San Francisco, California, May 02, 2017: A report by TMR Research, titled, “Underground Mining Equipment Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017– 2025,” sheds light on important aspects of the market. It factors in current and historical data to calculate the market size and also presents a qualitative analysis of the growth drivers and restraints to gauge the trajectory of the market.
The underground mining equipment market has received maximum boost so far from the rapid pace of urbanization and industrialization worldwide. This has spiked demand for metals and minerals. Another factor stoking growth in the market is the rising thrust on deploying latest cutting-edge equipment that help improve efficiency and productivity. Besides, strict norms pertaining to reduction of fuel consumption to bring down greenhouse gases emission and labor safety has also been egging mining companies to supplant conventional equipment with advanced energy efficient solutions. Rising fortunes of people worldwide stoking demand for gold, aluminum, copper, and other commodities has been driving demand too.
There are different types of underground mining equipment deployed in various stages. For instance, slushers, overhead loaders, front-end loaders, gathering-arm loaders, Load-Haul-Dump units, and rubber-tired shuttle cars and trucks are mainly used in material handling which entails loading and hauling of excavated ore. The process also entails transportation by rail, conveyor, and gravity flow.
Depending upon application, the global market for underground mining equipment can be segregated into metal mining, mineral mining, and coal mining. Of them, the coal mining segment has been contributing the most to the overall revenue in the market and going forward too will continue doing so on account of robust demand from the energy industry. Depending upon type, the market can be classified into room and pillar and longwall.
Geographically, Europe, Asia Pacific, North America, and the Rest of the World are the key segments of the global market for underground mining equipment. Asia Pacific, among them, leads the market with a dominant share owing to the massive upswing in mining activities in China, Australia, and India. In fact, China’s unending thirst for coal on account of burgeoning industrialization is playing a crucial role in the global underground mining equipment market.
North America is another major market because of the growing number of mining sites, particularly for coal that has driven up demand for specialized mining equipment manifold in the region. Furthermore, regulations by government relating to environment, mining safety, employment, and equipment usage have also generated demand for advanced underground mining equipment.
To gauge the competition prevailing in the global market for underground mining equipment, the report Caterpillar Inc., Sandvik AB, Boart Longyear Ltd., Komatsu Ltd, Volvo AB, Joy Global Inc., Metso Corporation, Hitachi Construction Machinery Co. Ltd., Kennametal, Inc., and Thyssenkrupp AG.