The global underground mining equipment market was valued at USD 23.4 billion in 2018 and is expected to reach USD 29.8 billion in 2026, growing at a CAGR of 3.2% during the forecast period. Rapid growth in urbanization, increasing demand for metal and commodities, and increasing disposable income are the main factors to drive the growth of the global underground mining equipment market.
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Underground mining is the method of mineral and ore extraction, buried in far underneath the surface of the earth. Hard and soft mining techniques are major types of techniques that are used for underground mining. The method of excavating hard minerals such as lead, copper, nickel, iron, gold, and silver is done with hard underground mining. Furthermore, the soft underground mining technique is used for extracting minerals like potash, coal, oil shale and other minerals. There are different types of mining equipment available in the market based on the type of mineral to be extracted.
Owing to the stable economic growth in developed and developing countries and increasing disposable income levels, there has been a significant increase in demand for various minerals such as iron, gold, copper, coal, lead, aluminum, silver etc. However, the significant increase in energy usage in the form of coal and nuclear fuels as a result of increasing urbanization and industrialization also has a positive impact on the market for underground mining equipment. The rising energy demand in economies such as India, China, and others is creating a high demand for underground mining equipment in coal mines, is creating new opportunities for underground mining equipment players to meet the growing demand for underground mining equipment. The rapid development of advanced underground mining equipment is a key factor in increasing the demand for underground mining equipment in the global market.
Stringent government rules and regulations to mitigate environmental pollution are projected to negatively impact the development of the global market for underground mining equipment during the forecast period. Moreover, coal-related scams in some nations are expected to hinder the development of the mining industry.
Based on the mining type, the longwall extraction segment expected to grow at the fastest rate of 4.5% CAGR during the forecast period
Based on the application, the metal segment is expected to lead in the global market with 45% market share
Asia pacific accounted for 32% market share in terms of revenue in the global underground mining equipment market
In September 2019, Sandvik Mining and Rock Technology unveiled the Sandvik DT1132i jumbo, an underground drill for tunnel excavation. It is capable of using automated drilling technologies, including an iSURE tunnel management software and SICA control system.
In July 2017, Atlas Copco has launched the new generation mobile miner product line, which provides a continuous hard rock mining system that allows quicker scheduling and a safer work environment than traditional methods.