The latest market report published by Credence Research, Inc. “Global Underground Mining Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Underground Mining Equipment Market generated revenue of around USD 15,954.8 million in 2022 and is anticipated to grow a CAGR of over 2.80% during the forecast period from 2023 to 2030 to reach around USD 19,357.2 million in 2030.
There is a growing demand for mining equipment, especially for applications such as metal mining, coal mining, and mineral mining, in various regions, including Asia-Pacific and Europe, which fuels the growth of the mining equipment market. In turn, an increase in urban population will lead to an increase in the demand for natural resources, such as oil, increasing the demand for mining equipment, thereby expanding the mining equipment market. In recent years, significant population increases have led to an increase in mineral consumption. Additionally, the rise in household incomes has contributed to the surge in mineral demand, positively contributing to the market’s growth.
The global underground mining equipment market is bifurcated into Product Type, Mining Technique, End Users, and Geography. Based on product type, the market is categorized into mining loaders, mining trucks, mining drills, mining bolters, mining shearers, continuous miners, mining excavators & shovels, and mining scalers. On the basis of mining techniques, the global market is segmented into soft rock mining and hard rock mining. On the basis of end users, the global market is segmented into mining operators and rental service providers. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia-Pacific dominated the global underground mining equipment market and accounted for a major market revenue share in terms of value. The construction and mining industries are growing rapidly in India, China, and other countries. Underground mining equipment is becoming increasingly important as infrastructure development is becoming increasingly important across countries like India, China, Malaysia, and others. Furthermore, heavy investment in construction activities and the increased use of coal for electricity generation are also driving the market growth.
Underground Mining Equipment Market opportunities are vast and varied. With the increasing demand for mineral resources worldwide, the market for underground mining equipment is likely to experience significant growth in the coming years. The introduction of advanced technologies such as autonomous drilling systems, smart ventilation systems, and tele-remote control systems has greatly improved safety levels while enhancing efficiency in underground mining operations. Furthermore, a rising emphasis on sustainable mining practices has led to an increased adoption of electric-powered machinery that reduces carbon emissions and lowers operating costs. Additionally, several governments across the world have implemented favorable policies aimed at promoting domestic mining activities and encouraging foreign investments in this sector.
Underground Mining Equipment Market Top Trends are an indication of the current state and future projections of the mining industry. One of the main trends that has emerged is the increased demand for automation in underground mining operations. This trend is driven by a need to improve efficiency, reduce costs, and enhance safety. As such, manufacturers are developing innovative technologies such as autonomous vehicles and remote-controlled drilling machines to cater to this growing demand. Another top trend in the underground mining equipment market is sustainability. With environmental concerns gaining more traction worldwide, companies are focusing on reducing their carbon footprint by using energy-efficient equipment and minimizing waste generation from their operations. Additionally, there’s a shift towards digitalization with an emphasis on data analytics tools that mine insights from operational data captured through sensors installed on mining machinery or other devices used in extraction processes.
The growth factors influencing the underground mining equipment market worldwide include:
- Increasing demand for minerals and metals: The growing global population and industrialization drive the demand for minerals and metals, leading to the expansion of underground mining activities and the need for advanced equipment.
- Technological advancements: Advancements in technology have resulted in the development of more efficient and automated underground mining equipment. This enhances productivity, improves safety, and reduces operational costs, driving market growth.
- Government regulations and safety standards: Strict regulations and safety standards imposed by governments worldwide promote the adoption of advanced underground mining equipment to ensure worker safety and minimize environmental impact.
- Expansion of mining projects: The exploration and development of new mining projects, particularly in emerging economies, contribute to the increased demand for underground mining equipment.
- Increasing investment in infrastructure: The focus on infrastructure development, such as transportation and energy projects, drives the demand for minerals and metals, thereby boosting the underground mining equipment market.
- Rising environmental concerns: The shift towards sustainable mining practices and the need for reducing carbon emissions drive the adoption of more eco-friendly underground mining equipment, including electric and hybrid vehicles.
- Growing automation and digitization: The integration of automation, artificial intelligence, and digital technologies in underground mining equipment enhances operational efficiency, reduces downtime, and enables real-time monitoring, fostering market growth.
- Emerging economies: Rapid industrialization and urbanization in emerging economies, such as China and India, create significant opportunities for the underground mining equipment market due to increased mineral extraction and infrastructure development.
- Replacement and modernization of aging equipment: The need to replace outdated underground mining equipment with advanced and more efficient machinery stimulates market growth.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global underground mining equipment market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global underground mining equipment market segmentation based on product type, mining technique, and end users.
- Major countries in each region with their import/export statistics
- The global underground mining equipment market report also includes analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
Browse Full Report: https://www.credenceresearch.com/report/underground-mining-equipment-market
Related Report: https://www.credenceresearch.com/report/mining-excavators-market
Related Report: https://www.credenceresearch.com/report/aluminum-forging-market