In its latest analysis, Future Market Insights (FMI) assesses current trends in the underground mining equipment market and predicts how they will affect the market’s expansion between 2019 and 2029. According to the survey, sales of underground mining equipment of almost US$ 14 billion were made in 2018. The market value is anticipated to increase passively at a 2.4% CAGR through 2029.
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1. The global underground mining equipment market size estimated in 2019 is ~US$ 14 Bn.
2. The underground mining equipment market is estimated to grow at a CAGR of ~2% during the forecast period of 2019 and 2029.
3. Growth of the mining industry and increase in the production rate of minerals are projected to boost the demand for underground mining equipment in the global market.
4. East Asia and Europe are expected to account for more than half of the value share in the global underground mining equipment market during the forecast period.
o East Asia, due to substantial growth of underground mining in China, is anticipated to continue be a prominent regional market for underground mining equipment manufacturers.
5. Technological advancements and autonomous equipment are expected to remain prime areas of development for underground mining equipment market players.
o Nowadays, most of the manufactures are focusing on developing hybrid or electric underground mining equipment to improve the safety and productivity of equipment in underground mines.
o The market players are also focusing on developing autonomous equipment for underground mining operations.
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FMI’s study finds that every 7 out of 10 underground mining equipment sold in 2018 were designated to applications associated with hard rock mining platforms. Increasing demand for hard rock minerals, such as copper, gold, zinc, and lithium, in wide-ranging industries has given rise to hard rock mining activities in the mining industry. Leading players in the underground mining equipment landscape are focusing on catering to the thriving need for improved productivity in underground hard rock mines with the launch of next-generation mining equipment.
Underground Mining Equipment Market By Category
Product Type:
- Mining Loaders
- Mining Trucks
- Mining Drills
- Mining Bolters
- Mining Shearer
- Continuous Miners
- Mining Excavators & Shovels
- Mining Scalers
Mining Technique:
- Soft Rock Mining
- Hard Rock Mining
End Users:
- Mining Operators
- Rental Service Provider
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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