“Underground Mining Equipment Market: Global Demand Analysis & Opportunity Outlook 2024”
The global underground mining equipment market is segmented into application such as coal mining, metal mining and mineral mining. Among these segments, underground coal mining equipment segment is expected to occupy the top position in global underground mining equipment market. Further, increasing demand and less supply of electricity in several nations such as Brazil, India and others are anticipated to boost the demand for coal over the forecast period. These factors are anticipated to exponentially increase the market size of underground mining equipment for coal market.
Global Underground Mining Equipment Market is expected to flourish at a significant CAGR of 6.4% over the forecast period. Factors such as rapid urbanization and rising demand for minerals and metals such as gold, copper and others is expected to fuel the growth of the underground mining equipment market. Additionally, advancement in mining technology and development of new mining equipment is believed to propel the growth of the underground mining equipment market.
Asia Pacific captured the highest percentage of market share in overall underground mining equipment market in 2016. Further, Asia Pacific is expected to continue its dominance over the forecast period. This can be attributed to high demand for underground mining equipment from Australia and China. Europe market is projected to showcase substantial growth during the forecast period. Further, presence of key manufacturers in the region is envisioned to bolster the growth of the market.
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Increasing Demand for Minerals and Metals
Rising demand for coal from the energy sector is anticipated to grow the market of global underground mining equipment. Similarly, rising sale and demand for precious metals such as gold, silver and others are expected to propel the demand for underground mining equipment.
Technological Development and Innovations
Advancement in technology and development of innovative equipment are anticipated to escalate the growth of the underground mining equipment market. For instance, on July 7, 2017, Atlas Copco AB launched new generation Mobile Miner product line which is equipped with continuous mining technology. Although, high cost of machines, stringent government regulations to curb environmental pollution and degrading ores are some of the factors which are expected to hamper the growth of the global underground mining equipment market.
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The report titled “Underground Mining Equipment Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global underground mining equipment market in terms of market segmentation by application, by mining method, by fuel type and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global underground mining equipment market which includes company profiling of Sandvik AB, Komatsu Mining Corp., Caterpillar Inc., Hitachi Construction Machinery Co., Boart Longyear, Kennametal, Metso Corporation, Thyssenkrupp AG, Atlas Copco AB and FLSmidth Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global underground mining equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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