According to the latest report by IMARC Group, titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global underground mining equipment market reached a value of US$ 24.3 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Underground mining is an efficient and reliable process used for extracting material deposits like ores and minerals that are buried deep inside the earth’s crust. It is safe, economical, produces negligible waste and does not cause substantial damage to the mining area. It involves two types of underground mining techniques, namely, hard and soft mining. Hard underground mining aids in the excavation of hard minerals such as lead, copper, nickel, iron, gold and silver. On the other hand, minerals like coal, potash and oil shale are extracted with the help of soft underground mining techniques. Some of the commonly used underground mining equipment include shovels, conveyors, draglines, haul trucks, overhead loaders, front end loaders and gathering-arm loaders.

Market Trends:

On account of the rising population, rapid urbanization and increasing industrialization, a significant rise in the consumption of energy has been experienced in recent years. The consequent increase in energy production has provided a boost to underground mining activities across the globe. In addition to this, underground mining causes negligible harm to the environment when compared to surface mining, as the explosions are made underground and no toxic gases are released into the surroundings. Furthermore, miners in developed countries like the United States, Europe and Japan are replacing their older mining equipment to adhere to government regulations and improve their overall productivity which, in turn, is strengthening the growth of the underground mining equipment market. Other growth-inducing factors include the lack and increasing cost of skilled labor, rising use of high-quality equipment, and the growing focus on enhancing the yield and productivity.

Underground Mining Equipment Market 2021-2026 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the underground mining equipment market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Caterpillar Inc.
  • Epiroc AB
  • Hitachi Construction Machinery Co., Ltd.
  • Komatsu Ltd.
  • Liebherr
  • Sandvik AB
  • Sany Group Co., Ltd.
  • Volvo
  • BELAZ
  • XCMG Group

Key Market Segmentation:

The report has segmented the underground mining equipment market on the basis of type of mining, application and region.

Breakup by Type of Mining:

  • Longwalls
  • Room and Pillars

Based on the type of mining extraction, the market has been bifurcated into longwalls, and room and pillars. Currently, the longwalls segment dominates the market, holding the largest share.

Breakup by Type of Application:

  • Coal Mining
  • Metal Mining
  • Mineral Mining

On the basis of the application, the market has been divided into coal, metal and mineral mining. At present, coal mining accounts for the majority of the market share.

Breakup by Type of Region:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

Region-wise, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific accounts for the majority of the market share on account of the rising demand for metals and minerals and increasing mining activities in countries such as India, China and Australia. 

Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/underground-mining-equipment-market

Key highlights of the report:            

  • Market Performance (2015-2020)
  • Market Outlook (2021-2026)
  • Industry Trends
  • Market Drivers and Success Factors
  • The Impact of COVID-19 on the Global Market
  • Value Chain Analysis
  • Structure of the Global Market
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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