Underground mining refers as a one of the mining technique, which is used to extract valuable minerals, metals, rocks, or other geological materials from the earth. The mining method used for underground extraction are depends on the geographical conditions, spatial and geometric characteristics, operational costs, and the availability of raw materials.
Underground mining equipment market includes two types of mining methods, which includes longwall extraction and room and pillar extraction. Longwall extraction method is likely to create demand for mining sector and are contributing to growth of the underground mining equipment market. Moreover, increasing focus on electricity generation and steel production, which prompting manufacturers to focus on the production and consumption of coal.
Growing mining activities and increasing investments in advanced excavating tools in developing countries such as China, India, and Australia have positively impacted the regional market growth. Additionally, China’s policy for encouraging foreign investments in the mining sector, along with deploying advanced machineries and equipment to reduce carbon emissions are creating a demand for the mining processes. For instance, according to the World Gold Council, china was the largest gold producer and accounting for around 14% of total annual production in 2016, which will substantially increase investments in advanced excavating tools for mineral exploration. Whereas, with the regulatory mandates leading to a high usage of renewable energy sources, the consumption of coal and other associated mining activities is declining.
The mining industry is experiencing rapid growth due to dependence of end use industries on the supply of valuable minerals, coal, and metals. With increasing demand for advanced mining equipment to safeguard mining workers, along with easy availability and affordable prices of such machines are encouraging companies to replace conventional models with advanced machines, which are leading industry towards sustained growth. A recent surge in the adoption of mining equipment for extraction, increasing usage of coal for heating & electricity generation purposes, increasing investments by governments for infrastructural activities, along with advancements in technology and innovative products are gradually inducing a change in consumer perception towards mining equipment.
$ 20,986.7 Mn
- By Type
- By Region
- By Application
$ XXXX Mn
Major manufacturers are focusing to integrate several smart technologies such as advanced monitoring and control, GPS locating, data analytics, IoT sensing, automated drilling, and 3D imaging technology in mineral extraction processes. In addition, the imaging technique and laser scanning technology for scanning & exploring large mines, which is creating growth opportunities/investment opportunities for the target product over the forecast period. Installation of combustion catalysts such as FuelSpec to reduce carbon emissions and fuel consumption during the extraction process has been identified as an overarching trend having profound influences on development of underground mining equipment. Another major trend observed in the market is mining sector employing driverless trucks, real-time monitoring of productivity data, and supervisory control of mining operations from remote operations by using integrated automation services and control systems.
Companies with major market share are adopting new product launch as their key strategy in order to reach the key objectives. For instance, Epiroc AB launched its second generation batter-operated machine technology to lower mining costs and promote healthier work environment. In addition, major companies are investing into product innovation to cater growing demand for safe & advanced mining equipment. For example, Battery Power Industries (BPI) launched zero emission underground mining equipment with advanced battery energy systems technology, in the year 2018.