In recent years, mining has seen a huge surge in success. 2020 represented a banner year for domestic mining (not just in ore but also in aggregates and quarries).
The residential construction market's rapid escalation acts as one of the prime fuels to drive this success. Roads, grading, concrete, and exterior work put a high demand on sand and gravel, while piping and wiring boost the need for metals like copper.
The mining industry has incorporated new and advanced technologies faster than the slow-moving construction industry. This gives mining an edge over construction in terms of equipment. Companies that invest in technology and equipment can better weather storms of uncertainty—like a pandemic.
Continued growth and health of the mining industry are expected to rise in 2021. It is anticipated that large-equipment manufacturers are geared to produce more equipment—massive loaders, dump trucks, excavators, etc.—for mining than for construction.
Following the advanced technology route, mining has invested in machine intelligence, particularly drones and autonomous vehicles. It’s expected that the mining market will demand more of that equipment than the construction market.
It’s ironic that success in mining, driven by growth in the construction industry, makes construction equipment harder to come by in 2021.
The mining industry’s demand for large equipment has inroaded access to the same equipment for construction. This has created difficulty for construction companies. However, market experts expect the imbalance to level out in the coming years.