Underground Mining Equipment Market By Mining Method (Longwall Extraction And Room And Pillar Extraction), By Application (Coal Mining, Metal Mining, Mineral Mining), And Region - Global Forecast To 2028
6th March 2019
find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global underground mining equipment market is estimated to value at over US$ 17.79 Bn in 2019, and is expected to register a CAGR of 4.4%. The report offers in-depth insights, revenue details, and other vital information regarding the global underground mining equipment market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2028. The report also offers insightful and detailed information regarding the various key players operating in the global underground mining equipment market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global underground mining equipment market report has been segmented on the basis of mining method, application, and region.
Mining is the process of extracting the valuable other geological materials and minerals from the earth generally from a lode, vein, orebody, seam, reef or placer deposit. Underground mining is known as the mining technique where the superimposing layer of rock and soil is removed, and excavated the hard minerals including ore that contains nickel, silver, gold, nickel, copper, iron, zinc, tin and lead. Underground mines are alternative to surface mines.
Two phases of underground mining including development mining and production mining. Development mining is composed of excavation mostly entire in waste rock gaining access to the orebody. Production mining is sub segmented into two methods, long hole and short hole. Short hole mining is same as to development mining, but it occurs in ore. On the other hand, long hole mining needs two mines within the ore at various unalike elevations below surface, (15 m – 30 m apart).
Global Underground Mining Equipment Market: Market Dynamics
The major factor driving the growth of the underground mining equipment market is growing various real estate sectors, growing energy demand from different sectors such as manufacturing and development, coupled with supporting government policies for these underground mining equipment’s. In addition, developments and improvements in mining technologies, growing concerns among countries regarding energy security and increasing energy demand. However, high costs of research and development and specialty equipment’s for underground mining equipment and stringent government regulations, and lack of well-trained drivers for underground mining equipment are some of the major factor expected to hamper growth of the target market over the forecast period.
Increasing number of new construction and reconstruction activities in residential and non-residential sectors owing to increasing urbanization and industrialization. Increasing investments by governments of various countries for infrastructure development is leading to need for vertical, inclined, and horizontal digging of ground, excavation, and foundation in order to build buildings and structures on the surface. Demand for automation has been increasing in order to remove human operatives from dangerous environment, to monitor real-time atmospheric conditions and get safety alerts, thereby enhancing mining operations. The process of underground mining activities emits carbon into the atmosphere which may have negative impact on biodiversity and human health.
Increasing global population along with improved financial activities that has significantly boosted demand for coal for electricity generation and heating purposes and expected to bolster growth of the market over the forecast period. However, increasing cost of mining process, strict government regulations regarding reduction of natural non-renewable resources are key factors expected to restrain growth of the global underground mining equipment market over the forecast period. Increasing need for Geographic Information Systems (GIS) in mineral exploration activities for systematic presentation of data by using traditional cross-sections and graphical strip logs, and planning map views. This allows professionals to perform in-depth analysis of data related to mineral exploration, geochemical, environmental management, mining conditions, geophysical data, etc.
One of the latest trend in the market is combination of automation in mining sector i.e. remote monitoring and tele–operated Mining, is expected to create a lucrative opportunity for growth of the global underground mining equipment market.
Emergence and rising adoption of technologically advanced products in mining sector such as remote control equipment and tele operated mining equipment. This is among the major trend observed in the target market.
Global Market Analysis by Mining Method:
Among the mining method, the longwall extraction segment is expected to give major revenue share in the global underground mining equipment market and is expected to register highest CAGR of over 4.2%, in terms of revenue over the forecast period. This is primarily attributed to significant improvements in longwall equipment and operating practices.
Global Market Analysis by Application:
Among all the application segments, the coal mining segment is expected to contribute major revenue share in the global underground mining equipment market and is expected to register highest CAGR of over 4.3%, in terms of revenue over the forecast period. This can be attributed to increasing number of mining activities, especially related to iron ore and coal, in emerging economies such as China, Japan, and India.
Global Market Analysis by Region:
Asia Pacific market is expected to dominate the global underground mining equipment market, and is expected to account for largest revenue share as compared to that of markets in other regions. The major driving factors for growth of the underground mining equipment market in this region is increasing coal and metal exploration activities for power generation, and initiation of new projects of thermal power energy in countries such as China and India coupled with Moreover, high investments in emerging countries including China, Indonesia, Australia, and Malaysia, increasing mining activities and growing demand for technically advanced solutions.
In addition, stringent government regulations are forcing mine operators to deploy advanced machineries and equipment to reduce emission and to match safety regulations are other factors expected to support growth of the market in Europe, and in turn is expected to drive growth of the global Underground Mining Equipment market.
Asia Pacific market is expected to register highest CAGR of over 4.7% in the global underground mining equipment market over the forecast period. This is primarily attributed to technological advancements and replacement of outdated machinery, in countries in this region.
Global Underground Mining Equipment Market Segmentation:
Global Underground Mining Equipment Market Segmentation by mining method:
- Longwall Extraction
- Room and Pillar Extraction
Global Underground Mining Equipment Market Segmentation by application:
- Coal Mining
- Metal Mining
- Mineral Mining
Global Underground Mining Equipment Market Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Caterpillar Inc.
- Komatsu Mining Corp.
- Sandvik AB
- Hitachi Co. Ltd.
- Atlas Copco Group
- Volvo Group
- Doosan Group
- Metso Corporation
- Liebherr Group
- Boart Longyear
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.0 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Mining Method
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 2.2.4 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 3.0 Chapter 3
- 1.0 Chapter 1
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