Underground Mining Equipment Market Trends: In-Depth Analysis of Industry Growth & Forecast Up To 2023

Underground Mining Equipment Market Research Future has Published a Research Report on Underground Mining Equipment Market. This Report Covers The Top Countries and Regions of the World, Including Market Share, Size, Trends, Growth, Revenue and much more Across the globe.

Market Overview

According to Market Research Future (MRFR), the global underground mining equipment market size is estimated to reach USD 30,406.6 million at a CAGR of 7.13% from 2016 to 2023 (forecast period). The report includes the COVID-19 analysis of the global underground mining equipment market and offers a comprehensive overview of market trends, growth projections, and market challenges.

Underground mining involves the extraction of metals, minerals, and ores such as iron ore, bauxite, titanium and copper, and other non-metallic products from underneath the earth's surface. The mining methods used for underground extraction are chosen based on geographical conditions, spatial and geometric characteristics, the nature of the ore, potential operating costs, and, most significantly, the availability of raw materials.

Market Dynamics

Rising urbanization and industrialization in most parts of the world contribute to increasing demand for metals and minerals. This motivates mining companies to invest in advanced equipment for increased efficiency and productivity. Furthermore, strict regulations to minimize fuel consumption, limit greenhouse gas emissions, and labor safety standards compel mining companies to replace outdated equipment with state-of-the-art energy-efficient solutions. The main drivers for the growth of the Underground Mining Equipment Market are high demand for coal from the energy sector, increased demand for the metal from manufacturing industries, and supportive government policies.

Improved living conditions and increased consumer purchasing capacity have contributed to increased sales of gold, aluminum, and copper, among other commodities. This has contributed to expanding the market for underground mining equipment used for mining metals. A recent noticeable phenomenon in the global market for underground equipment is the massive effect on the production of advanced and more effective mining equipment for transportation, excavation, washing and screening processes that help maintain energy costs at bay.

However, factors such as strict regulations on the use of coal and the unavailability of skilled labor are expected to impede the industry's growth.

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Key Players

The key participants identified by MRFR in the global underground mining equipment market include- Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Liebherr - International Deutschland GmBh, Hitachi Construction Machinery Co., Ltd., Metso Corporation, FLSmidth Group, Kennametal, Inc., and Boart Longyear Ltd.

Segmentation:

The global underground mining equipment market is segmented on the basis of mining method, application, and region.

By mining method: the global underground mining equipment market is segmented into longwall extraction and room & pillar extraction.

By application: the global underground mining equipment market is segmented into coal mining, metal mining, and mineral mining. Coal mining is likely to hold the largest share in the global underground mining equipment market by 2023. The segment held a share of 43.44% in the global underground mining equipment market in 2017 and is likely to remain dominant over the forecast period due to the dependence of the power distribution architectures of major countries on coal.

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Regional Analysis:

Asia Pacific is likely to dominate the global underground mining equipment market over the forecast period due to the leading role played by countries such as China, Australia, and India in the global mining industry. Coal as well as metals and minerals such as gold, base metals, diamonds, and copper are mined in the region, leading to a growing demand from the underground mining equipment market. The growing share of China in the global mining industry is likely to lead to a growing demand from the underground mining equipment market over the forecast period. China accounted for two-thirds of the Asia Pacific underground mining equipment market in 2016 and is likely to retain a similar level of dominance over the forecast period.

North America is likely to follow Asia Pacific over the forecast period due to the growing demand for the mining of coal, precious metals, base metals, as well as industrial minerals. The Middle East and Africa is also likely to hold a key share in the global underground mining equipment market over the forecast period due to the increasing mining activities in the region.

Table of Content:

1. Executive Summary
2. Global Underground Mining Equipment Market Definition and Scope
3. Global Underground Mining Equipment Market Dynamics
4. Global Underground Mining Equipment Market: Industry Analysis
5. Global Underground Mining Equipment Market by Method
6. Global Market by, style
7. Global Market by, Application
8. Global Underground Mining Equipment Market, Regional Analysis
9. Competitive Intelligence
10. Research Process

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