Global Mining Equipment Service Market to Grow at a CAGR of 3-4 Percent

Global Mining Equipment Service Market to Grow at a CAGR of 3-4 Percent

PR Newswire

RALEIGH, North Carolina, October 31, 2018

RALEIGH, North Carolina, October 31, 2018 /PRNewswire/ --

The global mining equipment service market is expected to grow to $158.1 billion in 2018 and procurement managers will increasingly opt for outsourcing maintenance services in order to focus on core activities, according to a latest report published by procurement intelligence firm Beroe Inc.

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Equipment services market is highly fragmented; however for mining equipment, the OEMs and their authorized dealers constitute the majority of the market followed by global distributors. Key regions for mining service include North America and Australia.

Procurement or sourcing managers in the mining industry will have to benchmark best practices in the outsourcing space while keeping a tab on the evolving automation technologies.

Holly Springs, North Carolina-based Beroe said the report can be accessed by procurement professionals on its recently launched on-demand market intelligence platform Beroe LiVE: https://www.beroeinc.com/category-intelligence/mro-mining-market/

Key findings from the report: 

The category intelligence report on MRO Mining Supplies lets users understand the current scenario and trends in the global mining equipment service market.

The study has been done based on key technology trends, market outlook, and engagement and pricing models. The extensive research methodology for the study included:

APAC accounted for over 59 percent of global mining equipment demand in 2014. The demand is expected to grow at an estimated CAGR of 8.42 percent during the forecast period. Surface mining equipment accounts for about 36 percent of the global mining equipment market and is expected to remain in the similar range (34 percent to 38 percent) until 2017.

While the U.S. and Canada markets have been pioneers for mining equipment and maintenance services, they have become highly competitive with more than 2,400 suppliers in the industry for mining equipment and services. Also, the prolonged recession in mining industry, shortages of occupational labor such as technicians, engineers and managers have become major challenges.

The Beroe report shows that buyers are increasingly outsourcing a majority of their non-core maintenance activities. They look forward to innovation in asset management and investment optimization in collaboration with maintenance service providers.

Globally, bundled service sourcing strategy is widely adopted to achieve spend visibility and cost savings. The contract period ranges between 2-3 years, with an option of contract extension based on performance linked with SLAs, says the report.

The major features of the report are:

Market Analysis 

Supply analysis 

Cost and Pricing Analysis 

Procurement Best Practices 

About Beroe Inc: 

Beroe's unique business model involves providing market intelligence and analytics to the procurement teams of businesses across the globe. Beroe leverages its deep domain expertise in 300 + categories across 14 industries. It boasts of more than 80 of the Fortune 500 companies as its clients.

To learn more about Beroe Inc, please visit http://www.beroeinc.com

Media Contact:
Debobrata Hembram
debobrata.hembram@beroe-inc.com


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