Underground Mining Industry- Regional Synopsis
Asia Pacific Market Forecast
Asia Pacific industry is poised to dominate majority revenue share of 49% by 2037, Increasing mineral and coal demand, growing R&D in underground mining methods, and favorable government support for the underground mining industry are driving the demand and are actively boosting the Asia Pacific market. According to the India Brand Equity Foundation, the mineral’s demand was estimated to increase by 3% in 2023 due to expanded electrification and overall economic growth in India. The estimated number of mines in India was 1,425 in 2022 out of which reported non-metallic minerals at 720 and metallic minerals mines at 525.
North American Market Statistics
The growing demand for coal in the North America region is a significant factor propelling underground mining market expansion. Underground mining accounts for 35% of coal, 8% of metals, and 4% of minerals mined in the United States. The percentage of materials handling equipment operated by electricity is 20% for coal, 0% for metals, and 0.5% for industrial minerals. According to the U.S. Energy Information Administration, the U.S. coal production in 2022 experienced an increase of 2.9% over 2021, and an increase of 7.8% in 2021 over 2020.
