Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Mining Equipment Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the heavy industry. This report breaks down the data and analysis behind the procurement of mining equipment and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Mining Equipment Procurement Market Intelligence Report (Graphic: Business Wire)
“The demand for mining equipment in the market landscape is driven by low maintenance requirement as scheduled and unscheduled maintenance leads to downtime of equipment causing bottlenecks during operation,” says SpendEdge procurement analyst Tridib Bora. “Also, the incorporation of telematics-enabled devices in the equipment enable better fleet management capability for the buyers,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Mining Equipment Market:
- The incorporation of 3D printing techniques
- Adoption of information management systems
- Incorporating digital innovations
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The incorporation of 3D printing techniques:
The mining industry is increasingly focusing on incorporating 3D printing techniques due to the various advantages it offers including the ability to streamline and optimize the supply chain network. 3D printing of machinery components also helps the buyer to reduce transportation costs as the parts can be produced on-site. Moreover, the buyers should access suppliers regarding their 3D printing capabilities to reduce lead time in terms of equipment procurement. Also, the incorporation of 3D printing creates a better scope for customization of components while reducing equipment downtime of the deployed machinery.
Adoption of information management systems:
IT technology and information management systems offer stakeholders in the mining industry with relevant technologies and applications that improve the efficiency of operations. The mining industry is increasingly adopting information management systems for equipment monitoring and to track the production control of mining equipment in real-time. Therefore, the buyers should access the supplied equipment regarding incorporation of monitoring devices such as sensors and other telematics-enabled hardware components.
Incorporating digital innovations:
Digital innovations in the mining industry have brought about several improvements leading to enhanced productivity. The adoption of software applications has resulted in optimizing asset utilization, remote monitoring, and control of operational activities. Moreover, the use of advanced sensors with real-time operational data and predictive algorithms help in enhancing the accuracy and speed of maintenance and metallurgy. Also, the incorporation of digital innovations helps organizations to improve productivity and achieve cost savings.
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About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
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