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.
Our in-depth analysis segmented the underground mining equipment market in the following segments:
Global underground mining equipment market is further classified on the basis of region as follows:
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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.
The key players for underground mining equipment market are as follows:
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