Mining Equipment Market Procurement Intelligence Report | Mining Equipment Suppliers, Mining Equipment Price Trends and Procurement Insights Now Available from SpendEdge
LONDON--(BUSINESS WIRE)--Nov 12, 2019--
SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Mining Equipment Market - Procurement Intelligence Report.
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Global Mining Equipment Market Procurement Intelligence Report. (Graphic: Business Wire)
The regulatory leash that is tightening around the neck of the mining industry will have a rippling impact on the mining equipment market. The processes involved in the mining industry entail substantial water consumption which is driving environmental watchdogs to restrict actions in this industry. Consequently, this will have a negative impact on the spend growth in the mining equipment market which has the potential to touch a value of over USD 35 billion at a CAGR of over 6%. In response to these challenges, mining equipment suppliers are implementing automation in their processes that will enable buyers to reduce manual intervention at the mining sites, thereby limiting the chances of casualties owing to mine accidents.
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According to this report, the increase in investments towards infrastructure development in the private sector will result in an increase in construction activities. This will spur the demand in the mining equipment market.
What are the mining equipment price trends that are driving the overall price structure in the global mining equipment market?
Investment opportunities will not wait even when the procurement scenario is complex. Do not fall behind figuring the market dynamics and get instant access to the expert’s recommended procurement strategies for the mining equipment market in the free sample of this report.
What are the scopes of optimizing procurement spend with these upward rising mining equipment price trends?
The scopes to optimize spend are ample and it will require strategic insights into the mining equipment suppliers market. Strategic selection of suppliers will not only fulfill the buyer’s delivery requirements but will also play a critical role in guiding the buyers to optimize their procurement spend. Suppliers who are known to adopt cost-optimizing measures pass on their profits to the buyers in the form of reduced product prices.
Engage with mining equipment suppliers that offer predictive maintenance provision in their equipment
Unscheduled downtime and failure to replace faulty equipment on time have led to severe financial losses for buyers. In the mining equipment market, it is imperative that buyers engage with suppliers who offer equipment with incorporated sensors and IIoT devices. Such devices continually monitor equipment performance and take precise measurements of different operating parameters of the mining equipment to assess the wear and tear of components that face a high frequency of failure.
Assess the capability of mining equipment suppliers in providing proper training to buyers’ operators
On-site accidents during mining can invite high litigation expenses and affect the chances of getting SLO in the future for buyers. To reduce the scope of accidents due to human error in the mining equipment market, buyers should engage with suppliers that provide proper training to buyers’ employees. For ensuring proper training of their operators, buyers should ensure that suppliers are capable of providing an accurate and updated operating manual for all equipment, defensive driver training to all operators of mobile plants and light vehicles, among others.
While a strategic partnership with mining equipment suppliers is crucial to optimize procurement spend, a lack of real-time insights into the current supply market scenario results in sub-optimal partnerships. Get your free access to our procurement platform to gain immediate access to supplier selection strategies.
Some of the key topics covered in this report are:
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INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES
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PUB: 11/12/2019 09:03 AM/DISC: 11/12/2019 09:03 AM