Underground Mining Equipment to Worth USD 30,406.6 Mn. by 2023

Pune, India, August , 2018 /MRFR Press Release/- Market Research Future published a cooked research report on “Global Underground Mining Equipment Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Scenario

Underground Mining Equipment Market refers to highly specialized machinery used in the mining sector. Underground automation is the prevalent trend observed in the mining sectors currently. The automation of this equipment has brought up the ability to increase productivity, lengthen maintenance times, increased safety and reduced diesel emissions, and to carry out all of those things, it has upskilled the local workforce. Naturally, the underground mining equipment market is witnessing its heydays growing pervasively on the global platform. 

Evaluating the potential of this market to surge in the years to come, Market Research Future (MRFR) in its recently published study report asserts that the global underground mining equipment market will experience an accretion of USD 30,406.6 Million. by 2030 registering a CAGR of  8.50% throughout the forecast period (2022 to 2030).

The Mine Safety and Health Administration (MSHA) is striving to improve safety technology for mobile equipment and belt conveyors used in the underground mining sector. And, to reduce accidents involving powered haulage which includes haul trucks, front-end loaders and other large vehicles as well as belt conveyors, the agency has undertaken a larger initiative -Request for Information (RFI).

Additionally, MSHA will provide technical assistance, develop best practices and training materials to raise awareness of hazards related to mobile equipment and belt conveyors by soliciting data from stakeholders on technology and practices that can improve safety conditions for miners. Such initiatives undertaken by the public and private agencies is providing impetus to the market growth, increasing automation of these equipment.

The market growth is predominantly driven by rising demand for the demand of coal from the energy sector, growing demand of metal by manufacturing industries and supportive government policies. Additional factors providing impetus to the market growth such as rising population, along with the increasing urbanization and industrialization, define the growing demand for energy.    

Increasing demand for coal is expected to result in a rise in demand for the underground mining equipment market. Changed supply and demand dynamics is expected to increase in the number of mines leading to boost the market growth.

On the other hand, factors such as stringent regulations pertaining to mining and the shortage of skilled and technologically competent labor force are some of the factors impeding the growth to an extent.

Global Underground Mining Equipment Market – Segments

The MRFR analysis is segmented into three key dynamics for the convenience of understanding;By Types of Mining Methods: Longwall Extraction and Room & Pillar Extraction among others.By Applications: Coal mining, Metal mining, and Mineral mining among others.

By Regions:  North America, Europe, APAC and the Rest-of-the-World.

Underground Mining Equipment Market –

Regional Analysis

The Asia Pacific region is leading the global underground mining equipment market. The growing drilling activities in the countries such as India, China, Australia, Indonesia and others dominate the Asian mining sector and drive the market growth in the region.

These countries are not only the major producers but also one of the leading consumers of commodities such as gold, diamonds, base metals, coal, among others. China, among the other APAC countries, accounted for the largest 67.67% of the market share in 2016.

Whereas, in North American region, a number of ongoing mining activities especially in the US coupled with the augmented demand for conventional and non-conventional mining are supporting the market growth in the region

Underground Mining Equipment Market –Competitive Landscape

Despite the significant performance challenges, the mining industry structure did not change significantly up till 2016. However, beginning of 2017 tables started turning up witnessing increasing M&A activities with considerable percentages.

Even well-established industry leaders such as Caterpillar Inc., and Komatsu Schlumberger were unable to create the value. However, exhibiting buoyancy those key players would be seen again marching significantly towards success, adopting different strategies such as collaboration, contracts, agreements, and partnerships to increase their market shares. Focused on research and development to develop innovative technologies, these dynamic players would shift the market dynamics during the forecasted period 2017 – 2023.

Key Players:

Some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the market include Caterpillar Inc., Komatsu Ltd., Sandvik AB, Thyssenkrupp AG, Volvo AB, Liebherr - International Deutschland GmBh, Metso Corporation, Hitachi Construction Machinery Co., Ltd., FLSmidth Group, Boart Longyear Ltd., and Kennametal, Inc.

Industry/Innovation/Related News:

July 24, 2018 – Caterpillar Inc. (US), one of the leading global mining equipment manufacturers announced its partnership with Newmont Mining Corporation (US), a gold producer to develop and improve technology used in underground hard rock mining vehicle automation.

The collaboration is expected to support Caterpillar and Newmont to make further improvements in terms of underground vehicle automation, including improvement of existing technology and deployment of new features.

In addition to the safety and security of machine operators, the agreement provides the platform for new or improved capabilities to be jointly and quickly scoped, piloted, proven and adopted into operations. Besides the collaboration agreement also covers information sharing for assistance in strategic and tactical decision-making with respect to automation.

Additionally, the partnership is expected to pave way for rapid replication across its operations by leveraging Caterpillar’s global business model and dealer network. Also, the deployment of Command for the underground operating model at other mines will create more value.

August 09, 2018 – The Australian gold miner, building the world's first fully autonomous underground mine is set to begin production in Africa. The Syama mine in Mali is set to be the world's first fully automated underground mine.  Access Full Report Details - underground mining equipment market size