Global Underground Mining Equipment Industry to reach 29.06 Bn US$ by 2023: Caterpillar Inc., Komatsu Mining Corp., Sandvik AB, Hitachi Co. Ltd.

The worldwide market of underground mining equipment is immensely competitive with a huge number of international players. Various mining equipment vendors are investing heavily in R&D to challenge the local players in the market.

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Key Companies Analysis: The notable players operating in this industry include Caterpillar Inc., Komatsu Mining Corp., Sandvik AB, Hitachi Co. Ltd., Atlas Copco Group, Volvo Group, Doosan Group, Metso Corporation, Liebherr Group, Minemaster. The company profiles will include key information about companies such as company description, base of operations, operational presence, product/business portfolio, employee strength, list of key stakeholders and board of directors, organizational structure, key competitors and their details, financial information such as revenue growth, profit margin, market capitalization, market positioning of key players, share price comparison, SWOT analysis, key developments, business strategies, and analysts’ views. The information for individual companies has been derived through financial reports, paid databases, and company news articles, among others.

The global Underground mining equipment market was valued at US$ 21.21 Bn in 2018 and is expected to reach US$ 29.06 Bn by the end of the forecast period, growing at a CAGR of 6.5% during the period from 2018 to 2023.

Region-wise, the number of key players changes but the emerging vendors are present around the globe. Emerging players have a good hold on the international market and are constantly advancing in the introduction of growing solutions so as to overcome the challenges of current mining.

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The stable financial development in both developing and developed regions, rising levels of disposable incomes, and a rise in the middle-class population, there has been an intense growth in the requirement of several minerals like gold, iron, coal, copper, aluminium, lead, silver, etc. This has augmented the demand for underground mining equipment. Also, the significant growth in energy consumption in the form of nuclear fuels and coal as a result of growing industrialization and urbanization, is also generating a positive impact on the demand for underground mining equipment.

In addition to these, underground mining is less harmful for the environment in comparison of surface mining. When explosions are done underground, zero toxic gases are discharged in the surroundings. The various aspects that are presently propelling this market comprise – a scarcity of manual labour and its growing costs, rising focus on enhancing the productivity and yield, improved use of high-quality equipment in mining, etc.

Recent Developments in the Market:

Volvo Construction Equipment (CE): In Mar 2019, Volvo Construction Equipment (CE) is to acquire ‘construction and mining equipment adaptor’ CeDe Group for an undisclosed sum. Due to this acquisition, Volvo CE will get a strong partner that will also assist Volvo CE’s objectives of increasing its product offering into new applications and segments, and providing a partner who will deliver low volume production and prototypes.

Sandvik: In Mar 2019, Sandvik has introduced an operator training simulator to provide a compact and flexible solution to safely train teams on the DD422i, DD422iE, and DT922i drill rigs. The introduced simulator provides a low-weight safe training tool which is immensely portable, making it to be utilized at the location where it is required, i.e., on site. The simulator enhances both drilling and operator performance, providing benefits for underground drilling applications.

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Related Reports on Underground Mining Equipment Market:
Global Underground Mining Equipment Market Full Report
Global Underground Mining Equipment Market Summary Report
Global Underground Mining Equipment Market Segmentation Report
Global Underground Mining Equipment Market Regional Report
Global Underground Mining Equipment Market Statbook

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