Global Underground Mining Equipment Market (2017-2024)- Research Nester
Underground mining is the process of extracting mineral and ores that are buried too far underground. The primary objective of the underground mining is to extract ore from underground as safely and economically as possible while producing as little waste.
The most common equipment for material handling such as loading and hauling excavated ore are slushers, gathering-arm loaders, front-end loaders, overhead loaders, Load-Haul-Dump units (LHDs), and rubber-tired shuttle cars and trucks, as well as transportation by conveyor, rail, and gravity flow. Ore is loaded into underground equipment and transferred to ore passes, where the ore is dumped.
Market size and forecast
The underground mining equipment market is expected to grow at a CAGR of 6.4% over the forecast period i.e. 2017-2024. Rising development in major countries across the world and growing industrialization particularly in emerging economies is increasing the demand for metal and minerals. Increasing mining activities and improving economic conditions across the world are motivating miners to invest in advanced underground mining equipment to improve their productivity.
At present, Asia Pacific is dominating the global market with a leading share because of the increase in mining activities in the emerging economies of China, and India. In fact, China’s insatiable demand for coal to a great extent shapes the competitive dynamics in the market. North America is the second largest leading market. The rising number of mining sites, especially of coal has brought high demand for specialized mining equipment in the region.
Additionally, government regulations related to mining safety, employment, environment, and equipment usage have also strengthened the demand for technologically improved underground mining equipment. Midwest in the U.S. is a major contributor to the region’s revenue. Demand for underground mining equipment is also rising in Europe, since companies are replacing outdated machinery with more energy efficient solutions. They are looking to comply with labor safety rules and government regulations regarding greenhouse gas emissions. The Middle East and Africa are also considered as important contributors and is anticipated to observe significant growth over the next few years.
Market Segmentation
Our in-depth analysis segmented the Underground mining equipment market in the following segments:
By Mining
Longwall Extraction
Room and Pillar Extraction
By Application
Coal
Metal
Mineral
By Region
Global Underground equipment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth drivers and challenges
Rising urbanization and growing industrialization in most parts of the world is leading to an increased demand for metals and minerals. This is motivating mining enterprises to invest in advanced equipment for improved efficiency and productivity.
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Further, better living standards and higher spending capacity of people has led to increased sales of gold, aluminum, and copper, among other commodities. This has helped to enhance the demand for underground mining equipment used for mining metals. A recent noticeable trend in the global underground equipment market is the massive thrust on developing innovative and more effective mining equipment for transportation, excavation, washing and screening process that helps to keep energy costs at bay. This has led to sense companies rapidly replacing outdated machinery with energy efficient ones for better profit margins. However, high cost of underground mining equipment is the major reason for hindering the global market.
Key Players
The key players for underground mining equipment market are as follows:
Sandvik AB
Komatsu
AB Volvo
Caterpillar Inc.
Joy Global Inc.
Hitachi
Boart Longyear
Kennametal
Metso Corporation, and Thyssenkrupp AG.
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global underground mining equipment market is segmented as follows:
By Mining Market Size & Y-O-Y Growth Analysis
By Application Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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