Global mining equipment demand is expected to surpass $60bn by 2013, representing a 4% hike per annum up to 2013.
The mining sector is expected to rebound on escalating copper and iron ore demand as well as growing energy demand that will lead to rise in coal output, according to a report by reportlinker.com.
The report also says that Asia Pacific countries including China, Australia and India now dominate the mining equipment sector.
China’s demand for mining equipment has substantially increased due to investment in its domestic mining sector.
The country’s expanding mining sector has resulted in the country becoming the largest mining equipment producer in the world.
Eastern Europe, Latin America, Africa/Middle East, and developing regions of Asia, followed by North America and Western Europe are expected to register above average growth in demand for mining equipment.
The US and western European countries are the other top global producers of mining equipment.