San Francisco, California, April 16, 2018: Growing industrialization and rapid urbanizations are two key factors attributable to the growth witnessed in the global underground mining equipment market. A new report by TMR Research, titled “Underground Mining Equipment Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” provides in-depth market intelligence for the benefit of stakeholders. It compiles information on customers as well as trends prevalent among prominent competitors. Information thus compiled in the report is intended at providing a comprehensive overview of the global underground mining equipment market.
Considering the prevalence of lucrative prospects, mining companies are willingly spending on advanced equipment for improved productivity. This, coupled with stringent regulations aimed at reducing fuel consumptions for curbing greenhouse effects and strengthening labor safety norms will compel mining enterprises to replace indigenous equipment with state-of-the-art technologies. As a consequence to this, growth prospects for the underground mining equipment market will get bolstered.
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An underground mining equipment is extensively used to excavate hard minerals, which may contain copper, iron, lead, nickel, gold, silver, zinc, or tin. It is also used to derive minerals from ores of precious stones such as diamonds. Given the applications that an underground mining equipment is put to use, it demand is expected to rise significantly in the coming years. Furthermore, an increasing number of mining companies are looking to employ more feasible methods of extracting minerals. They are also factoring in various operational and non-operational criteria in order to achieve economic viability. Spurred by this, the global underground mining equipment market will exhibit strong growth in the forthcoming years.
Some of the leading companies operating in the global underground mining equipment market are Joy Global Inc., Sandvik AB, Volvo AB, Komatsu Ltd, Metso Corporation, Kennametal, Inc., Hitachi Construction Machinery Co. Ltd., Caterpillar Inc., Boart Longyear Ltd., and Thyssenkrupp AG.