Underground Mining Equipment Market to Grow at a CAGR of ~2% During Forecast Period of 2019 - 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. The study projects that the sales of underground mining equipment of 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.

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1. The global underground mining equipment market size estimated in 2019 is ~US$ 14 Bn.
2. The underground mining equipment market is estimated to grow at a CAGR of ~2% during the forecast period of 2019 and 2029.
3. Growth of the mining industry and increase in the production rate of minerals are projected to boost the demand for underground mining equipment in the global market.
4. 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.
o East Asia, due to substantial growth of underground mining in China, is anticipated to continue be a prominent regional market for underground mining equipment manufacturers.
5. Technological advancements and autonomous equipment are expected to remain prime areas of development for underground mining equipment market players.
o Nowadays, most of the manufactures are focusing on developing hybrid or electric underground mining equipment to improve the safety and productivity of equipment in underground mines.
o The market players are also focusing on developing autonomous equipment for underground mining operations.

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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.

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However, the mining industry in 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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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

This release was published on openPR.