-- Manufacturers are continuously innovating in order to reduce cost, while enhancing safety, profitability and efficiency
LONDON, Aug. 13, 2013 /PRNewswire/ -- The demand for enhanced safety standards and energy-efficiency, together with technological improvements in monitoring and process control, will support growth in the European mining machinery market.
New analysis from Frost & Sullivan (http://www.motors.frost.com), Analysis of the European Mining Machinery Market, finds that the market earned revenues of $2815.2 million in 2011 and estimates this to reach $3374.8 million in 2016. The research covers underground mining, surface mining and mineral processing equipment.
"The escalating demand for base metals is set to promote sales of mining machinery equipment," noted Frost & Sullivan Industrial Automation and Process Control Research Analyst Raaj Thilak Raveendran. "Technology improvements will motivate new equipment acquisition, reinforcing revenue growth trends."
Machine manufacturers are continuously innovating in order to reduce cost while boosting mine site safety, profitability and efficiency for end users. Improved functionalities, including condition monitoring and predictive maintenance, will encourage mining companies to invest in new machines.
Achieving a balance between technology and price is important in this market. The demand for remotely-operated machines and advanced safety features are major end-user requirements. Manufacturers should cater to these demands, while offering competitively priced, complete lifecycle service options that enhance customer value.
"Lifecycle service options, improved functionalities, and reduced per-tonne costs are expected to sustain demand for mining machines over the forecast period," explained Raveendran. "This will be particularly important as the ongoing economic turbulence takes its toll on mining machinery sales, causing the market to enter a lean phase over the short-term."
An efficient sales and service network and brand reputation are also critical to maintaining sales prospects. Servicing of mining machines will become an essential part of revenue generation.
"Targeting emerging economies that are in the process of developing their mines can aid market share acquisition in the long-term," concluded Raveendran. "Effective supply chain management and new contracts with distributors are vital to sustaining global market share."
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Analysis of the European Mining Machinery Market
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SOURCE Frost & Sullivan