Growth of Underground Mining Equipment Market Trends, Share, Industry Size, Opportunities and Forecast 2017-2024 – Research Nester

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

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.

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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.

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 Demand for underground mining equipment is also rising in Europe, since companies are replacing outdated machinery with more energy efficient solutions.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.

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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

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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.

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