Underground Mining Equipment Market is estimated to grow at a CAGR of ~2% during 2019 – 2029.

The study projects that the sales of underground mining equipment worth ~US$ 14 Bn were recorded in 2018. However, the market value is likely to grow at a passive CAGR of 2.4% through 2029. Future Market Insights (FMI), in its new study, evaluates the ongoing developments in the underground mining equipment market and projects their impact on the growth of the market between 2019 and 2029.

Rising adoption of automatic underground mining equipment among manufacturers to sync with the ongoing trends in the ever-evolving mining industry is set to incur tech-driven transformations in this landscape, opines the study. In addition, stringent emission regulations regarding controlled diesel emission and personnel safety in the mining industry are likely to stimulate innovations that can enable dealing with the relentless pricing pressure more efficiently, and mitigate the environmental impacts of new-age underground mining equipment.

Advanced techniques of mining and their impacts on various socio-economic factors have been a prolonged concern worldwide. The shift of a majority of miners from surface or open-pit mining to underground mining has further amplified concerns vis-à-vis human safety and the environmental impacts.

Technology is emerging as the most efficient tool for introducing enhanced features in underground mining equipment, and FMI’s study examines the influence of advancements in technologies and other microeconomic factors on the growth of the underground mining equipment landscape.

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Mineworkers’ Staunch Inclination towards Hard Rock Mining Equipment

FMI’s study finds that every 7 out of 10 underground mining equipment sold in 2018 were designated to applications associated with hard rock mining platforms. Increasing demand for hard rock minerals, such as copper, gold, zinc, and lithium, in wide-ranging industries, has given rise to hard rock mining activities in the mining industry. Leading players in the underground mining equipment landscape are focusing on catering to the thriving need for improved productivity in underground hard rock mines with the launch of next-generation mining equipment.

In addition, conventional hard rock mining techniques result in the release of toxic gases including carbon dioxide (CO2), and Sulphur dioxide (SO2) among others, which is triggering the adoption of electric equipment in hard rock mines. In addition, the study finds that coupling underground mining equipment that can carry out multiple operations including parallel cutting, loading, and hauling operations is likely to witness high demand in the coming years.

Key Factors Shaping the Underground Mining Equipment Market

Recovery and Stabilization of the Mining Industry across the Globe

The global mining industry is cyclical, which means it depends upon the performance of various further downstream end-use sectors. This makes the mining industry rely on the overall worldwide economic scenario. Relatively sluggish economic growth, growing protectionism, etc. are some of the prime factors leading to the low demand for commodities and sapped investor confidence, which, in turn, has resulted in the subdued growth of the mining industry at the global level.

However, the mining industry in the Asia Pacific and Latin America, especially countries such as Brazil, Australia, and India, is expected to return to its steady phase in the coming years, thus creating opportunities for mining equipment companies, and translating the positive effect of the same to underground mining equipment manufacturers.

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Underground Mining Equipment Market Key Segment

By Product Type

Mining Loaders
Mining Trucks
Mining Drills
Mining Bolters
Mining Shearer
Continuous Miners
Mining Excavators & Shovels
Mining Scalers
Others
By Mining Technique

Soft Rock Mining
Hard Rock Mining
By End Users

Mining Operators
Rental Service Provider
By Region

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa
Visibly Growing Preference for ‘Rental’ over New

In rough terrains such as the mining industry, constant wear and tear of mining equipment lead to high replacement rates, incurring significant depreciation costs to the end-users. As large mining machinery, including underground mining equipment, come with a significantly high price tag, purchasing new equipment creates the need for high capital investments.

A majority of miners are inclined towards purchasing used or refurbished equipment, even considering the option of renting rather than investing in new underground mining equipment. Since a majority of mining businesses are looking for reducing their initial investments, rental service providers are likely to gain traction in the coming years.

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Underground Mining Equipment Market – Key Research Findings

The global underground mining equipment market size estimated in 2019 is ~US$ 14 Bn.
The underground mining equipment market is estimated to grow at a CAGR of ~2% during the forecast period of 2019 and 2029.
The growth of the mining industry and an increase in the production rate of minerals are projected to boost the demand for underground mining equipment in the global market.
East Asia and Europe are expected to account for more than half of the value share in the global underground mining equipment market during the forecast period.
East Asia, due to the substantial growth of underground mining in China, is anticipated to continue to be a prominent regional market for underground mining equipment manufacturers.
Technological advancements and autonomous equipment are expected to remain prime areas of development for underground mining equipment market players.
Nowadays, most manufacturers are focusing on developing hybrid or electric underground mining equipment to improve the safety and productivity of equipment in underground mines.
The market players are also focusing on developing autonomous equipment for underground mining operations.

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This release was published on openPR.