Overview:

Underground mining usually refers to extraction of hard minerals such as ore containing gold, silver, iron, copper, zinc, nickel, tin and lead from ground. Underground mining is carried out in two ways by entering from the surface in horizontal or vertical tunnel. Players are focused on development of advanced techniques for underground mining such as use of room and pillar, narrow vein stopping and large-scale mechanized mining.

Market Dynamics:

Rising demand for minerals across the globe, players focus on lowering the human interference in mining and enhancing the operational efficiency are factors propelling demand for mining equipment thereby driving growth of the global market. In addition, increasing investment by major players for technological advancements, coupled with introduction of electric vehicles are other factors expected to augment growth of the target market.

Major players are adopting various mining techniques this is resulting in demand for equipments with advanced features such as proximity-detection systems in order to sync with the shift towards underground mines this is expected to support the growth of target market.

Key Trends:

Strategic merger and acquisition activities by major players in order to enhance the business presence and increase the customer base is the key trend observed in the target market. In 2016, Komatsu Ltd. acquired Joy Global Inc. a leading manufacturer of surface and underground mining equipment. This acquisition is expected to help the company to increase the business presence and enhance the customer base.

Regional Analysis:

For detailed understanding of market dynamics, the global marketis analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for the significant revenue share in 2018, owing to rising demand for iron, copper, zinc, nickel, etc. In addition, increasing investment for infrastructure development, presence of large number of players operating in the region and rising mining and exploration projects are among other factors expected to boost the growth of target market.

Player’s inclination towards developing countries in order to enhance the business presence and increase the profit is another factor expected to support the growth of regional market.   

Scope of the Report:

Detailed Segmentation:

Global Underground Mining Equipment Market, By Type:

• Longwall
• Room and Pillar

Global Underground Mining Equipment Market, By Application:

• Coal Mining
• Metal Mining
• Mineral Mining

Key Players Covered:

Key players operating in the market includes Sandvik, Atlas Copco, Metso, ThyssenKrupp, Liebherr-International, ZMJ Caterpillar, Komatsu, Volvo, Hitachi Construction Machinery, FLSmidth, Doosan Infracore, and China Coal Group.

Key features of the study:

Foresight Market Research provides detailed analysis on global market in our report- Global Underground Mining Equipment Market by type, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global underground mining equipment market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, ongoing trends, market expansion, and marketing tactics used overall the globe.