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Underground Mining Equipment Market : Global Demand Analysis & Opportunity Outlook 2024

Published On : 09:40 AM, 14th September, 2017 REP-ID-293 Category: Miscellaneous

Underground Mining Equipment Market

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

The underground mining equipment market is expected to grow at a CAGR of 6.4% over the forecast period i.e. 2017-2024. Rising development in major countries across the world and growing industrialization particularly in emerging economies is increasing the demand for metal and minerals. Increasing mining activities and improving economic conditions across the world are motivating miners to invest in advanced underground mining equipment to improve their productivity.

At present, Asia Pacific is dominating the global market with a leading share because of the increase in mining activities in the emerging economies of China, and India. In fact, China’s insatiable demand for coal to a great extent shapes the competitive dynamics in the market. North America is the second largest leading market. The rising number of mining sites, especially of coal has brought high demand for specialized mining equipment in the region.

underground mining equipment

Additionally, government regulations related to mining safety, employment, environment, and equipment usage have also strengthened the demand for technologically improved underground mining equipment. Midwest in the U.S. is a major contributor to the region’s revenue. Demand for underground mining equipment is also rising in Europe, since companies are replacing outdated machinery with more energy efficient solutions. They are looking to comply with labor safety rules and government regulations regarding greenhouse gas emissions. The Middle East and Africa are also considered as important contributors and is anticipated to observe significant growth over the next few years. 

Market Segmentation

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

By Mining

  • Longwall Extraction
  • Room and Pillar Extraction

By Application

  • Coal
  • Metal
  • Mineral

By Region

Global Underground 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
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western 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 North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth drivers and challenges

Rising urbanization and growing industrialization in most parts of the world is leading to an increased demand for metals and minerals. This is motivating mining enterprises to invest in advanced equipment for improved efficiency and productivity.

Further, better living standards and higher spending capacity of people has led to increased sales of gold, aluminum, and copper, among other commodities. This has helped to enhance the demand for underground mining equipment used for mining metals. A recent noticeable trend in the global underground equipment market is the massive thrust on developing innovative and more effective mining equipment for transportation, excavation, washing and screening process that helps to keep energy costs at bay. This has led to sense companies rapidly replacing outdated machinery with energy efficient ones for better profit margins. However, high cost of underground mining equipment is the major reason for hindering the global market.

Key Players

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

  • Sandvik AB
  • Komatsu
  •  AB Volvo
  •  Caterpillar Inc.
  •  Joy Global Inc.
  •  Hitachi
  •  Boart Longyear
  •  Kennametal
  •  Metso Corporation, and Thyssenkrupp AG.

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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