“Underground Mining Equipment Market: Global Demand Analysis & Opportunity Outlook 2024”

The global underground mining equipment market is segmented into application such as coal, metal and mineral. Among these segments, coal segment is expected to dominate the overall underground mining equipment market and is anticipated to capture a noteworthy CAGR of 6.7% by 2024. Factors such as rising demand for electricity and increasing coal production in Asia Pacific are paving the way for the growth of the coal mining market. According to BP p.l.c., overall coal production was held 3194.7 mtoe in 2006. In 2016, total global coal production increased to 3656.4 mtoe. This high growth in coal production is expected to positively impact the growth of the coal underground mining equipment market.

Global Underground Mining Equipment Market is anticipated to mask a notable CAGR of 6.5% during the forecast period i.e. 2017-2024. Moreover, the global underground mining equipment market is projected to account for noteworthy revenue of USD 30,308.2 Million by the end of 2024. Additionally, growing real estate sector is anticipated to boost the demand for metals and energy which is likely to swell the growth of the underground mining equipment market over the forecast period.

In terms of regional platform, Asia Pacific is slated to account for a leading share of 41.5% in the terms of value by 2024 in the underground mining equipment market. The growth in the region is anticipated to be fostered by the increasing demand and consumption of underground equipment by China and Australia. Besides, high consumption of metal and minerals in the region owing to the rapid urbanization in the region is also expected to impel the growth of underground mining equipment market in the Asia Pacific. China, Australia and India are the prominent countries in the region. In addition, Europe underground mining equipment market is expected to expand at a CAGR of 4.9% during the forecast period i.e. 2017-2024. Presence of major players in the region is one of the major factors which is expected to bolster the growth of underground mining equipment market in the Europe region

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Rapid Urbanization across the globe

Growing population in urban cities is one of the key factors which are driving the growth of the real estate sector in developing countries. Moreover, growing real estate sector is anticipated to boost the demand for metals and energy which is likely to spur the growth of the underground mining equipment market. Further, rising demand for energy in the economies such as India, China, and others is creating great demand for underground mining equipment in coal mines which further is opening new opportunities for the underground mining equipment players to meet the rising demand for underground mining equipment. Further, rising demand and consumption of electricity is substantially raising the demand for coals. Further, this factor is increasing the demand for coals which is envisioned to bolster the growth of the underground equipment market during the forecast period.

Rapid evolution of Mining Industry

Presence of abundant mine reserves in North America bodes well for the growth of the market. Apart from this, development & availability of new underground mining equipment is expected to impel the growth of underground mining equipment market over the next few years. Increasing number of infrastructure projects all over the globe is projected to foster the growth of underground mining which in turn upsurge the demand for underground mining equipment. For instance, According to India Brand Equity Foundation, India infrastructure sector is anticipated to flourish at a CAGR of 35.65% during 2008-2025.

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In contrast, strict government regulations to curb the environment pollution is anticipated to negatively impact the growth of global underground mining equipment market over the forecast period. Further, implementation of these regulations and compliance with the norms increases the price of underground mining equipment. This factor is likely to limit the growth of the underground mining equipment market globally.

The report titled “Underground Mining Equipment Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global underground mining equipment market in terms of market segmentation by type, by application, by technology 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.

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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 ABHitachi, Atlas Copco AB, SANY GROUP, Normet Group, Sandvik AB.  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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