The report titled “Global Underground Mining Equipment Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024” delivers detailed overview of the global underground mining equipment market in terms of market segmentation by mining, application 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.
The Urban Population around the Globe is believed to increase by 3.29% between the time period of 2016 and 2024 ~ The World Bank
The gradual increase in urbanization is driving the growth of real estate sector around the globe. In addition to that, there is an increasing demand for coal and metals from energy, manufacturing sector and mining companies. These factors are expected to propel the demand for the underground mining equipment. However, exploration of new mining reserves will boost the demand for underground mining equipment along with various advanced underground mining technologies and equipment. Further, the growing rate of industrialization is believed to expand the underground mining equipment by reaching USD 30, 308.2 Million by the end of 2024 as compared to USD 18,700.0 Million in 2016 by witnessing a CAGR of 6.5% between the period 2017 and 2024.
The underground mining equipment market is segmented by mining into longwall extraction, room and pillar extraction and others. Among these segments, the longwall extraction segment dominated the market with highest share of 61.6% and is believed to behold its dominance throughout the forecast period owing to high productivity combined with continuous enhancement and development of advanced longwall extraction equipment. Further, the longwall extraction segment is projected to achieve Y-o-Y growth rate of 9.3% in 2024.
Growing Number of Infrastructure Projects to Augment the Demand for Underground Mining Equipment in Future
The underground mining equipment market is thriving on the back of growing demand for energy and metals due to increasing population around the globe.
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Rapid Urbanization– Rapid pace in urbanization across the globe is expected to propel the demand for metals, minerals and coal.
Rapid Evolution of Mining Industry– Presence of non-metallic mineral ores in Canada combined with overall abundance of mine reserves in North America is believed to strengthen the growth of the mining industry.
Technological Advancements – The companies are advancing their products in order to build fuel efficient products which are positively impacting the growth of the underground mining equipment market.
Market Players’ are Improving towards Minimizing the Challenges faced by the Global Underground Mining Equipment Market
According to Research Nester, the strict government regulations to control environment pollution are envisioned to hinder the growth of the underground mining equipment market across the globe.
Stringent Environment Regulations – The government of various nations are implementing various acts to reduce the mining mortality rate.
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Low Investment in Mining – Factors such as inadequate monitoring and feeble law enforcement are resulting in decreased foreign mining investment in the developing nations.
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 Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Boart Longyear, thyssenkrupp AG, J.H. Fletcher & Co. Inc., Sandvik AB, Caterpillar Inc., Atlas Copco AB, SANY GROUP and Normet 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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