Underground
mining is the process of extracting mineral and ores that are buried too far
underground. The primary objective of the underground mining is to extract ore
from underground as safely and economically as possible while producing as
little waste.
The most
common equipment for material handling such as loading and hauling excavated
ore are slushers, gathering-arm loaders, front-end loaders, overhead loaders,
Load-Haul-Dump units (LHDs), and rubber-tired shuttle cars and trucks, as well
as transportation by conveyor, rail, and gravity flow. Ore is loaded into
underground equipment and transferred to ore passes, where the ore is dumped.
Market size and forecast
The
underground mining equipment market is expected to grow at a CAGR of 6.4% over
the forecast period i.e. 2017-2024. Rising development in major countries
across the world and growing industrialization particularly in emerging
economies is increasing the demand for metal and minerals. Increasing mining
activities and improving economic conditions across the world are motivating
miners to invest in advanced underground mining equipment
to improve their productivity.
At
present, Asia Pacific is dominating the global market with a leading share
because of the increase in mining activities in the emerging economies of
China, and India. In fact, China’s insatiable demand for coal to a great extent
shapes the competitive dynamics in the market. North America is the second
largest leading market. The rising number of mining sites, especially of coal
has brought high demand for specialized mining equipment in the region.
Additionally,
government regulations related to mining safety, employment, environment, and
equipment usage have also strengthened the demand for technologically improved
underground mining equipment. Midwest in the U.S. is a major contributor to the
region’s revenue. Demand for underground mining equipment is also rising in
Europe, since companies are replacing outdated machinery with more energy
efficient solutions. They are looking to comply with labor safety rules and
government regulations regarding greenhouse gas emissions. The Middle East and
Africa are also considered as important contributors and is anticipated to
observe significant growth over the next few years.
Market Segmentation
Our
in-depth analysis segmented the Underground mining equipment market in the
following segments:
By Mining
Longwall
Extraction
Room and
Pillar Extraction
By
Application
Coal
Metal
Mineral
By Region
Global
Underground equipment market is further classified on the basis of region as
follows:
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market
size, Y-O-Y growth & Opportunity Analysis
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth drivers and challenges
Rising
urbanization and growing industrialization in most parts of the world is
leading to an increased demand for metals and minerals. This is motivating
mining enterprises to invest in advanced equipment for improved efficiency and
productivity.
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Further,
better living standards and higher spending capacity of people has led to
increased sales of gold, aluminum, and copper, among other commodities. This
has helped to enhance the demand for underground mining equipment used for
mining metals. A recent noticeable trend in the global underground equipment
market is the massive thrust on developing innovative and more
effective mining equipment for transportation, excavation, washing and
screening process that helps to keep energy costs at bay. This has led to sense
companies rapidly replacing outdated machinery with energy efficient ones for
better profit margins. However, high cost of underground mining equipment is
the major reason for hindering the global market.
Key Players
The key
players for underground mining equipment market are as follows:
Sandvik AB
Komatsu
AB
Volvo
Caterpillar
Inc.
Joy
Global Inc.
Hitachi
Boart
Longyear
Kennametal
Metso
Corporation, and Thyssenkrupp AG.
Scope and
Context
Overview
of the Parent Market
Analyst View
Segmentation
The global
underground mining equipment market is segmented as follows:
By Mining
Market Size & Y-O-Y Growth Analysis
By
Application Market Size & Y-O-Y Growth Analysis
By Region
Market Size & Y-O-Y Growth Analysis
Market
Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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For Table of Content &
Free Sample Report Contact:
Ajay
Daniel
Email:
ajay.daniel@researchnester.com
U.S. +1 646 586 9123
U.K. +44 203 608 5919
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