Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global underground mining equipment market was worth US$ 22.5 Billion in 2018. 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, the market value is projected to reach US$ 27.5 Billion by 2024, expanding at a CAGR of 3.5% during 2019-2024.
Based on the type of mining extraction, the market has been segmented as longwalls, and room & pillars. Longwalls currently represents the biggest segment.
On the basis of application, coal mining represents the largest segment. Other major segments include metal mining and mineral mining.
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 Asea Brown Boveri Ltd., Badger Meter Inc., Emerson Electric Co., Emerson Process Management, Faure Herman SA, General Electric, Hach/Marsh McBirney Inc., Honeywell International Inc., Index Corporation, Invensys Process Systems, Rockwell Automation Inc., Siemens AG, Teledyne Isco Inc., Yamatake Co. and Yokogawa Electric Co.
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.
Key Questions Answered in This Report:
How has the global underground mining equipment market performed so far and how will it perform in the coming years?
What are the key regional markets in the global underground mining equipment industry?
What is the breakup of the global underground mining equipment market based on the type of mining extraction?
What is the breakup of the global underground mining equipment market based on the application?
What are the various stages in the value chain of the global underground mining equipment market?
What are the key driving factors and challenges in the global underground mining equipment market?
What is the structure of the global underground mining equipment market and who are the key players?
What is the degree of competition in the global underground mining equipment market?
How is underground mining equipment manufactured?
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