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The global underground mining equipment market reached a value of US$ 26.9 Billion in 2021.
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 type of mining 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 Caterpillar Inc., Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, Sandvik AB, Sany Group Co., Ltd., Volvo, BELAZ and XCMG Group.
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