According to a new research report by Global Market Insights, mining equipment market size is expected to reach $99.13 billion by 2024.

U.S. mining equipment market size is set to surpass $11.5 billion by 2024, at 3.2% CAGR over the forecast timeframe. Vendors need complete compliance with regulatory mandates in order to ensure emission control and reduce pollution level, such as the Clean Air Act, which sets air quality standards.

It was noted in the report while mining operations depend heavily on the ore location, the prominent production locations function in water shortage among other conditions. This has given rise to the need for effective solutions as well as contributed to demand for robust hardware. Increasing mechanization of construction processes coupled with strong economic growth will drive the Chinese mining equipment market size over the next few years.

The adoption of multifunction machinery, that is applicable to numerous tasks has led to increased demand due to cost saving characteristics as compared to single-function counterparts. This has also resulted in considerably lower time requirements, while enhancing productivity and overall efficiency. Technological developments resulting in facilitation of real-time monitoring to detect and monitor failure are expected to propel mining equipment market share. The need to cope with lower ore grades and more remote locations has driven the need for automation and innovation.

Several manufacturers offer facilities such as installment loans and operating and financing leases, which offers the option to own machinery under lease. The leasing can be done on a full payout basis or by selecting a suitable leasing option, which allows returning or buying the equipment at a predetermined rate. Companies continue to make use of multiple options such as rentals, outright purchases and leasing on varied machinery. This model in North America and Europe consists of short-term rentals of equipment to small contractors and individuals. As the industry has evolved, a greater variety of products has become available on rent. Several manufacturers engage in exclusive and non-exclusive distributorship contracts.