Industry Outlook and Trend Analysis
The Underground Mining Equipment Market is predicted to garner lucrative market share by 2025, while registering itself at a significant compound annual growth rate (CAGR) during the forecast period. Underground mining is the process to extricate minerals and ores that are covered far underneath the surface of the earth. Among different mining strategies, there are principally two sorts of underground mining methods, i.e., soft and hard mining. Hard underground mining process incorporates unearthing of hard minerals, for example, copper, nickel, lead, and iron, silver and gold. Nonetheless, the soft rock underground mining technique incorporates extraction of minerals, for example, coal, potash and oil shale. Furthermore, with the developing interest to expand generation, inventive strategies for mining are advanced which have considerably expanded the use of mining equipment and automation in the mining business.
Drivers and Restraints
Urbanization in the developed nations over the world and the augmentation of industrialization especially in rising economies has expanded the interest for metal and minerals. Enhancing monetary conditions across the globe are driving the miners to put resources into cutting edge underground mining equipment to take care of the market demand. Nonetheless, greenhouse gas effects, high fuel consumption and labor safety guidelines and directions hinder the market development. The expanding demand for technologically propelled mining equipment, developing usage of coal for heating and generation of electricity and expanding development of railway tracks and roads through hilly and mountainous areas provide opportunities for the development of the market.
The Underground Mining Equipment Market is segmented on the basis of application into Coal Mining, Metal Mining and Mineral Mining out of which the coal mining segment is the biggest application segment for underground mining equipment and accounted 38% of revenue share in the global underground mining equipment by application in 2017. On the basis of mining method the market is segmented into Longwall Extraction and Room and Pillar Extraction.
Regional Outlook and Trend Analysis
Asia Pacific is the biggest and quickest developing regional market for underground mining equipment. Expanding mining exercises in China, India and Australia are anticipated to drive the interest for underground mining exercises in Asia Pacific. Additionally, expanding pressure from quick urbanization in rising nations over the world is likewise anticipated that would build the interest for metals and minerals which will fuel the interest for underground mining equipment. Europe and North America are anticipated to witness consistent development with supplanting of obsolete hardware with cutting edge arrangements.
The leading players in the market are Komatsu Limited, FLSmidth & Co. A/S, Caterpillar Inc, Hitachi Construction Machinery, Atlas Copco, Doosan Infracore, Sandvik Mining and Construction, Boart Longyear and Joy Global. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Underground Mining Equipment Market is segmented by regions as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2025?
What will be the industry market growth from 2015 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?