The Latin America mining equipment is receiving major impetus from rising investments in the regional mining industry. Low mining taxes and availability of cheap raw materials are also complementing market growth. High influx of foreign investments in the mining sector is turning Latin America into a gold mine of opportunities. Favorable mining legislatures are encouraging investments, thereby, generating new revenue pockets for market players. Augmenting demand for safer mining methods is triggering subsequent developments in the market. This study further states that adoption of mining equipment will remain prominent in metal ore mining applications.
Manufacturers to go Green
The mining equipment market in Latin America is evolving with the surging adoption of eco-friendly technology in various mining operations. Influenced by government regulations, players are turning to sustainable methods such as corporate social responsibility (CSR) activities to attract a larger customer base as well as ensure outsized returns. CSR activities majorly focus on support and rehabilitation programs, promotion of healthy lifestyle and awareness programs for adoption of green technology.
Such green initiatives are influencing manufacturers to channelize their resources to developing high-performance mining equipment.
Latin America Mining Equipment Market - Growth Challenges
The Latin America mining equipment market is facing challenges in terms of security infrastructure. Inefficient infrastructure is bringing the import and export of mining equipment to risk, thus discouraging market participation. Furthermore, illegal mining activities at certain locations and risks associated with the mining industry are hindering the adoption of mining equipment in Latin America.
Chile and Brazil to Represent Market in Latin America
A major market demand arises from leading copper-producing regions, Chile, and Brazil. Amongst both, Brazil will acquire a significant market position on the back large mineral reserve and the presence of advanced technologies. Highly integrated production and sales infrastructure of mining equipment also acts in favor of its market growth. Chile also will generate substantial growth opportunities for manufacturers with growing investments in its mining sector. The huge untapped mining potential of Latin America is attracting new market players, generating white growth spaces for the mining equipment manufacturers.
Latin America Mining Equipment Market - Competition Landscape
Companies across the globe are investing in Latin America to reap the benefits of abundant mineral reserves and cheap labor. Globally established corporations are collaborating with regional market players to expand their regional presence. To attain market lead, competitors are introducing advanced products in the market with better operational efficiency.
For instance, ABB Ltd. is launching an ability smart sensor for better assessment of mounted bearing in material handling equipment. To resonate with the sustainability trend, market competitors are developing eco-friendly equipment. Moreover, manufacturers are striving to achieve the aspects of optimum fuel consumption and easy maintenance. Komatsu Ltd., for instance, is launching its autonomous haulage system (AHS) with an aim to reduce emissions.
Going forward, market players are exploring premium-quality materials to extend their application radar to selective mining operations. Companies are adopting after-service strategies to enhance the value of their offerings. Major OEMs are entering into joint ventures and collaborations with their peers to expand their market presence. Further, market players are initiating developmental programs aimed toward reducing the overall manufacturing cost to gain competitive differentiation.Established market players in the Latin America mining equipment market include:
- Hitachi Construction Machinery
- Atlas Copco Ab Joy Global Inc.
- Caterpillar Incorporated
- Sandvik AB
- Komatsu Limited.
- Astec Industries
- China Coal Energy Company Limited
- Bucyrus International.
Autonomous Mining Systems to Mold Growth Outlook
The mining sector in Latin America is evolving from tougher operating conditions to sophisticated mining equipment. Long-term sustainable goals will gradually replace short-term benefits, calling for further innovations in the market. Market players are focusing on development of next-gen technologies such as autonomous haulage system (AHS). Moving ahead, developments beyond operational improvements will bring true innovation maturity in the mining equipment market.
- Rest of Latin America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Latin America Mining Equipment Market - Segment Analysis
The Latin America Mining Equipment market can be segmented on the following basis:
- Mineral processing equipment
- Surface mining equipment
- Underground mining equipment
- Mining drills and breakers
- Crushing and screening equipment
- Metal ore mining
- Coal mining
- Mineral mining
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