World Mining Equipment Demand to Grow 8.5% Annually to 2015

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According to the report “World Mining Equipment: Industry forecasts for 2013 and 2018” the global market for mining equipment is forecast to grow 8.5% annually to 2015, hitting $92 billion. The market will be stimulated by an increase in mining output growth as global manufacturing activity and construction expenditures accelerate in a generally favourable economic climate. Commodity prices are also expected to remain high by historical standards, contributing to a rise in resource exploration and development activity, and associated mining machinery sales. In addition, efforts to increase mechanisation of mining operations in the huge Chinese market and boost productivity in high labour cost areas such as Australia andCanada will bolster overall equipment demand.

The report states that the Asia/Pacific region will remain as market leader, it is expected to grow the fastest fuelled by robust increases in mine production and related machinery sales inChina,IndiaandIndonesia.Chinaalone will account for 57% of all new mining equipment demand between 2010 and 2015, even though growth is expected to slow significantly. Central and South America will post the second fastest gains, supported by a pickup in manufacturing and construction activity, leading to higher demand for mined materials.

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