Press release
Underground Mining Market is Expected to Reach the Valuation of US$ 25 Bn by 2031
The coronavirus crisis has caused an unprecedented downswing in economic activities in the underground mining market. Nevertheless, the pandemic has created opportunities for market stakeholders to rethink and revise their business plans. Effective communication and strong health - and safety-oriented work culture are being inculcated in mining operations.
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Even though companies in the underground mining market have been facing productivity concerns, complicated personnel transportation, and other socio-economic challenges, new strategies such as remote operations of service type mining jobs are gaining prominence. Mining companies are collaborating with local communities to ensure business continuity. Nevada's mining companies have allocated millions of dollars to support local communities' education and help small business owners. They are increasing efforts to establish a resilient infrastructure for market volatility.
Can Flying Drones Achieve Large-scale Application in Underground Mining?
Flying drones hold promising potentials in transforming underground mining operations. However, harsh underground environments pose several obstacles to flying drones. Poor lighting, confined spaces, and high temperature, among other factors are preventing the large scale use of drones in underground mining. Hence, companies in the underground mining market should invest in drones that can tolerate collision and harsh environments.
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Drone manufacturers are increasing R&D to develop machines that are resistant to heat temperatures and adapt with humidity changes. Waterproof and dustproof drones are being preferred by underground mining operators.
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Field Investigation Tools Help Avoid Dynamic and Life-threatening Phenomena in Mines
The underground mining market is expected to clock a CAGR of 1.5% during the forecast period. This is evident since challenges such as casualties due to structure failures and activities including drilling or blasting improper roadway layouts are very likely to cause rock bursts, thus adversely affecting productivity of workers. Hence, mining companies are increasing efforts to deploy field investigation or monitoring pertaining to dynamic and life-threatening phenomena in mines.
Companies in the underground mining market are mainly focusing to bridge the gap between laboratory tests and actual mining activities with the help of integrated studies related to both these aspects. Advanced tools and methods for laboratory testing of support components are being implemented. Mining companies are gaining a practical experience of dynamic engineering cases.
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Comprehensive Solutions in Underground Mining Operations Assist in Gaining Competitive Edge
The underground mining market is expected to reach the valuation of US$ 25 Bn by 2031. Orica Limited - an Australian-based multinational corporation, is gaining recognition for its comprehensive solutions in underground mining operations such as safe & efficient supply of cyanide and sulfide dust reduction. Restricted access blasting, cavity filling, and environmental management are some other operations carried out during underground mining.
On the other hand, companies in the underground mining market are tapping into revenue opportunities in underground hard rock mining. This involves blasting and moving the ore & maintain mining services such as ventilation, water lines, and airlines. Preventive measures such as inspection of all equipment and machinery for any potential defects are growing necessary for underground hard rock mining operations.
Underground Mining Market: Competition Landscape
Detailed profiles of providers of underground mining have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
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Key players operating in the global underground mining market are
BHP
Anglo American Plc
Rio Tinto
Vale
Implats Platinum Limited
Norilsk Nickel
Amur Minerals Corporation
Alcoa Corporation
The Redpath Group
GBF Underground Mining Company
OZ Minerals
Thyssen Mining
Barminco
Glencore
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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Rohit Bhisey
Transparency Market Research Inc.
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