Global Bulk Material Handling Products and Technologies Market to Gain Impetus from Rapid Industrialization in Emerging Economies
Growth of industrial and construction sector in emerging markets has boosted demand from the global bulk material handling products and technologies market. Increase in industry automation, along with introduction of mass production methodology and assembly line concept, has further propelled the growth of the market. Though high initial investment remains a key concern for the market players, the overall market is estimated to expand at a CAGR of 1.2% during the period between 2014 and 2020. The global bulk material handling products and technologies market is projected to be worth US$62.36 bn by 2020.
Mining Sector Drives Global Bulk Material Handling Products and Technologies Market
The global bulk material handling products and technologies market is driven by the growing demand from the mining sector. In 2013, mining companies accounted for 29.4% of the overall market and emerged as the largest end-user segment. Across mining plants, a large number of equipment such as feeders, crushers, stalker reclaimers, ship loaders and unloaders, wagon tipplers, and travelling wagon loaders are transported through bulk material handling solutions. Following are two of the recent bids won by the key players in the global bulk material handling products and technologies market:
• Rail-Veyor Technologies Global recently won a contract to install its underground bulk material handling solutions at Agnico Eagle Mines Goldex gold mine in Ontario. The 3-km underground bulk material handling system is expected to be operational by early 2017 and will offer improved safety and cost savings while keeping the overall operation environment-friendly.
• For two greenfield goldmines, one in West Africa and another in Canada, FL Smidth & Co. is supplying key bulk material handling technologies. The key market player is offering milling, separation, Knelson gravity concentration, and refining equipment to the Brucejack goldmine in British Columbia. The Fekola goldmine in Mali will also receive similar package of bulk material handling products and technologies from FL Smidth & Co.
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Market Players Focussing on Untapped Application Segments in Global Bulk Material Handling Products and Technologies Market
Though the key players such as Metso Corporation, TRF Ltd., Tenova, FL Smidth & Co., SENET, and ThyssenKrupp AG. are focussed on developing advanced bulk material handling solutions for the mining sector as well as other sectors such as oil and gas, agriculture, chemicals, construction, and pharmaceuticals, some of the market players are trying to gain foothold across unexplored application segments. For example, Martin Engineering has shifted its focus on powerhouse and products designed to clean large-scale boilers and all air pollution control components. The company aims to work on a series of technologies that work in tandem to reduce ash build-up while complying with environmental regulations and increasing energy efficiency.