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Underground Mining Equipment Market By Mining (Longwall Extraction, Room and Pillar Extraction and Others); By Application (Coal, Metal, Mineral) - Global Demand Analysis & Opportunity Outlook 2024

Published On : 03:40 AM, 17th July, 2018 REP-ID-293 Category: Miscellaneous

Underground Mining Equipment Market Overview

Underground mining is the process of extracting mineral and ores that are buried too far underground. The primary objective of the underground mining is to extract ore from underground as safely and economically as possible while producing as little waste. The most common equipment for material handling such as loading and hauling excavated ore are slushers, gathering-arm loaders, front-end loaders, overhead loaders, Load-Haul-Dump units (LHDs), and rubber-tired shuttle cars and trucks, as well as transportation by conveyor, rail, and gravity flow. Ore is loaded into underground equipment and transferred to ore passes, where the ore is dumped.

Market Size and Forecast

Global underground mining equipment market reached USD 18,700.0 Million in terms of value in 2016 and is expected to reach USD 30, 308.2 Million by the end of 2024, expanding at a CAGR of 6.5% over the forecast period i.e. 2017-2024. Further, growing real estate sector is anticipated to boost the demand for metals and energy which is likely to swell the growth of the underground mining equipment market over the forecast period.

Asia Pacific is slated to account for a leading share of 41.5% in the terms of value by 2024 in the underground mining equipment market. The growth in the region is anticipated to be fostered by the increasing demand and consumption of underground equipment by China and Australia. Besides, high consumption of metal and minerals in the region owing to the rapid urbanization in the region is also expected to impel the growth of underground mining equipment market in the Asia Pacific. China, Australia and India are the prominent countries in the region. In addition to the application, market is further segmented into mining such as longwall extraction, room and pillar extraction and others, out of which, longwall extraction segment, with 61.6% market share in 2016, is anticipated to have largest share by the end of 2024.Global longwall extraction market is anticipated to flourish at a CAGR of 7.3% over the forecast period.

Market Segmentation

Our in-depth analysis segmented the underground mining equipment market in the following segments:

By Mining

  • Longwall Extraction
  • Room and Pillar Extraction
  • Others

By Application

  • Coal
  • Metal
  • Mineral

By Region

Global underground mining equipment market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX, Turkey Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (GCC, Israel, North Africa, South Africa, Rest of Middle East) Market size, Y-O-Y growth & Opportunity Analysis

Underground Mining Equipment Market

Growth drivers and challenges

Growing population in urban cities is one of the key factors which are driving the growth of the real estate sector in developing countries. Moreover, growing real estate sector is anticipated to boost the demand for metals and energy which is likely to spur the growth of the underground mining equipment market. For instance, the urban population in developing countries such as India is expected to reach 41.8% of the world’s total population by 2030, characterized by high income individuals that are expected to fuel the demand for products over the forecast period i.e. 2017-2024. This factor is believed to supplement the growth of underground mining equipment market.

Further, rising demand for energy in the economies such as India, China, and others is creating great demand for underground mining equipment in coal mines which further is opening new opportunities for the underground mining equipment players to meet the rising demand for underground mining equipment. Rapid introduction of advanced underground mining equipment is a major factor which is augmenting the demand for underground mining equipment across the globe. For instance, Joy Global launched Joy Smart solutions to increase the operation of mining. This factor is believed to foster the growth of underground mining equipment market. 

However, strict government regulations to curb the environment pollution are anticipated to negatively impact the growth of global underground mining equipment market over the forecast period. Further, scams related to coal in some nations is projected to hinder the growth of mining industry. For instance, scams in India such as Coal Scam has slowed the foreign investment in mining which further is limiting the growth of the underground mining equipment market.

Key Players

The key players for underground mining equipment market are as follows:

  • Sandvik AB
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Komatsu ltd.
  • Hitachi Construction Machinery Co., Ltd.
  • Boart Longyear
  • thyssenkrupp AG
  • J.H. Fletcher & Co., Inc.
  • Sandvik ABHitachi
  • Atlas Copco AB
  • SANY GROUP
  • Normet Group
  • Other Key Players

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global underground mining equipment market is segmented as follows:

  • By Mining Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

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