Menu ×

MINERALS, METAL & MINING

Underground Mining Market Segmentation by Equipment (Overhead Loaders, Draglines, Front End Loaders, Gathering-Arm Loaders, Conveyors, and Others); by Application (Metal, Mineral, Coal, and Others) – Global Demand Analysis & Opportunity Outlook 2030

  • Text Size:

Extensive insights into the Growth of Underground Mining Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

IN THE NEWS

  • June 2020: Jindal Steel and Power Ltd. Collaborated with Metso Corporation to improve the efficiency of its steel production company, using the 95% efficient filters of Metso.

Global Underground Mining Market Highlights over 2022 – 2030

The global underground mining market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for metal, coal and other end-products obtained from mining, backed by tremendous industrial growth globally. The rising application of metal, minerals, coal, ores, and others, in various end-user industries, including energy & power, automotive, construction, and others. According to the data by the Organization for Economic Co-operation and Development (OECD), construction industry accounts for approximately 50% of total world steel consumption. Increasing investment in the mining sector backed by the growth in the end-user industries is estimated to boost the market growth.

Underground Mining Market

The market is segmented by application into metal, mineral, coal, and others, out of which, the coal segment is anticipated to hold the notable share in the global underground mining market over the forecast period on account of increasing demand for coal as a raw material in the thermal power plants. According to the statistics by the International Energy Agency (IEA), global coal-fired power generation capacity crossed 2,125 GW in 2020. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Refinery Catalyst

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Underground Mining Market Regional Synopsis

On the basis of geographical analysis, the global underground mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large coal reserves in countries, such as, India and Bangladesh. According to the data by the Central Electricity Authority, electricity generated by coal accounted for around 75% of the total power generation in India, in 2020. Moreover, presence of major steel production plants in the APAC region, increasing mining activities, and availability of cheap labor for mining are a few major factors estimated to boost the market growth.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major mining sites for minerals in the regions of Canada, and the United States.

Underground Mining Market

The global underground mining 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, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global underground mining market includes the following segments:

By Equipment

  • Overhead Loaders
  • Draglines
  • Front End Loaders
  • Gathering-Arm Loaders
  • Conveyors
  • Others

By Application

  • Metal
  • Minerals
  • Coal
  • Others

Growth Drivers

  • Increasing Demand for Mining Products
  • Growing Investment in the Mining Sector

Challenges

  • Depletion of Ores and Coal
  • Lack of Skilled Labor

Top Featured Companies Dominating the Market

  • Boart Longyear
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • FLSmidth Group
  • Kennametal Inc.
  • Metso Corporation
  • Hitachi Construction Machinery Co., Ltd.
  • Komatsu Ltd.
  • Liebherr-International Deutschland GmbH
  • thyssenkrupp AG
  • AB Volvo
  • Sandvik AB

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved