Global Underground Mining Equipment Market to Reach US$ 27.5 Billion by 2024

Global Underground Mining Equipment Market to Reach US$ 27.5 Billion by 2024

“Global Underground Mining Equipment Market Fostered by Increasing Energy Consumption – IMARC Group”
The global underground mining equipment market has witnessed steady growth in recent years. This can be attributed to the rising consumption of energy worldwide along with the increasing adoption of improved mining equipment to enhance productivity.

According to the latest report by IMARC Group, titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global underground mining equipment market size reached US$ 22.5 Billion in 2018. Underground mining is an efficient and reliable process used for extracting material deposits like ores and minerals that are buried deep inside the earth’s crust. It is safe, economical, produces negligible waste and does not cause substantial damage to the mining area. It involves two types of underground mining techniques, namely, hard and soft mining. Hard underground mining aids in the excavation of hard minerals such as lead, copper, nickel, iron, gold and silver. On the other hand, minerals like coal, potash and oil shale are extracted with the help of soft underground mining techniques. Some of the commonly used underground mining equipment include shovels, conveyors, draglines, haul trucks, overhead loaders, front end loaders and gathering-arm loaders.

Market Trends:

On account of the rising population, rapid urbanization and increasing industrialization, a significant rise in the consumption of energy has been experienced in recent years. The consequent increase in energy production has provided a boost to underground mining activities across the globe. In addition to this, underground mining causes negligible harm to the environment when compared to surface mining, as the explosions are made underground and no toxic gases are released into the surroundings. Furthermore, miners in developed countries like the United States, Europe and Japan are replacing their older mining equipment to adhere to government regulations and improve their overall productivity which, in turn, is strengthening the growth of the underground mining equipment market. Other growth-inducing factors include the lack and increasing cost of skilled labor, rising use of high-quality equipment, and the growing focus on enhancing the yield and productivity. Looking forward, the market is projected to reach a value of US$ 27.5 Billion by 2024, expanding at a CAGR of 3.5% during 2019-2024.

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Market Summary:

Market Breakup by Type of Mining Extraction

1. Longwalls
2. Room and Pillars

Based on the type of mining extraction, the market has been bifurcated into longwalls, and room and pillars. Currently, the longwalls segment dominates the market, holding the largest share.

Market Breakup by Application

1. Coal Mining
2. Metal Mining
3. Mineral Mining

On the basis of the application, the market has been divided into coal, metal and mineral mining. At present, coal mining accounts for the majority of the total market share.

Market Breakup by Region

1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America

Explore related research reports: https://www.imarcgroup.com/categories/heavy-industry

Region-wise, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific accounts for the majority of the global market share on account of the rising demand for metals and minerals and increasing mining activities in countries such as India, China and Australia. 

Competitive Landscape

The competitive landscape of the market has been examined with some of the key players being Asea Brown Boveri Ltd., Badger Meter Inc., Emerson Electric Co., Emerson Process Management, Faure Herman SA, General Electric, Hach/Marsh McBirney Inc., Honeywell International Inc., Index Corporation, Invensys Process Systems, Rockwell Automation Inc., Siemens AG, Teledyne Isco Inc., Yamatake Co. and Yokogawa Electric Co.

For more information about this report visit https://www.imarcgroup.com/underground-mining-equipment-market

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