Market Research Future (MRFR)’s recent analysis of the global underground mining equipment market reveals that the market is set to expand at a CAGR of 7.13% during the forecast period. The market is projected to reach a valuation of USD 30,406.6 Mn by the end of 2023. The increasing demand from the energy sector for coal is likely to drive the proliferation of the underground mining equipment market in the foreseeable future. Furthermore, an increase in drilling and exploration activities is anticipated to catalyze the expansion of the market.
The thriving manufacturing sector has intensified the need for metals to be utilized in the production process. This, in turn, is poised to expedite the economic activities in the global Underground Mining Equipment Market. Additionally, the favorable laws enforced by the governments across the globe for promoting the burgeoning mining sector is another major factor responsible for accelerated revenue creation for market players.
The rapid industrialization of Asia Pacific has been influencing the growth of the market positively. The region contributes largely towards the proliferation of the global underground mining equipment market. The technological advancements added to the product portfolios of the equipment manufacturers provide an impetus to the market growth. Nevertheless, the restraints prevailing in the market responsible for holding the market proliferation include stringent laws regulating the use of coal, and lack of skilled labor.
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By type of mining method, the global underground mining equipment market is segmented into longwall extraction and room & pillar extraction.
By application, the underground mining equipment market has been segmented into coal mining, metal mining, and mineral mining. The coal mining segment dominated the market in 2016 and is expected to exhibit substantial growth over the next few years. The growth can be ascribed to the increasing demand for coal from the energy and power sector.
By region, the global underground mining equipment market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific accounts for a major share of the underground mining equipment market and is expected to retain its dominance towards the end of the assessment period. The significant country-level markets responsible for driving the growth of the regional underground mining equipment market include China, India, Australia, and Indonesia among others. China alone accounted for 67.67% share of the underground Asia Pacific’s mining equipment market in 2016. Asia Pacific encompasses major producers of commodities such as base metals, gold, coal, diamonds, etc. Additionally, the region is also well known for the consumption of metals and minerals. The trend is likely to perpetuate in the foreseeable future.
North America holds a substantial share of the global underground mining equipment market. It is projected to remain highly lucrative through the forecast period. Meanwhile, the Middle East & Africa resonates strong opportunities for growth. The regional underground mining equipment market is prognosticated to exhibit a steep rise in the growth curve.
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Some of the key players profiled in the report include Komatsu Ltd., Sandvik AB, Volvo AB, Caterpillar Inc., ThyssenKrupp AG, Liebherr — International Deutschland GmBh, Metso Corporation, FLSmidth Group, Kennametal, Inc., Hitachi Construction Machinery Co., Ltd., and Boart Longyear Ltd.
In September 2018, Murray & Roberts Cementation (MRC), an industry-recognized market leader, placed mining equipment orders with Epiroc to be used for the underground production build-up of the Kalagadi manganese mine.
In September 2018, Thiess, mining services provider, entered into USD 190 Mn contract for Leinster underground mine.
In October 2018, the U.S. Mine Safety and Health Administration (MSHA) announced the launch of proximity detection/collision warning technology for the mining industry.