IMARC Group, a leading market research company, has recently releases report titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global underground mining equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the underground mining equipment market?
The global underground mining equipment market size reached US$ 27.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.29% during 2023-2028.
Underground mining equipment refers to machinery specifically designed to facilitate the extraction of ores and minerals beneath the Earth's surface. It includes various types of drills, loaders, and trucks that operate in subterranean environments. They are equipped with various components, including hydraulic systems, engines, drilling tools, and material-handling devices. Drill jumbos, roof bolters, continuous miners, shuttle cars, and longwall miners are some of the common types of underground mining equipment. They are widely used for mineral exploration, ore extraction, tunneling, mine development, and ventilation, ground support, drilling operations, mucking, scaling, and material handling.
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What are the growth prospects and trends in the underground mining equipment industry?
Rapid technological advancements in machinery, like automation and real-time monitoring, are increasing operational efficiency which is providing an impetus to the market growth. In addition to this, as accessible mineral deposits are depleting, mining companies are exploring deeper underground, necessitating specialized equipment favoring the market growth. Moreover, stricter safety regulations and environmental standards are compelling companies to invest in advanced, compliant equipment which is contributing to the market growth.
Furthermore, rising construction and manufacturing activities worldwide necessitate a consistent supply of minerals, driving the demand for underground mining. In line with this, the global quest for cleaner energy sources, such as lithium for electric batteries, is pushing mining activities further, providing a considerable boost to the market growth. Additionally, continuous investment in research and development (R&D) leads to product improvement and can result in lowering operating costs, which is acting as another growth-inducing factor. Other factors, such as the implementation of various favorable government initiatives, widespread product utilization for various activities and availability of skilled labor are anticipated to drive the market towards growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Caterpillar Inc
- Epiroc AB
- Hitachi Construction Machinery Co.
- Komatsu Ltd
- Liebherr
- Sandvik AB
- Sany Group Co., Ltd.
- Volvo, BELAZ
- XCMG Group.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type of Mining:
- Longwalls
- Room and Pillars
Breakup by Application:
- Coal Mining
- Metal Mining
- Mineral Mining
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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