A report by Research and Markets forecasts the mining equipment market in the United States to grow at a compound annual growth rate (CAGR) of 8.27 percent over the period 2015-2019.
According to the report, one of the main factors driving market growth is the surge in mining activities throughout the United States. The country is also a major producer of minerals and metals such as gold, silver, and uranium.
The report highlights the current market scenario as well as revealing growth prospects, including revenue generate from the sales of mining equipment and from services.
Key topics discussed in the report included: market trends, market challenges, buying criteria, market segmentation by end-users, market growth drivers, drivers and their impact, trends and their impact and key vendor analysis.
Commenting on the report, an analyst from the team said: “One key trend upcoming in this market is the increased demand for energy-saving equipment. The mining industry is one of the major end-users of energy because coal, mineral, and metal mining require large amounts of energy. In addition, energy costs are expected to account for more than 10-15 percent of the total production costs.”
The report also recognizes the key players in the mining equipment market in the US, which includes Caterpillar Inc., Joy Global Inc. and Roberts and Schaefer Co.
The need for high initial investment is a key challenge affecting overall market revenue, according to the report. For mining end-users, investing large amounts of money in mining equipment is becoming more difficult over cost-effective mining equipment.
Read the entire report here.