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Global Underground Mining Equipment Industry Market Dynamics & Strategic Insights (2023 – 2031)
The Underground Mining Equipment Market is expected to grow strongly in the forecasted years. Growing demand from the end user industries especially for metals and energy need is projected to fuel the growth of the market in the forecasted period. Covid-19 has affected the industry drastically and the market is expected to recover in coming one or two years.
Underground Mining Equipment has its application in Coal mining, Metal mining, Mineral mining, Room and pillar mining, Longwall mining, Borehole mining. Growing demand from the construction industry as well the steady technological advancement through new product developments and its better utilization are key factors driving Underground Mining Equipment market. Due to the active number of mining activities globally and increase in need for energy are expected to augment the product demand in coming years.
The Underground Mining Equipment Market is expected to grow at a CAGR of 6.49% during the forecasted period of 2020-2028. Rising product popularity and rapid introduction of advanced underground mining equipment with the mining system is pushing the market growth.
The Underground Mining Equipment Market is witnessing a substantial growth across vendors especially in both the developed & developing nations. The Underground Mining Equipment Market is expected to reach USD 28.5 Billion by 2028 from USD 22.4 Billion in 2019, at a CAGR of 6.49% from 2020 to 2028.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). Asia Pacific region accounted for major shares of the global market. The increasing mining activities and growing demand for the energy, and presence of key players, are fueling the demand for Underground Mining Equipment in the region. High Maintenance Cost, fluctuating prices of the raw material, Government Regulations and Disruptions in supply chain is hindering Underground Mining Equipment Market in some extent.
The Underground Mining Equipment Market is segmented on the basis of Product Types, By Application, By Techniques, By End User Types, and by Region. The End User in this Market are, Mining Operators, and Rental Service Providers. In which Mining Operators segment holds the ~75% of market share in 2019. And is expected to be growing at a CAGR of 5.97% in the forecasted period.
The Underground Mining Equipment Market by Product Type is segmented into Mining Loaders, Mining Trucks, Mining Drills, Mining Bolters, Shearers, Continuous Miners, Mining excavators and shovels, and Mining Scalars. Mining Trucks Product Type is estimated to grow at a CAGR of 6.97% in the forecasted period and it holds the 30% of market share.
Key companies profiled in the report are Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Hitachi Construction Machinery Co, Liebherr – International Deutschland GmBh, Metso Corporation, FLSmidth Group, Kennametal, Inc., Boart Longyear Ltd., AARD Mining Equipment (Pty) Ltd., Atlas Copco AB, Guizhou Sinodrills Equipment Co. Ltd., Sulzer Ltd. The frequent new product launches to stay dynamic in this competitive market is a major driver for the key Equipment Providers by offering varied solutions to end users according to their changing demands. Similarly, strict regulations by government from various regions has been identified by many international players and thus they have adopted key strategies such as expansion, mergers, acquisition to increase their operational presence.
Underground Mining Equipment has its application in Coal mining, Metal mining, Mineral mining, Room and pillar mining, Longwall mining, Borehole mining. Growing demand from the construction industry as well the steady technological advancement through new product developments and its better utilization are key factors driving Underground Mining Equipment market. Due to the active number of mining activities globally and increase in need for energy are expected to augment the product demand in coming years.
The Underground Mining Equipment Market is expected to grow at a CAGR of 6.49% during the forecasted period of 2020-2028. Rising product popularity and rapid introduction of advanced underground mining equipment with the mining system is pushing the market growth.
The Underground Mining Equipment Market is witnessing a substantial growth across vendors especially in both the developed & developing nations. The Underground Mining Equipment Market is expected to reach USD 28.5 Billion by 2028 from USD 22.4 Billion in 2019, at a CAGR of 6.49% from 2020 to 2028.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). Asia Pacific region accounted for major shares of the global market. The increasing mining activities and growing demand for the energy, and presence of key players, are fueling the demand for Underground Mining Equipment in the region. High Maintenance Cost, fluctuating prices of the raw material, Government Regulations and Disruptions in supply chain is hindering Underground Mining Equipment Market in some extent.
The Underground Mining Equipment Market is segmented on the basis of Product Types, By Application, By Techniques, By End User Types, and by Region. The End User in this Market are, Mining Operators, and Rental Service Providers. In which Mining Operators segment holds the ~75% of market share in 2019. And is expected to be growing at a CAGR of 5.97% in the forecasted period.
The Underground Mining Equipment Market by Product Type is segmented into Mining Loaders, Mining Trucks, Mining Drills, Mining Bolters, Shearers, Continuous Miners, Mining excavators and shovels, and Mining Scalars. Mining Trucks Product Type is estimated to grow at a CAGR of 6.97% in the forecasted period and it holds the 30% of market share.
Key companies profiled in the report are Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Hitachi Construction Machinery Co, Liebherr – International Deutschland GmBh, Metso Corporation, FLSmidth Group, Kennametal, Inc., Boart Longyear Ltd., AARD Mining Equipment (Pty) Ltd., Atlas Copco AB, Guizhou Sinodrills Equipment Co. Ltd., Sulzer Ltd. The frequent new product launches to stay dynamic in this competitive market is a major driver for the key Equipment Providers by offering varied solutions to end users according to their changing demands. Similarly, strict regulations by government from various regions has been identified by many international players and thus they have adopted key strategies such as expansion, mergers, acquisition to increase their operational presence.
Scope:
| Report Data | Market |
| Forecast 2022 | XX million/billion (2022-2032) |
| CAGR 2022 - 2032 | % |
| Analysis Period | 2022 - 2032 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2032 |
| Segments Covered | By Type, By Application, And by Regions |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | . |
| Key Segments | By Type By Applications |
| Report Coverage | Market Drivers, Market Trends, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Frequently Asked Questions
What is the future market value of the ?
The current market value for is expected USD XX million/billion by 2022.
What is the CAGR of the Market?
The is to grow at a CAGR of 5.3% during the forecast by 2032.
What is the Market segment?
On the basis of type, the is segmented into Types.
Who are the key players operating in the ?
The major players operating in the are Company.
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