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Global Underground Mining Equipment Market Expected to Witness a Sustainable Growth over 2023
Underground Mining Equipment is the mining equipment used in the underground. Underground mining is a technique used to access ores and valuable minerals in the ground by digging into the ground to extract them.
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Global Underground Mining Equipment Market: Forecast by Type / Application / Region
Underground mining involves mineral production by extracting natural resources such as metals, coal, and minerals, including iron ore, titanium, bauxite, and copper, and various non-metallic products from beneath the earth’s surface. The mining methods required for underground extraction are selected based on parameters such as geographical conditions, spatial and geometric characteristics, the economic value of ore, estimated operational costs, and availability of raw materials. Globally, APAC region generates the highest consumption value, followed by the North America, Europe, South America and Africa. The growing mining activities in developing countries of APAC such as China, India, and Australia, are the major factors influencing the growth of the market. Also, the growing demand from coal industry will drive the underground mining equipment market.
The coal mining sector was the highest revenue generator with over 40.21% market share in 2016, and this growth will continue through the forecast period. The energy industry is a significant end-user of mined coal products, as coal being a vital resource for energy production. Also, following the rapid growth in urbanization and industrialization, the demand for power generation has increased, thus triggering coal mining activities.
Over the next five years, LPI(LP Information) projects that Underground Mining Equipment will register a 6.9% CAGR in terms of revenue, reach US$ 24100 million by 2023, from US$ 17300 million in 2017.
Global Underground Mining Equipment Market: Key Players
Caterpillar
Komatsu (Joy Global)
Volvo
Hitachi Construction Machinery
Sandvik
Atlas Copco
Metso
ThyssenKrupp
Liebherr-International
ZMJ
FLSmidth
Doosan Infracore
China Coal Group
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Related Information:
United States Underground Mining Equipment Market Research Report 2018
Europe Underground Mining Equipment Market Research Report 2018
North America Underground Mining Equipment Market Research Report 2018
Asia-Pacific Underground Mining Equipment Market Research Report 2018
China Underground Mining Equipment Market Research Report 2018
EMEA Underground Mining Equipment Market Research Report 2018
Global Underground Mining Equipment Market Research Report 2018
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