Underground Mining Equipment Market size is expected to reach USD 30,406.6 million by 2023

Underground mining equipment refer to highly specialized machineries used in the mining sector. Underground automation is the prevalent trend observed in the mining sectors currently. The automation of these equipment has brought up the ability to increase the productivity, lengthen out maintenance times, increased safety and reduced diesel emissions, and to carry out all of those things, it has upskilled the local workforce. Naturally, the underground mining equipment market is witnessing its heydays growing pervasively on the global platform.

Evaluating the potential of this market to surge in the years to come, Market Research Future (MRFR) in its recently published study report asserts that the global underground mining equipment market will experience the accretion of USD 30,406.6 Mn. by 2023 registering a CAGR of 7.13% throughout the forecast period (2017-2023).

The Mine Safety and Health Administration (MSHA) is striving to improve safety technology for mobile equipment and belt conveyors used in the underground mining sector. And, to reduce accidents involving powered haulage which includes haul trucks, front-end loaders and other large vehicles as well as belt conveyors, the agency has undertaken a larger initiative -Request for Information (RFI).

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Additionally, MSHA will provide technical assistance, develop best practices and training materials to raise awareness of hazards related to mobile equipment and belt conveyors by soliciting data from stakeholders on technology and practices that can improve safety conditions for miners. Such initiatives undertaken by the public and private agencies is providing impetus to the market growth, increasing automation of these equipment.

The market growth is predominantly driven by rising demand for demand of coal from energy sector, growing demand of metal by manufacturing industries and supportive government policies. Additional factors providing impetus to the market growth such as rising population, along with the increasing urbanization and industrialization, define the growing demand for the energy.

Increasing demand for coal is expected to result in a rise in demand for the underground mining equipment market. Changed supply and demand dynamics is expected increase in the number of mines leading to boost the market growth.

On the other hand, factors such as stringent regulations pertaining to the mining and the shortage of skilled and technologically competent labor force are some of the factors impeding the growth to an extent.

Global Underground Mining Equipment Market – Segments

The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Types of Mining Methods : Longwall Extraction and Room & Pillar Extraction among others.
By Applications : Coal mining, Metal mining, and Mineral mining among others.

By Regions : North America, Europe, APAC and the Rest-of- the-World.

Underground Mining Equipment Market – Regional Analysis

The Asia Pacific region is leading the global underground mining equipment market. The growing drilling activities in the countries such as India, China, Australia, Indonesia and others dominate the Asian mining sector and drive the market growth in the region.

These countries are not only the major producers but also one of the leading consumers of commodities such as gold, diamonds, base metals, coal, among others. China, among the other APAC countries accounted for the largest as in 67.67% of the market share in 2016.

Whereas, in North American region, a number of ongoing mining activities especially in the US coupled with the augmented demand for the conventional and non-conventional mining are supporting the market growth in the region

Underground Mining Equipment Market –Competitive Landscape

Despite the significant performance challenges, the mining industry structure did not change significantly up till 2016. However, beginning of 2017 tables started turning up witnessing increasing M&A activities with considerable percentages.

Even the well-established industry leaders such as Caterpillar Inc., and Komatsu Schlumberger were unable to create the value. However, exhibiting buoyancy those key players would be seen again marching significantly towards success, adopting different strategies such as collaboration, contracts, agreements, and partnerships to increase their market shares. Focused on research and development to develop innovative technologies, these dynamic players would shift the market dynamics during the forecasted period 2017 – 2023.

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Key Players:

Some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the market include Caterpillar Inc., Komatsu Ltd., Sandvik AB, Thyssenkrupp AG, Volvo AB, Liebherr - International Deutschland GmBh, Metso Corporation, Hitachi Construction Machinery Co., Ltd., FLSmidth Group, Boart Longyear Ltd., and Kennametal, Inc.

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