Market Scenario for US Underground Mining Equipment
Market Research Future published a Cooked Research Report on US Underground Mining Equipment Industry. The US Underground Mining Equipment Industry is expected to reach USD 4321.1 Million at the end of the forecasted period and is expected to show a staggering growth at CAGR of 4.3% from 2016 to 2022.
Industry Overview and Drivers
The US Underground Mining Equipment Industry is driven by increase in mining activities. The Midwest region shows a rapid increase in the mining sites followed by south, West and Northeast in the US. Coal mining holds the maximum share in underground mining and leads to high demand of specialized mining equipment. Furthermore, the government’s supportive regulations and policies regarding mining safety, employment, environment, and equipment usage have augmented the demand for the underground mining equipment in US.
Key Players in US Underground Mining Equipment Industry
- Komatsu Ltd.
- Caterpillar Inc.
- Joy Global Inc.
- Sandvik AB
- Volvo AB
- Hitachi Construction Machinery Co. Ltd.
- Doosan Infracore Co. Ltd.
- Boart Longyear Ltd.
- Flsmidth Group
- Kennametal, Inc.
- Liebherr – International Deutschland Gmbh
- Metso Corporation
- Thyssenkrupp AG.
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Midwest dominates the US Underground Mining Equipment Industry with its largest market share of USD 1836.4 million. It will expand at a CAGR 4.7% over the forecast period. This share is attributed to the increase in mining activities and lots of investments in the region.
It is followed by South, which is expected to grow rapidly over USD 1475.2 million by 2022. West and Northeast are also expected to grow from 2016 to 2022.
It is expected that the US Underground Mining Equipment Industry will advance with higher growth rate as compared to previous years. The current challenges for the market are safety of the workers and environment. The growing population and urbanization in the emerging economies is driving the market of Underground Mining along with overall infrastructure development, sustainable mining development policies, and supportive mining safety regulations over the next five years. The Longwall Extraction is estimated to be the leading Underground mining equipment in United States with market value of USD 2803.2 million by 2022 due its high recovery rate. Coal Mining acquires a share of USD 3174.6 million by the end of forecasted period.
Market Research Analysis:
Underground mining is a process used to access ores and valuable minerals in the grounds by digging into the ground to extract them. Underground Mining is generally carried out when minerals or precious stones are so buried that surface mining is not an option. Underground rooms are created to facilitate the mining operations. Specialized underground mining equipment is used to undergo this technique. The scope of the study includes two types of mining methods: Longwall Extraction and Room & Pillar Extraction. The selection of mining methods is primarily based on the geological/spatial setting of the deposit. The method offering the most reasonable and optimized combination of safety, economic and recovery is then chosen.
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