About Underground Mining Equipment
Mining is the process used to extract valuable minerals, rocks, metals, or other geological materials from the earth in the form of vein, seam, reef, lode, orebody, or placer deposits. These extracted materials form a mineralized package, which is profitable for the miner. Ores that are extracted by the process of mining include coal, metals, rock salt, potash, gravel, limestone, oil shale, gemstones, chalk, dimension stone, and clay. Mining is also used to extract non-renewable resources, such as crude oil and natural gas.
Technavio’s analysts forecast the global underground mining equipment market to grow at a CAGR of 4.29% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global underground mining equipment market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Underground Mining Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global underground mining equipment market: Atlas Copco, Boart Longyear, Caterpillar, Komatsu, and Sandvik.
Other Prominent Vendors in the market are: AARD Mining Equipment, CME, FURUKAWA, Guizhou Sinodrills Equipment, Mindrill Systems & Solutions, REVATHI EQUIPMENT, Rockdrill Services Australia, Rockmore International, Sulzer, and TEI Rock Drills.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integration of IoT in underground mining equipment for remote monitoring. The surface mining equipment industry has evolved over the years and will continue to adopt new practices and strategies for improved customer experience. Changes in underground mining equipment are driven by evolving technology, such as performance monitoring and remote monitoring.”
According to the report, one driver in the market is stabilization of industrial commodity prices. Industrial commodity prices are expected to stabilize, helping related industries recover profit margins over the forecast period. According to the World Bank reports, crude oil prices are forecast to reach above the $60/barrel mark in 2018. This price recovery, coupled with concerted efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states will allow crude oil prices to stabilize gradually. This increase in oil prices is expected to increase the prices of energy commodities, such as coal and natural gas. The demand for coal is expected to rise, especially in China, which consumes half of the global coal output.
Further, the report states that one challenge in the market is increasing popularity of rental underground mining equipment. Most underground mining equipment is expensive. This makes it difficult for mining companies to buy new underground mining equipment for mining projects low on budget and short in duration. As a result, the trend of renting underground mining equipment is increasing globally. Mining companies are compelled to reduce the cost of mining projects. They do so by renting underground mining equipment on a weekly or a monthly basis, based on the project requirements. Equipment rental reduces the need for buying a new underground mining equipment and maintaining it for an extended period.
Atlas Copco, Boart Longyear, Caterpillar, Komatsu, and Sandvik, AARD Mining Equipment, CME, FURUKAWA, Guizhou Sinodrills Equipment, Mindrill Systems & Solutions, REVATHI EQUIPMENT, Rockdrill Services Australia, Rockmore International, Sulzer, and TEI Rock Drills.