Check out some interesting global headlines around the construction and heavy equipment industry during the first part of July.
World Mining Equipment Market to Reach $156 Billion by 2022 - Report (Mining.com)
"The global mining equipment market is expected to garner $156 billion by 2022, increasing at a compound annual growth rate (CAGR) of 7.9% during 2016 – 2022, a new report published by Allied Market Research shows. According to the study, titled “World Mining Equipment Market – Opportunities and Forecasts, 2015 – 2022”, the Asia–Pacific region accounted for the highest revenue of over $50 billion in 2015, followed by Latin America, the Middle East and Africa (LAMEA)." Read more
Forecast Calls for Renewed Oil Price Drop as Production Steps Up (Calgary Herald)
"The oil market surplus that vanished last quarter, helping prices post the best quarter in seven years, may return as early as this month as disrupted supply starts to pump again.Canadian output returning from outages caused by wildfires will be enough to put the market back into oversupply and oil may return to a trading range of $30 to $50 a barrel, according to Morgan Stanley. Goldman Sachs Group Inc. said that a recovery in Nigerian production is a risk to its $50-a-barrel forecast for the second half of 2016. The bank said earlier that the market had switched to deficit in May." Read more
Sunward Establishes U.S. Presence (Construction Equipment Guide)
"A major heavy equipment manufacturer based in China is looking to expand westward to the United States — with help from a dealer in Utah. Sunward Equipment Group, based in Changsha City, China, had been considering establishing a presence in the United States for several years, but momentum for the expansion picked up in 2015, when it began talking with Pacific Tri-Star of Ogden, Utah." Read more
Caterpillar Uses Facial Recognition Software to Identify Sleepy Equipment Operators (Digital Trends)
"When it comes to heavy equipment, Caterpillar is a household name. If it is big and moves earth and rocks, there’s a good chance it has “Caterpillar” stamped on its side. This is especially true when it comes to mining equipment, where dump trucks (known in this context as haul trucks), can sport 12-foot-tall tires. These are some of the largest vehicles on earth, and operators require built-in stairs and ladders to reach the cab." Read more
Oil Industry Faces Huge Worker Shortage (Yahoo Finance)
"The rig count has rebounded from the lows seen in late May, a small indication that oil companies in the U.S. could begin drilling anew. Shale drilling is a short-cycle prospect, requiring only a few weeks to drill and bring a well online. Because of this, the collective U.S. shale industry has been likened to the new “swing producer”: low oil prices force quick cutbacks but higher prices trigger new supplies. In essence, shale could balance the market in the way OPEC used to." Read more
