Underground Mining Equipment Market to reach US$ 20.55 Billion in 2033 - Comprehensive Research Report by FMI

During the forecast period, the underground mining equipment market is anticipated to grow at a lower CAGR of 2.3%. The market is predicted to generate US$ 16.37 billion in sales in 2023 and reach US$ 20.55 billion by 2033.

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.

Trailblazing Intelligence Awaits: Download the Sample Report to Embark on a Journey of Informed Decisions and Market-Shaping Insights:
https://www.futuremarketinsights.com/reports/sample/rep-gb-6296

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 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.

Mineworkers' Staunch Inclination towards Hard Rock Mining Equipment

FMI's study finds that every 7 out of 10 underground mining equipment sold in 2022 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 of underground mining equipment that can carry out multiple operations including parallel cutting, loading, and hauling operations are likely to witness high demand in the coming years.

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 among in the coming years.

FMI's study finds that more than half the revenue share is accounted by rental service providers in the underground equipment market. Increasing end-user preferences for rental equipment are fostering the progression of this trend in the market. A mounting number of rental service companies are offering refurbished mining equipment that are specifically tailored to suit the requirements of the underground mining sector. The FMI report also finds that leading stakeholders and investors in the underground mining equipment landscape are zooming in their strategic focus on providing rental service packages to suit changing needs of their customers, regarding the inventory of equipment.

Key Players:

Caterpillar Inc.
Sandvik AB
Epiroc AB
Komatsu Ltd
Boart Longyear Ltd
Hitachi Construction Machinery
Liebherr Group
Sany Heavy Industry Co., Ltd.
Xuzhou Construction Machinery Group Co. Ltd
Volvo Construction Equipment
Schmidt, Kranz & Co. Gmbh
J.C. Bamford Excavators Limited
CMM - Cocental SAS
Yantai Jiaxiang Mining Machinery Co., Ltd.
Resemin, SA

Upgrade your entertainment experience - Click 'Buy Now' to enjoy endless hours of immersive fun and excitement: https://www.futuremarketinsights.com/checkout/6296

Underground Mining Equipment Market: Segmentation

Product Type:

Mining Loaders
Mining Trucks
Mining Drills
Mining Bolters
Mining Shearer

Continuous Miners:

Mining Excavators & Shovels
Mining Scalers
Mining Technique:
Soft Rock Mining
Hard Rock Mining

End Users:

Mining Operators
Rental Service Provider

Key Regions Covered:

North America
UNITED STATES
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
United Kingdom
France
Spain
Russia
Rest of Europe
Japan
APEJ
China
India
Malaysia
Singapore
Australia
Rest of Asia Pacific Excluding Japan (APEJ)
MEA
GCC Countries
Israel
South Africa
Rest of Middle East Asia (MEA)

Explore This Report From Different Publications:
1) https://www.globenewswire.com/en/news-release/2022/01/27/2374363/0/en/Underground-Mining-Equipment-Market-to-reach-US-18-8-Bn-in-2031-Comprehensive-Research-Report-by-FMI.html

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports

Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.