According to a new report by MarketsandMarkets growth in the mining equipment market would outstrip and surpass in size the construction equipment market through 2019.
The research company projects construction equipment to grow to $125.4 billion and the mining equipment market to grow to $134.7 billion in 2019 at a compound annual growth rate of 4.34% and 8.42% respectively.
The report looks at the market for loaders, excavators, dozers, mineral processing machinery and crushing and pulverizing equipment among others.
MarketsandMarkets says with the increase in rental and leasing facilities, and a large number of companies adopting to strategies of joint venture, mergers and acquisitions and collaborations the focus is clearly set on newer developing markets such as China, India, Brazil, and Russia.
“The construction and mining industry is quite mature in the regions of North America and Europe.
“However, the Asia-Pacific and RoW countries such as Brazil and Russia are seeing huge investments being made on roads, bridges, highways and expressways for increasing the infrastructural capabilities of the region. Similarly government initiatives are also increasing,” according to the report.
The report also profiles industry heavyweights Caterpillar, Hitachi, Joy Global, Komatsu and Volvo.