Underground Mining Equipment Market ScenarioThe key drivers for the growth of the underground mining equipment market are increased demand of coal from energy sector, growing demand of metal by manufacturing industries and supportive government policies. On the basis of application, coal mining accounted for the largest market share of 43.44% in 2016. The share is attributed to the increasing demand of coal by energy and power sector, especially from the emerging nations such as Brazil, and India. The countries have shown positive growth indicators in last few years and thus have become major consumers of power and energy due to rapid urbanization and industrialization. Furthermore APAC contributes largely to the overall market share of underground mining equipment market. However, factors such as stringent regulations on the use of coal and unavailability of skilled labor is expected to hamper the growth of the market. The global underground mining equipment market size is expected to reach projected to grow at 8.50% CAGR during the forecast period.
Study Objectives of Global Underground Mining Equipment Market
Regional Analysis of Global Underground Mining Equipment Market APAC accounts for the largest market in the global underground mining equipment market. Countries like China, India, Australia, Indonesia and others dominate Asian mining sector. The countries are also major global producers of commodities such as gold, diamonds, base metals, coal, among others. The region is not only the major producer but also one of the leading consumers of the metal and minerals. China accounted for the largest market share of 67.67% in the APAC underground mining equipment market in 2016. Market Size of Underground Mining Equipment, by Regions, 2016 (USD Million)
Key Players The key players of the global underground mining equipment market include- Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Liebherr - International Deutschland GmBh, Hitachi Construction Machinery Co., Ltd., Metso Corporation, FLSmidth Group, Kennametal, Inc., and Boart Longyear Ltd.
The report for Global Underground Mining Equipment Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application, By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Komatsu Ltd., Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Liebherr - International Deutschland GmBh, Hitachi Construction Machinery Co., Ltd., Metso Corporation, FLSmidth Group, Kennametal, Inc., and Boart Longyear Ltd.|
|Key Market Opportunities||Growing demand of metal by manufacturing industries and supportive government policies.|
|Key Market Drivers||Increased demand of coal from energy sector|
By type of mining method, the segments of the underground mining equipment market are room & pillar extraction and longwall extraction.
The segments of the underground mining equipment market are metal mining, coal mining, and mineral mining.
The underground mining equipment market is anticipated to mark 8.50% CAGR.
The underground mining equipment market is anticipated to value at USD 30,406.6 Mn.
The key participants of the underground mining equipment market are Kennametal, Inc., Komatsu Ltd., Sandvik AB, Caterpillar Inc., Volvo AB, Liebherr - International Deutschland GmBh, Thyssenkrupp AG, Hitachi Construction Machinery Co., Ltd., FLSmidth Group, Metso Corporation, and Boart Longyear Ltd.