There is a growing demand for metals, minerals, coal and energy which is likely to be driven by the boom in real estate sector on the back of rapid pace in urbanization across the globe. In addition to that, increasing industrialization and presence of non-metallic mineral ores in Canada and overall abundance of mine reserves in North America is believed to propel the demand for underground mining equipment in years to come.
The global underground mining equipment market accounted for USD 18,700.0 Million in 2016 and is predicted to reach USD 30, 308.2 Million by the end of 2024. Further, the underground mining equipment market is estimated to witness a CAGR of 6.5% over the period 2017-2024.
In terms of regional segment, the global underground mining equipment market is divided into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, Asia Pacific accounted for the dominant share of 41.5% in overall underground mining equipment market owing to high consumption of metal and minerals due to growing rate of urbanization in the region. The second highest market share is predicted to be held by North America underground mining equipment market that is estimated to expand at CAGR of 5.2% over the forecast period. After North America, Europe underground mining equipment market held the third largest market share of 16.1% in 2016 owing to the presence of major industry players in the region.
In terms of application segmentation, the global underground mining equipment market has been divided into coal, metal and mineral, out of which, the coal segment dominated the market with 38.5% of market share in 2016 and is further predicted to continue its dominance over the forecast period. This can be attributed to the increasing demand for electricity in various nations.
The Report titled “Global Underground Mining Equipment Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of the global underground mining equipment market which includes profiling of Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Boart Longyear, thyssenkrupp AG, J.H. Fletcher & Co. Inc., Sandvik AB, Caterpillar Inc., Atlas Copco AB, SANY GROUP and Normet Group.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Underground Mining Equipment Market Outlook 2024”, analyses the overall underground mining equipment industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global underground mining equipment market in the near future.