Underground Mining Equipment Market unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the market. Furthermore, the report points out major challenges and latest growth plans embraced by key manufacturers that constitute the competitive spectrum of this business domain.
Underground Mining Equipment Market is valued at USD 134.42 Billion in 2018 and expected to reach USD 250.35 Billion by 2025 with the CAGR of 9.29% over the forecast period– increasing mining activities for extraction of metals and minerals is the key driving factor of Global Underground Mining Equipment Market.
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Key players of the underground mining equipment market are Caterpillar Inc, Komatsu Ltd, Liebherr Group, Sandvik AB, Hitachi Ltd, Copco, Metso Corp. and others.
Underground mining equipment is the machinery which helps to carry out rocks, minerals, or precious stones that are located at a long distance far beneath the ground to be extracted with surface mining. Most of the mining is carried out using continuous mining method that works with continuous mining mechanism to cut the coal deposits from the walls. This means there is less issue of blasting and drilling so that it is safer than the previous techniques of underground mining. Mining process might vary according to the type of metals and minerals to be extracted from the earth. Various kinds of machinery used for underground mining are; dump trucks, shuttle car, continuous miner, long wall mining equipment and others.
Underground Mining Equipment Market Segmentation –
Mineral processing equipment, Surface Mining Equipment, Underground mining equipment, Mining Drills, Breakers, Others
Metal mining, Mineral mining, Coal mining
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Major factor driving the growth of underground mining equipment market is rapidly increasing mining activities for extraction of metals and minerals from the far beneath of ground, to deal with growing demand for metals, mineral and consumer goods. In addition, adoption of advanced technologies such as automation and smart technology is reducing labor cost and operational time associated with mining activities is also anticipated to increase the demand for innovative mining equipment.
Increase in usage of coal along with large population growth for electricity generation and steel generation will further increase the demand of mining equipment continuously. However, continuous increase in prices of raw materials can hampers the growth of the market. Technological advancement in smart remote technology can be an opportunity for underground mining equipment market within the forecast period.
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