The latest market report published by Credence Research, Inc. “Global Underground Mining Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Underground Mining Equipment Market generated revenue of around USD 15,954.8 million in 2022 and is anticipated to grow a CAGR of over 2.80% during the forecast period from 2023 to 2030 to reach around USD 19,357.2 million in 2030.
There is a growing demand for mining equipment, especially for applications such as metal mining, coal mining, and mineral mining, in various regions, including Asia-Pacific and Europe, which fuels the growth of the mining equipment market. In turn, an increase in urban population will lead to an increase in the demand for natural resources, such as oil, increasing the demand for mining equipment, thereby expanding the mining equipment market. In recent years, significant population increases have led to an increase in mineral consumption. Additionally, the rise in household incomes has contributed to the surge in mineral demand, positively contributing to the market's growth.
The global underground mining equipment market is bifurcated into Product Type, Mining Technique, End Users, and Geography. Based on product type, the market is categorized into mining loaders, mining trucks, mining drills, mining bolters, mining shearers, continuous miners, mining excavators & shovels, and mining scalers. On the basis of mining techniques, the global market is segmented into soft rock mining and hard rock mining. On the basis of end users, the global market is segmented into mining operators and rental service providers. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia-Pacific dominated the global underground mining equipment market and accounted for a major market revenue share in terms of value. The construction and mining industries are growing rapidly in India, China, and other countries. Underground mining equipment is becoming increasingly important as infrastructure development is becoming increasingly important across countries like India, China, Malaysia, and others. Furthermore, heavy investment in construction activities and the increased use of coal for electricity generation are also driving the market growth.
Underground Mining Equipment Market Major Challenges are abundant and oftentimes complex. One of the biggest challenges facing this market is the rapid technological advancements that are being made in equipment design, which can make older models obsolete very quickly. Additionally, safety concerns continue to be a major challenge for underground mining operations, as workers face hazardous working conditions such as poor ventilation and dangerous rock formations. Another significant factor affecting this market is the increasing regulatory pressures on mining companies to comply with environmental regulations aimed at reducing carbon emissions and minimizing their impact on local ecosystems.
The growth factors influencing the underground mining equipment market worldwide include:
· Increasing demand for minerals and metals: The growing global population and industrialization drive the demand for minerals and metals, leading to the expansion of underground mining activities and the need for advanced equipment.
· Technological advancements: Advancements in technology have resulted in the development of more efficient and automated underground mining equipment. This enhances productivity, improves safety, and reduces operational costs, driving market growth.
· Government regulations and safety standards: Strict regulations and safety standards imposed by governments worldwide promote the adoption of advanced underground mining equipment to ensure worker safety and minimize environmental impact.
· Expansion of mining projects: The exploration and development of new mining projects, particularly in emerging economies, contribute to the increased demand for underground mining equipment.
· Increasing investment in infrastructure: The focus on infrastructure development, such as transportation and energy projects, drives the demand for minerals and metals, thereby boosting the underground mining equipment market.
· Rising environmental concerns: The shift towards sustainable mining practices and the need for reducing carbon emissions drive the adoption of more eco-friendly underground mining equipment, including electric and hybrid vehicles.
· Growing automation and digitization: The integration of automation, artificial intelligence, and digital technologies in underground mining equipment enhances operational efficiency, reduces downtime, and enables real-time monitoring, fostering market growth.
· Emerging economies: Rapid industrialization and urbanization in emerging economies, such as China and India, create significant opportunities for the underground mining equipment market due to increased mineral extraction and infrastructure development.
· Replacement and modernization of aging equipment: The need to replace outdated underground mining equipment with advanced and more efficient machinery stimulates market growth.
Why to Buy This Report-
· The report provides a qualitative and quantitative analysis of the global underground mining equipment market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
· In-depth analysis of the global underground mining equipment market segmentation based on product type, mining technique, and end users.
· Major countries in each region with their import/export statistics
· The global underground mining equipment market report also includes analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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According to the latest report by IMARC Group, titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global underground mining equipment market reached a value of US$ 24.3 Billion in 2020.
Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026.We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
These observations will be integrated into the report.Request Free Report Sample:https://www.imarcgroup.com/underground-mining-equipment-market/requestsampleUnderground mining is an efficient and reliable process used for extracting material deposits like ores and minerals that are buried deep inside the earth’s crust.
It is safe, economical, produces negligible waste and does not cause substantial damage to the mining area.
It involves two types of underground mining techniques, namely, hard and soft mining.
Hard underground mining aids in the excavation of hard minerals such as lead, copper, nickel, iron, gold and silver.
The Underground Mining Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the underground mining market include Komatsu, Sandvick, Joy Global, Hitachi, Atlas Copco, Ab Volvo, Doosan, Metso and Caterpillar.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Underground Mining Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/underground-mining-market/download-sampleMarket DynamicsGrowing industrialization and urbanization across the world has increase the demand for minerals and metals.
The increasing demand for technologically advanced mining equipment from coal and metal mining industry is boosting the market growth.
Beside this, recovering economic conditions around the world are driving the miners to invest in advanced underground mining equipment to meet the market demand.
The global Underground Mining Equipment market was valued at 176.29 Million USD in 2020 and will grow with a CAGR of 7.11% from 2020 to 2027, based on our Researcher newly published report.The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches.
Also, this report covers market segmentation by major market verdors, types, applications/end users and geography(North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America).Download FREE Sample of this Report @ https://www.statsmarketresearch.com/download-free-sample/6563418/global-regional-underground-mining-equipment-2021-2027-786Underground Mining Equipment is the mining equipment used in the underground.
Underground mining is a technique used to access ores and valuable minerals in the ground by digging into the ground to extract them.
Underground mining involves mineral production by extracting natural resources such as metals, coal, and minerals, including iron ore, titanium, bauxite, and copper, and various non-metallic products from beneath the earth`s surface.The mining methods required for underground extraction are selected based on parameters such as geographical conditions, spatial and geometric characteristics, the economic value of ore, estimated operational costs, and availability of raw materials.
Globally, APAC region generates the highest consumption value, followed by the North America, Europe, South America and Africa.
Also, the growing demand from coal industry will drive the underground mining equipment market.The coal mining sector was the highest revenue generator with over 40.21% market share in 2016, and this growth will continue through the forecast period.
