Press release
An Ultimate Guide to Underground Construction Equipment Market growing at a CAGR of 4.7% from 2022 to 2031
Allied Market Research has released a report predicting the global underground construction equipment market will reach $31.3 billion by 2031, growing from $19.4 billion in 2021 at a compound annual growth rate (CAGR) of 4.7%. The report provides detailed insights into various market aspects, including segmentation analysis, competitive landscape, market dynamics, key players, strategic moves, and contemporary trends.
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Market Dynamics
The report offers a comprehensive analysis of the growth drivers, market restraints, and opportunities within the industry. It employs precise analytical tools like Porter's Five Forces to highlight the competitive landscape at both global and domestic levels.
The demand for underground construction equipment is driven by industries such as automotive, manufacturing, and electronics, which require a steady supply of metals and minerals obtained through underground mining. Additionally, large-scale infrastructure projects, public-private partnerships, and government incentives further boost the market by expanding mining opportunities. These factors are expected to sustain market growth throughout the forecast period.
Segmental Analysis
The underground construction equipment market is segmented into four main categories: application, type, solution, and region.
By Application: Municipal engineering, oil & gas, underground mining, railway and highway, and others.
By Type: Piercing tools, dewatering systems, tunneling equipment, vibratory plows, shotcrete solutions, underground utility vehicles, and load and haul equipment.
By Solution: Services and products.
By Region: Europe, LAMEA (Latin America, Middle East, and Africa), North America, and Asia-Pacific, covering nearly 13 nations.
Competitive Scenario
The report provides a substantial analysis of key players and their performance. It also includes strategic initiatives such as partnerships, acquisitions, mergers, and collaborations to maintain competitiveness in the market.
Leading companies in the market include:
China Railway Group Limited
Sandvik AB
Global TBM Company
Caterpillar Inc.
Epiroc AB
Kawasaki Heavy Industries, Ltd.
Mitsubishi Corporation
Sany Group Co., Ltd.
Komatsu Ltd.
Caterpillar Inc. (listed twice, likely an error in the original text)
Full Report: https://www.alliedmarketresearch.com/underground-construction-equipment-market-A53682
Recent Industry Updates
March 2023: Volvo Trucks and Boliden partnered to introduce battery electric trucks for heavy underground transport in Kankberg mine, aiming to reduce CO2 emissions by over 25%, contributing to a sustainable mining industry.
November 2022: Miller Technology launched a new electric grader for underground mining. Powered by Ionic drive systems, it is retrofitted with HBM Novas 110M.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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