Underground Mining Equipment Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The global underground mining equipment market is projected to expand at a CAGR of 4.6% during the forecast period of 2021 to 2030. Hence, the market for underground mining equipment is anticipated to gain a valuation of US$ 182,119 Mn by 2030. The underground mining equipment market was valued at US$ 125,274.0 Mn in 2020.
Mining refers to a process in which metals, coal, water, minerals, and oil are extracted from the earth. Underground mining equipment are used for a wide range of applications such as mineral mining, coal mining, and metal mining. Hence, rise in the number of such mining activities is prognosticated to boost the sales prospects in the global underground mining equipment market during the forecast period.
Rise in the demand for haulers, excavators, crawler dozers, crawler excavators, and articulated dump trucks in the mining activities is generating lucrative avenues in the global underground mining equipment market. Due to rise in the number of urban population across the globe, the need for natural resources and oil is being increasing globally. This factor is favoring the sales growth in the global underground mining equipment market. Furthermore, increase in the global population is resulting into rise in the demand for minerals, which in turn, is fueling the expansion of the global underground mining equipment market.
Manufacturers of different underground mining equipment are increasing focus on the development of next-gen products. Hence, they are seen investing heavily in the R&D projects. Moreover, several players in the underground mining equipment market are strengthening their product offerings by launching new products. Mergers, acquisitions, partnerships, and collaborations are some of the strategies used by enterprises in order to expand their regional reach. These activities are expected to result into the sizable growth of the global underground mining equipment market during the forecast period.
Rising urbanization and growing industrialization in most parts of the world is leading to an increasing demand for metals and minerals. This is motivating mining enterprises to invest in advanced equipment for improved efficiency and productivity. Moreover, stringent regulations for reducing fuel consumption, curbing greenhouse gas effects, and labor safety norms are compelling mining enterprises to replace conventional equipment with state-of-the-art energy efficient solutions.
Underground mining equipment is used to excavate hard minerals, which mainly contain metals such as iron, copper, nickel, lead, tin, silver, gold, and zinc, along with ores of precious stones such as diamond. To facilitate the mining of minerals beneath the earth’s surface, miners construct underground chambers to carry out the work. The mining company employs best feasible methodologies for extracting the minerals factoring in operational and non-operational parameters and the economic viability of the operation.
Underground mining employs different types of equipment for different stages. For instance, material handling activities such as loading and hauling of excavated ore employ slushers, front-end loaders, Load-Haul-Dump units, gathering-arm loaders, overhead loaders, and rubber-tired shuttle cars and trucks. This also employs transportation by rail, conveyor, and gravity flow. Typically, in mineral mining operations, ores are loaded into underground equipment and conveyed to ore passes, where the ore is dumped. A chute is usually present at the lower level opening of the pass, where the ore is loaded and is carried either to the underground bins or is directly carried to the main haulage level.
Some other equipment that is used in underground mining operations include boomheaders, continuous miners and shearers, and coal cutters.
Underground mining entails extracting metals, minerals, and ores such as iron ore, bauxite, titanium, and copper, and various non-metallic products from beneath the earth’s surface. The mining methods deployed for underground extraction are chosen after factoring in geographical conditions, spatial and geometric characteristics, the value of the ore, possible operational costs, and most important – the availability of raw materials.
Based on application, the global underground mining equipment market can be segmented into mineral mining, coal mining, and metal mining. Among them, the coal mining sector has been grossing maximum revenue and in the near future too will continue raking in robust revenue on the back of the energy industry driving demand. By type, the global underground mining equipment market can be segmented into room and pillar and longwall.
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The swift-pace of urbanization and rapid industrialization worldwide has majorly contributed to the global underground mining equipment market. This is because both require massive amounts of energy which has upped the need for coal needed for power generation. This has, in turn, boosted demand for underground mining equipment needed to extract coal. In fact, maximum demand for underground equipment is generated by the coal sector.
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 augment demand for underground mining equipment used for mining metals. A recent noticeable trend in the global underground equipment market is the immense thrust on developing advanced and more effective mining equipment for transportation, excavation, washing, and screening processes that helps to keep energy costs at bay. This has led to savvy companies rapidly supplanting outdated machinery with energy efficient ones for better profit margins.
Based on geography, the key segments of the global underground mining equipment market are Asia Pacific, Europe, North America, and the Rest of the World. At present, Asia Pacific dominates the global market with a leading share because of the increasing mining activities in the emerging economies of China, Australia, and India. In fact, China’s insatiable demand for coal to a great extent shapes the competitive dynamics in the market.
Besides Asia Pacific, North America is another key market. The rising number of mining sites, especially of coal has brought about high demand of specialized mining equipment in the region. Additionally, government regulations pertaining to mining safety, employment, environment, and equipment usage have also stoked demand for technologically improved underground mining equipment. Midwest in the U.S. is a major contributor to the region’s revenue. The Middle East and Africa are also considered important contributors.
To present a detailed assessment of the competition prevailing in the global underground mining equipment market, the report profiles important companies such as Sandvik AB, Komatsu Ltd, Volvo AB, Caterpillar Inc., Joy Global Inc., Hitachi Construction Machinery Co. Ltd., Boart Longyear Ltd., Kennametal, Inc., Metso Corporation, and Thyssenkrupp AG.
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