The global underground mining equipment market reached a value of US$ 24.3 Billion in 2020. Underground mining is the process of extraction of minerals and ores that are buried deep inside the earth’s crust. Major types of underground mining techniques that are used include hard and soft mining. With hard underground mining the process of excavation of hard minerals such as lead, copper, nickel, iron, gold and silver is carried out. However, minerals such as potash, coal, oil shale and other minerals are extracted with the help of soft underground mining techniques. Various types of mining equipment are available in the market based on the type of mineral that needs to be extracted. Equipment used for underground mining include overhead loaders, draglines, shovels, haul trucks, front end loaders, gathering-arm loaders, conveyors, etc.
Catalyzed by stable economic growth across both developed and developing regions, increasing levels of disposable incomes and a rise in the middle-class population, there has been a strong growth in the demand of various minerals such as iron, gold, copper, coal, lead, aluminum, silver, etc. This has catalyzed a rising demand for underground mining equipment. Moreover, the substantial rise in the consumption of energy in the form of coal and nuclear fuels as a result of increasing urbanization and industrialization is also creating a positive impact on the demand of underground mining equipment. Additionally, underground mining causes minimum harm to the environment as compared to surface mining. With explosions being made underground, no toxic gases are released in the surroundings. Other factors that are currently driving this market include - lack of manual labor and its rising costs, increasing focus on improving the yield and productivity, enhanced use of high-quality equipment in mining, etc. Looking forward, IMARC Group expects the global underground mining equipment market to exhibit moderate growth during the next five years.
This report provides a deep insight into the global underground mining equipments market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the underground mining equipments industry in any manner.
The global underground mining equipment market reached a value of US$ 24.3 Billion in 2020.
Due to the outbreak of the coronavirus disease (COVID-19), social distancing measures have been implemented in numerous countries. As a result, mining companies of all sizes have radically slowed down or halted their operations. Also, the restrictions on transportation, shipping and manufacturing of mining equipment are negatively affecting the industry.
The rising underground mining activities due to an increase in the demand for energy represents one of the major factors stimulating the market growth. It is further supported by the replacement of older mining equipment to adhere to governmental regulations and improve overall productivity.
One of the significant market trends is the adoption of advanced technologies, such as robotics, smart sensors, and 3D printing, which has helped enhance the operational efficiency of the mining equipment. Additionally, market players are increasing their focus on reducing the cost and maintenance requirements of the products.
Longwalls are currently the most popular mining extraction type in the market, followed by room and pillars.
On the basis of the application, coal mining represents the largest segment, holding the majority of the market share. Other application segments include metal and mineral mining.
Region-wise, Asia Pacific exhibits a clear dominance in the market. Other major regions are North America, Europe, Middle East and Africa, and Latin America.
Leading players in the industry are Asea Brown Boveri (ABB) Ltd., Badger Meter, Inc., Emerson Electric Co., Faure Herman SA, General Electric Company, Honeywell International Inc., Index Corporation, Schneider Electric (Invensys), Rockwell Automation, Inc., Siemens AG, Teledyne Isco Inc., Azbil India Private Limited (Yamatake Co.) and Yokogawa Electric Corporation.
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