LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Mining Equipment Market - Procurement Intelligence Report.
The regulatory leash that is tightening around the neck of the mining industry will have a rippling impact on the mining equipment market. The processes involved in the mining industry entail substantial water consumption which is driving environmental watchdogs to restrict actions in this industry. Consequently, this will have a negative impact on the spend growth in the mining equipment market which has the potential to touch a value of over USD 35 billion at a CAGR of over 6%. In response to these challenges, mining equipment suppliers are implementing automation in their processes that will enable buyers to reduce manual intervention at the mining sites, thereby limiting the chances of casualties owing to mine accidents.
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According to this report, the increase in investments towards infrastructure development in the private sector will result in an increase in construction activities. This will spur the demand in the mining equipment market.
What are the mining equipment price trends that are driving the overall price structure in the global mining equipment market?
- Forecasts of volatilities in the prices of raw materials such as steel, oil, and gas that are used to manufacture the equipment will inflate the raw material procurement costs for suppliers. According to the metal equipment price trends, this will have an inflationary impact on buyer’s procurement spend in this market.
- To cater to buyer’s demand for equipment that can ensure operator safety and optimal energy consumption, mining equipment suppliers are incorporating technologies in the equipment such as the remote fuel consumption monitoring systems. This will drive their input and manufacturing costs which will have subsequent impacts on buyer’s procurement spend in the mining equipment market.
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What are the scopes of optimizing procurement spend with these upward rising mining equipment price trends?
The scopes to optimize spend are ample and it will require strategic insights into the mining equipment suppliers market. Strategic selection of suppliers will not only fulfill the buyer’s delivery requirements but will also play a critical role in guiding the buyers to optimize their procurement spend. Suppliers who are known to adopt cost-optimizing measures pass on their profits to the buyers in the form of reduced product prices.
Engage with mining equipment suppliers that offer predictive maintenance provision in their equipment
Unscheduled downtime and failure to replace faulty equipment on time have led to severe financial losses for buyers. In the mining equipment market, it is imperative that buyers engage with suppliers who offer equipment with incorporated sensors and IIoT devices. Such devices continually monitor equipment performance and take precise measurements of different operating parameters of the mining equipment to assess the wear and tear of components that face a high frequency of failure.
Assess the capability of mining equipment suppliers in providing proper training to buyers' operators
On-site accidents during mining can invite high litigation expenses and affect the chances of getting SLO in the future for buyers. To reduce the scope of accidents due to human error in the mining equipment market, buyers should engage with suppliers that provide proper training to buyers' employees. For ensuring proper training of their operators, buyers should ensure that suppliers are capable of providing an accurate and updated operating manual for all equipment, defensive driver training to all operators of mobile plants and light vehicles, among others.
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Some of the key topics covered in this report are:
- Mining equipment market spend segmentation by region
- Total cost of ownership analysis in the mining equipment market
- Regional spend opportunity for mining equipment suppliers
- Mining equipment suppliers cost structure
- Mining equipment suppliers selection criteria
- Mining equipment suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the mining equipment market
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