LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on top challenges impacting the growth of the mining equipment market.
The global mining equipment market is expected to witness a growth of over $40 billion due to the initiation of new mining projects and transition from under growing to more economical and open-pit mining. However, increasing complexities in mineral extraction and rising concern among people for the environment has created new challenges for mining companies. They are compelled to identify alternative options to prove their significance amid the increasing use of non-renewable resources.
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Factors Impacting the Mining Equipment Market
Allocation of capital
With the increasing production costs and shrinking profit margins, investors have become resilient to collaborate with new companies. They find it hard to raise the necessary capital to invest in large-scale equipment and expensive mining practices. Lack of access to capital, thereby, leads to the scrapping of numerous high-profile projects.
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Advanced technologies
New technologies such as autonomous drill equipment, GPS systems, and satellite communications have largely impacted the mining equipment market. Today, the equipment has rig control systems and data analysis capabilities to make continuous, on-line ore mineral analysis. Companies must keep pace with such technologies to gain a competitive edge.
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Evolving stakeholder relationships
Mining equipment companies are required to meet increasing demands for local employment opportunities, improved infrastructure, and greater environmental protection. They also have to address government regulations while abiding tax rules and royalty rates. Establishing credibility in the investor community and building better stakeholder relationships then becomes a challenge for mining companies.
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