*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global underground mining equipment market reached a value of US$ 24.3 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global underground mining equipment market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type and application.
Breakup by Type:
Based on the type of mining, the market has been segmented as longwalls, and room & pillars. Longwalls currently represent the biggest segment.
Breakup by Application:
On the basis of application, coal mining represents the largest segment. Other major segments include metal mining and mineral mining.
Regional Insights:
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
The competitive landscape of the market has also been examined with some of the key players being Caterpillar Inc., Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, Sandvik AB, Sany Group Co., Ltd., Volvo, BELAZ and XCMG Group.
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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