The Global Underground Mining Equipment Market is anticipated to garner USD 30,406.6 million with a CAGR of 7.13% during the forecast period (2017-2023)
The prominent players operating the Global Underground Mining Equipment Market are Liebherr – International Deutschland GmBh, Sandvik AB, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Volvo AB, FLSmidth Group, ThyssenKrupp AG, Boart Longyear Ltd., Metso Corporation, Komatsu Ltd., and Kennametal Inc.
The Global Underground Mining Equipment Market is anticipated to garner USD 30,406.6 million with a CAGR of 7.13% during the forecast period (2017-2023) owing to the augmenting demand for coal from the energy sector, asserts Market Research Future (MRFR). Underground mining equipment can be referred to the highly specialized machinery which is utilized in the mining sector. Mining is used to extract valuable rocks, minerals, and other forms of geological materials from inside the earth in the form of seam, vein, lode, reef, orebody, or placer deposits. Such extracted materials form a mineralized package which is further profitable for the miners.
January 23, 2019: Sandvik has recently acquired Artisan Vehicle Systems, which is a U.S. based battery-powered underground mining equipment. This privately-owned company designs its underground mining trucks and loaders with highly reliable, high powered, and field-proven battery-electric powertrains. The deal has strengthened Sandvik’s expansion into the battery electric vehicle industry.
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Drivers and Constraints Impacting the Market
The Global Underground Mining Equipment Market is anticipated to experience stellar CAGR during the estimated period owing to several driving factors. With the accelerating demand for coal from the energy sector, supportive policies from the government, and augmenting demand for metal by the manufacturing industries, the global market for underground mining equipment is considered to flourish. Catalyzed by the rising level of disposable income, stable economic growth across developing as well as developed regions, and increasing level of middle-class population, there has been a noticeable increase in the demand for minerals such as gold, iron, coal, copper, aluminum, lead, silver, etc. This has further triggered the demand for underground mining equipment market across the globe. Additionally, the increasing consumption of energy in the form of nuclear fuels and coal due to rapid industrialization and urbanization has created a positive impact on the underground mining equipment during the assessment period. Moreover, underground mining is considered to cause limited harm to the environment when compared to surface mining. This has further benefited the market across the globe.
On the flip side, lack of awareness among the global population coupled with the high price associated with the underground mining equipment is considered some of the major concerns likely to dampen the market growth in the coming years. Moreover, strict government mandates such as safety standards, environmental concerns, import regulations, and emission norms are expected to slow down the market growth.
Global Underground Mining Equipment Market: Segmental Analysis
The Global Underground Mining Equipment Market has been segmented on the basis of the type of mining method and application.
By Type of Mining Method, the global underground mining equipment market has been segmented into room & pillar extraction and longwall extraction.
By Mode of Application, the Global Underground Mining Equipment Market has been segmented into metal mining, coal mining, and mineral mining. Among these, coal mining occupies the largest market share with 43.44% in 2016. The growth is credited to the augmenting demand of coal by the energy and power sector, from the emerging economies such as India and Brazil. The segment for metal and mineral mining is also anticipated to experience a steady growth rate owing to the improving construction industry coupled with the rising production of consumer goods.
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Geographically, the underground mining equipment market has been studied under regions namely, Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America.
Among all the regions, the Asia Pacific region is considered to occupy the largest market share. Economies such as India, China, Indonesia, Australia, and others are likely to contribute to the market growth in this region. These economies are also major producers of commodities like diamonds, gold, coal, and base metals. The Asia Pacific region, besides being the major producer is also one of the leading consumers of minerals and metal, which highly contributes to the growth of the market.
The North American region is considered to occupy a significant share owing to some ongoing mining activities in the United States. Also, the rising demand for con-conventional and conventional mining is contributing to the market growth in this region.
TABLE OF CONTENTS
1 Executive Summary
2.2 Scope of the Study
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Drivers, Restraints and Trends of Global Underground Mining Equipment Market
4.3 Impact Analysis
4.5 Impact Analysis
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Porter’s 5 Forces Analysis
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