particular is poised to be the fastest growing segment in the coming years. Since mining drills and breakers is imperative equipment in most operations

Through 2017, the global mining equipment market will be primarily driven by key factors such as, the rising demand for metal and mineral commodities and the increase in mining activities. However, the market is also likely to witness some added key factors such as the enhanced demand for technically advanced solutions especially in developing countries that will strengthen the growth of the global mining equipment market on a larger scale.

The growth in the global mining equipment market is backed by strong demand for mined materials from geographic places like North America, Asia Pacific, Europe and Rest of the World (RoW) regions. Of all the places, the Asia Pacific market was in a leading position in 2012, having contributed more than 60% of the entire share in this market. Other large iron ore projects which are planned for execution in countries like Russia, Brazil, Africa, Australia, and other regions are further expected to motivate the growth in the mining industry in the coming years. Also, Latin America and Asia Pacific are observed as the current leading regions in terms of progress in oil refineries, coal mining and other underground mining activities.

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These places are calling for huge demand for mining equipment. The global market for underground mining equipment holds the second largest share in the market, and is expected to grow at an average rate from 2012 to 2018. On the other hand, the surface mining equipment market accounts for nearly 37% of the entire mining equipment market. This share is mainly due to the rising demand for metal and mineral commodities. Some strong gains are also to be recorded in Central and South America, followed by Western Europe, Eastern Europe, and North America. Fueled by increasing mining production and related machinery sales in India, China and Indonesia, China alone accounts for almost 50% of the entire mining equipment market.

This report serves the purpose of providing the market estimates and forecasts based on thorough analysis of macro and micro economic factors that affect the market growth. It includes competitive analysis of different market segments based on the applications, equipment types, and geography. It also includes a trend analysis for all the segments of the market containing the competitive profiling of leading players in the industry.

Some of the noteworthy leading players in the global mining equipment industry include Caterpillar Inc., Hitachi Construction Machinery, Joy Global Inc., Komatsu Limited, Sandvick AB, and Atlas Copco.

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