According to the latest report by IMARC Group, titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global underground mining equipment market size reached US$ 26.9 Billion in 2021. 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.
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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$33.1 Billion by 2027, expanding at a CAGR of 3.5% during 2022-2027.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global underground mining equipment market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type of mining and application.
- Caterpillar Inc
- Epiroc AB
- Hitachi Construction Machinery Co.
- Komatsu Ltd
- Sandvik AB
- Sany Group Co., Ltd.
- Volvo, BELAZ
- XCMG Group.
Breakup by Type of Mining:
- Room and Pillars
Breakup by Application:
- Coal Mining
- Metal Mining
- Mineral Mining
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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