Global mining and equipment market expected to grow by 8.3%
posted by Phila Mzamo – Mining News
The global mining equipment market is expected to grow at a compound annual growth rate (CAGR) of around 8.3% over the next decade to reach approximately US$198.3 billion by 2025.
This is according to “Global Mining Equipment Market Analysis & Trends – Industry Forecast to 2025”, published by Research and Markets.
According to the researchers website, some of the prominent trends that the market is witnessing include rising demand for coal in electricity generation, a rising demand for technologically advanced mining equipment, and a demand for growth and investment opportunities.
Based on application, the industry forecast categorises the market into mineral mining, coal mining and metal mining. The research further segments the market by crushing, pulverizing & screening equipment, underground mining machinery, mineral processing machinery, mining drilling and breakers, surface mining equipment and other products.
For the sake of context, the study provides historical market data for 2013, where 2014 revenue estimations are presented for 2015, and industry and market forecasts from 2016 to 2025.
“The study focuses on market trends, leading players, supply chain trends, technological innovations, key developments, and future strategies. With comprehensive market assessment across the major geographies, a special focus has been made on 23 countries including South Africa, Brazil, and China,” said the company on their website.
“The market data is gathered from extensive primary interviews and secondary research. The market size is calculated based on the revenue generated through sales from all the given segments and sub segments in the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures,” the researcher concluded.
Some of the companies mentioned in the research include;
– FLSmidth & Co. A/S
– Sandvik AB
– Metso Corporation
– Joy Global Inc.
– Caterpillar Inc.
– Outotec
– Hitachi Construction Machinery Co. Ltd.
– Atlas Copco AB
– Doosan Heavy Industries & Construction
– Boart Longyear Ltd.
– Zhengzhou Coal Mining Machinery Group Limited
– Liebherr Group
– Northern Heavy Industries Group
– AB Volvo
– Komatsu Ltd.
The 5 Stages of the Mining Life Cycle
Mining operations are complex. They aren’t your run-of-the-mill type projects. These billion dollar complexes consist of various interconnected projects, operating simultaneously to deliver refined commodities like gold, silver, coal and iron ore. It’s a five stage process and we’ve broken it down using GIFs.
Exploration
The beginning of any mining project begins with the exploration stage. It’s where the magic happens. Companies enlist geologists and others to prospect remote areas in search of mineral deposits. Methods such as geological surface mapping and sampling, geophysical measurements and geochemical analysis is often applied at an early stage to pin out potential deposits.
Mine-site design and planning
Once mapping and mineral resource data is collected, and the results are strong, the project can move forward to the design and planning stage. This typically consist of studies to help companies determine if and how a project can be safe, environmentally sound, economically viable and socially responsible.
Construction
If you build it, they will come. The construction process occurs after research, permitting and approvals are complete. Construction of mining sites invovles building roads, processing facilities, environmental management systems, employee housing and other facilities.
Production
The two most common methods of mining are surface and underground mining. The method is determined mainly by the characteristics of the mineral deposit and the limits imposed by safety, technology, environmental and economical concerns.
The first step in the production stage is recovering the minerals. This is the process of extracting the ore from rock using a variety of tools and machinery.
The second step is processing. The recovered minerals are processed through huge crushers or mills to separate commercially valuable minerals from their ores.
Once processed, the ore is then transported to smelting facilities.
The final step in production is smelting. This process involves melting the concentrate in a furnance to extract the metal from its ore. The ore is then poured into moulds, producing bars of bullion, which are then ready for sale.
Closure and reclamation
The fifth and final stage in mining operations is closure and reclamation. Once a mining site has been exhausted of reserves, the process of closing the site occurs, dismantling all facilities on the property. The reclamation stage is then implemented, returning the land to its original state.
A comprehensive rehabilitation program has many clearly stated objectives which may include:
• ensuring public health and safety
• minimizing environmental effects
• removing waste and hazardous material
• preserving water quality
• stabilizing land to protect against erosion
• establishing new landforms and vegetation
The source of this information is – Mining Global