WorldWide Drilling Resource

Construction and Mining Equipment ~ Expect to See Growth Adapted from a Press Release by MarketsandMarkets According to a report from MarketsandMarkets, an international market research firm, the construction equipment market is expected to be worth $134.86 billion, an increase of 4.59%, while the mining equipment market could end up being worth $136.03 billion, a 6.42% increase, by 2021. The report Construction Equipment Market by Construction Equipment Type, Construction Application, Mining Equipment, Mining Application, and Region (Asia-Pacific, North America, Europe, and ROW) - Global Trends and Forecast to 2021 , highlights the potential growth primarily driven by the increased infrastructure activities around the world. The largest and fastest growing market for construction and mining equipment is the Asia-Pacific region, including key countries such as China, Japan, and India. The construction and mining equipment market in this region is expected to grow primarily due to the increasing number of infrastructural projects and revised government regulations on mining. Robust eco- nomic growth, coupled with the growing population and rapid urbanization, will likely boost construction activities across the Asia-Pacific region. The report also brings the growing infrastructure industry into light as one of the factors in the increase. This growth can be attributed to upcoming construction projects around the world, primarily in developing nations. Additionally, major upcom- ing events, such as the 2018 World Cup in Russia, will likely drive the demand for construction equipment. The high demand for surface mining equipment can be attributed to the benefits it offers such as its user-friendly nature and ability to perform multiple operations in mining activities. Technological advancements, such as the introduction of telem- atics in mining equipment, increased the fuel-efficiency, lowered emission levels, enhanced safety, and improved equipment handling have certainly increased the demand for surface mining equipment. 49 WorldWide Drilling Resource ® MAY 2017