We did have a very interesting article in the August 2010 issue of H&P on mining equipment. This market remains an important end-use fluid power market. In fact, according the the data presented at the 2010 NFPA Industry and Economic Outlook Conference, mining, oil & gas field equipment comprise a 7.2% share of the total market for hydraulics.
Unfortunately, it is a very slow market to recover from the Great Recession. According to figures presented by Jim Meil of Eaton Corp., the 12-months ending in June still show a 8.3% decline over the previous year. This contrasts to a sharp rise in most other mobile equipment markets such as Construction and Agriculture.
According to Meil, some of the problem with the mining market stems from the leftover impact form the volitility of 2008. There is a general lack of investment in new mining projects. However, the mining market will continue to recover because of the great need for resources. As the Chinese and Indian markets continue to grow and develop, there will be a continued need for comodities such as steel. This should help the mining market even in the near term.
