The global underground mining equipment market is expected to exhibit a strong 7.13% CAGR over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The global underground mining equipment market is studied extensively in the MRFR report, which delivers a comprehensive analysis of the leading market drivers and restraints, key segments, and major players operating in the market. The global underground mining equipment market is expected to reach a valuation of more than USD 30 billion by 2023.
The global underground mining equipment market has been mainly driven by the growing demand for coal in power generation projects and the growing demand for metal in the manufacturing sector. The demand for coal in energy generation projects has declined slightly in recent years as the focus has shifted to clean, sustainable power, However, the global underground mining equipment market is still majorly driven by the demand for coal, which remains the majority option for most countries when it comes to providing power to large parts of the country. While in the long term the demand for underground coal mining may decrease, in the short term, it is likely to remain the major driver for the global underground mining equipment market over the forecast period.
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The growing demand for automated mining equipment management solutions is likely to be a key feature of the global underground mining equipment market over the forecast period. The key benefits of automation solutions include the availability of a central management portal that can control the operations across the mine and easier control over all aspects of the mine. This is likely to become a popular option in the underground mining industry over the forecast period due to the increasing entry of competent, convenient automation solutions in the market.
Competitive Analysis:
Leading players in the global underground mining equipment market include Boart Longyear Ltd., Kennametal Inc., FLSmidth Group, Metso Corporation, Hitachi Construction Machinery Co. Ltd., Liebherr – International Deutschland GmBh, Thyssenkrupp AG, Volvo AB, Sandvik AB, Caterpillar Inc., and Komatsu Ltd.
Industry Updates:
In May 2019, Sandvik announced that it would provide automated fleet solutions under the AutoMine brand to Codelco’s El Teniente mine in Chile.
Segmentation:
The global underground mining equipment market is segmented on the basis of mining method, application, and region.
By mining method, the global underground mining equipment market is segmented into longwall extraction and room & pillar extraction.
By application, the global underground mining equipment market is segmented into coal mining, metal mining, and mineral mining. Coal mining is likely to hold the largest share in the global underground mining equipment market by 2023. The segment held a share of 43.44% in the global underground mining equipment market in 2017 and is likely to remain dominant over the forecast period due to the dependence of the power distribution architectures of major countries on coal.
Regional Analysis:
Asia Pacific is likely to dominate the global underground mining equipment market over the forecast period due to the leading role played by countries such as China, Australia, and India in the global mining industry. Coal as well as metals and minerals such as gold, base metals, diamonds, and copper are mined in the region, leading to a growing demand from the underground mining equipment market. The growing share of China in the global mining industry is likely to lead to a growing demand from the underground mining equipment market over the forecast period. China accounted for two-thirds of the Asia Pacific underground mining equipment market in 2016 and is likely to retain a similar level of dominance over the forecast period.
North America is likely to follow Asia Pacific over the forecast period due to the growing demand for the mining of coal, precious metals, base metals, as well as industrial minerals. The Middle East and Africa is also likely to hold a key share in the global underground mining equipment market over the forecast period due to the increasing mining activities in the region.
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