Increased demand for resources and streamlined technology has led some experts to predict an uptick in the mining equipment market within the next 10 years.
According to a new report compiled by Grand View Research, the industry could be worth as much as 128 billion within the next 10 years, a 6.5 percent increase over that time period. The potential growth is the result of several factors, including exhausting resources and the development of new equipment and automated technologies.
As resources become more and more scarce and ore grades decrease, many mining companies have been forced to move their operations their operations to more remote locations. Operating in these locations requires better, smarter equipment.
Increase in demand from other industries is driving the prediction as well. Many coal companies need mining machinery more than ever, particularly in nations that have made major investments into their energy infrastructure.