In today’s highly competitive world, staying ahead of industry trends is essential for success. Manufacturers need to do more than react to customer preferences. They must adapt to meet them ahead of time. Many industries are undergoing a technological transformation, driving new demand, and the mining sector is a prime example.
The mining industry’s reliance on heavy equipment has always given the manufacturers of this machinery a unique challenge. As the sector transforms in the coming years, these machines will need to adapt too. Manufacturers of mining equipment need to prepare for this growth.
Catalysts Behind the Rising Demand for Mining Machinery
According to a Freedonia Group study, mining machinery demand will rise by 4% a year until 2022. Rising demand for metals and increasing metal prices are driving the need for more equipment. As electronics become increasingly central to daily life, the materials in them, and the machines that mine those materials, are growing.
As the mining industry grows, mines in developing countries are becoming increasingly mechanized. Old equipment isn’t meeting demand anymore, so more companies are looking to buy new machines. The rise in mine digitization is also a substantial driver behind mining machinery’s new demand.
Mining companies typically use the same machines for as long as possible to keep costs low. As the industry wakes up to the advantages of connected technologies, however, this trend is shifting. Unable to retrofit many old machines with new technology, more businesses seek cutting-edge equipment.
Meeting Modern Mining’s Diverse Needs
Manufacturers need to meet mining’s changing needs, rather than just a rise in numbers. As the industry becomes more tech-centric, it needs machines that are not only resilient but high-tech. Manufacturers that provide this type of equipment will see the most success in the next few years.
On one hand, mining companies need to move upwards of 305,000 tons of aggregates a year. Simultaneously, they need equipment with features like IoT sensors or even autonomous controls. Manufacturers of this machinery need to provide products that are both hardy and precise, featuring cutting-edge tech without being delicate.
As the industry has started adopting these technologies, it’s seen growing productivity rates for the first time in years. Those results will drive continued tech implementation, creating a demand for higher-tech machinery. Manufacturers, in turn, will have to make equipment that meets that demand.
Keep Environmental Concerns in Mind
The shift towards connected technology isn’t the only growing trend in the mining industry. Environmentalism is an increasing concern across all sectors, and more mining companies are looking for eco-friendly equipment. Mining machinery that can boast greener operation will sell better in tomorrow’s markets.
All-electric equipment will see higher demand than in years past, provided it can offer the same operational efficiency. Another area to consider is biofuel-driven machinery, which is both more eco-friendly and cheaper to refuel. Diesel-powered machinery won’t disappear entirely, but more efficient diesel engines will be more appealing.
While customers will lean towards eco-friendly equipment, that still isn’t the most pressing concern in the industry. Manufacturers must be careful to balance green technology with equipment that can deliver the same performance. As pressing as environmentalism may be, mining companies will still prefer productivity and profits over going green.
Preparation for the Future Starts Today
To meet future demands when they arise, manufacturers must start planning early. The mining industry is undergoing some considerable changes, leading to a shift in mining equipment needs. Manufacturers of this machinery would be wise to take note.
The overall demand for mining equipment will rise, but that’s not the whole story. As mining companies look for different, higher-tech and more efficient machinery, manufacturers need to meet these shifting needs. The industry is changing, so those that supply it need to change too.
Bio:
Emily covers topics in manufacturing and environmental technology. You can follow her blog, Conservation Folks, or her Twitter to get the latest updates.