Underground Mining Equipment Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing demand for energy from various sectors is key driving factor for Global Underground Mining Equipment Market.
Underground Mining Equipment Market is valued at USD 134.42 Billion in 2018 and expected to reach USD 250.35 Billion by 2025 with the CAGR of 9.29% over the forecast period.
Mining is the extraction of different minerals from the earth. Underground mining is a method to extract metals and minerals that are situated far below the earth’s surface. There are mainly two mining techniques hard mining and soft mining. Hard rock mining refers used to dig hard minerals, usually those containing metals such as ore containing gold, silver, iron, tin and lead. Soft rock mining is used to extract panels i.e. rectangular blocks of coal. Mining process might vary according to the type of metals and minerals to be extracted from the earth. Various kinds of machinery used for underground mining are dump trucks, shuttle car, continuous miner, long wall mining equipment and others.
Underground mining equipment market is segmented on the basis of by type, application and by region. Based on type, the underground mining equipment market is segmented into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills, breakers and others. Based upon application type, the market is divided into metal mining, mineral mining and coal mining.
The regions covered in this underground mining equipment Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Underground Mining Equipment Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Key Players for Underground Mining Equipment Market Reports–
Key players of the underground mining equipment market are Caterpillar Inc, Komatsu Ltd, Liebherr Group, Sandvik AB, Hitachi Ltd, Copco, Metso Corp. and others.
Increasing Consumption of Natural Resources and Stringent Government Regulations
Increasing population coupled with increasing economic activities has significantly impact the demand for coal for various motives like electricity generation, steel production, cement manufacturing and as a liquid fuel is the major key factor which helps to grow the underground mining equipment market within the forecast period. Continuous growth in the living standard and disposable income is widely increasing the demand for metals like gold, silver and minerals used in manufacturing of consumer goods is also expected to foster the growth of underground equipment market. In addition, stringent government regulations for environmental concerns, safety standards, emission norms and import regulation are also anticipated to boost growth of underground mining equipment market within the forecast period. However, development of construction industry also predicted to increase the demand for underground mining equipment. However, high cost underground mining equipment can be a restraint to the growth of the underground mining equipment market. In spite of that, advancement in automation techniques for machines that will run in critical situations is predicted to offer the opportunities for the growth of underground mining equipment in the coming few years.
Asia Pacific is expected to dominate the Underground Mining Equipment Market
Asia Pacific accounted for the highest market share and is expected to continue the same over the forecast period owing to the increasing investments in advanced mining tools for mineral exploration, growing demand for metals and minerals in this region. In addition, increasing demand for coal mining is also one of the key growth factor for underground mining equipment market in this region in the coming few years.
Key Benefits for Underground Mining Equipment Market Reports –
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Underground Mining Equipment Market Segmentation –
- Mineral processing equipment
- Surface Mining Equipment
- Underground mining equipment
- Mining Drills
By Application Type:
- Metal mining
- Mineral mining
- Coal mining
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa