The major factor driving the growth of the Global Underground Mining Equipment Market is the increased demand of coal from the energy sector. With rapid urbanization and industrialization across the globe, there has been an increased demand for power generation. This in turn has led to an increased demand for coal, which is a vital resource for energy production by the energy industries. The rapid increase in the demand for various metals such as steel by the manufacturing industries is also contributing to the growth of the market.
The key drivers for the growth of the underground mining equipment market are increased demand of coal from energy sector, growing demand of metal by manufacturing industries and supportive government policies. On the basis of application, coal mining accounted for the largest market share of 43.44% in 2016. The share is attributed to the increasing demand of coal by energy and power sector, especially from the emerging nations such as Brazil, and India. The countries have shown positive growth indicators in last few years and thus have become major consumers of power and energy due to rapid urbanization and industrialization. Furthermore APAC contributes largely to the overall market share of underground mining equipment market. However, factors such as stringent regulations on the use of coal and unavailability of skilled labor is expected to hamper the growth of the market. The Global Underground Mining Equipment market size is expected to reach USD 30,406.6 million by 2023 and is projected to grow at 7.13% CAGR during the forecast period.
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The key players of the global underground mining equipment market include- Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Liebherr – International Deutschland GmBh, Hitachi Construction Machinery Co., Ltd., Metso Corporation, FLSmidth Group, Kennametal, Inc., and Boart Longyear Ltd.
Market Research Analysis
The Asia-Pacific region is dominating the global underground mining equipment market with 49.54% of share in 2016, in terms of value. It is expected to grow at a CAGR of 7.43% during the forecast period. The growth can be attributed to the increasing demand of metals in the manufacturing of consumer goods. North America is the home of two of the world’s largest mining countries, the USA and Canada and is thus expected to grow at a CAGR of 7.12%. In the Europe region, the mining industry is contributing significantly to the growth of the economic growth of the region, thereby driving the growth of the market.
Regional Analysis of Global Underground Mining Equipment Market
APAC accounts for the largest market in the global underground mining equipment market. Countries like China, India, Australia, Indonesia and others dominate Asian mining sector. The countries are also major global producers of commodities such as gold, diamonds, base metals, coal, among others. The region is not only the major producer but also one of the leading consumers of the metal and minerals. China accounted for the largest market share of 67.67% in the APAC underground mining equipment market in 2016.
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LIST OF TABLES
TABLE 1 MARKET SYNOPSIS 14
TABLE 2 WORLD ENERGY CONSUMPTION, 1990-2040 (QUADRILLION BTU) 22
TABLE 3 GLOBAL UNDERGROUND MINING EQUIPMENT MARKET, BY TYPE OF MINING METHOD, 2015–2023 (USD MILLION) 33
TABLE 4 OECD COAL CONSUMPTION BY REGION, 1980, 2012, 2020, AND 2040 (QUADRILLION BTU) 36
TABLE 5 NON-OECD COAL CONSUMPTION BY REGION, 1980, 2012, 2020, AND 2040 (QUADRILLION BTU) 36
TABLE 6 GLOBAL UNDERGROUND MINING EQUIPMENT MARKET, BY APPLICATION, 2014–2023 (USD MILLION) 39
TABLE 7 GLOBAL UNDERGROUND MINING EQUIPMENT MARKET, BY REGION, 2014–2023 (USD MILLION) 42
TABLE 8 NORTH AMERICA: MINERAL PRODUCTION, 2015 (METRIC TONNES) 42
TABLE 9 NORTH AMERICA: UNDERGROUND MINING EQUIPMENT MARKET, BY COUNTRY, 2014–2023 (USD MILLION) 43
TABLE 10 NORTH AMERICA: UNDERGROUND MINING EQUIPMENT MARKET, BY TYPE OF MINING METHOD, 2014–2023 (USD MILLION) 43
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