Underground Mining Market to Reach a Valuation Of ~Us$ 25 Bn By 2027

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Underground Mining MarketGlobal
Industry Analysis, Size, Share, Growth, Trends
and Forecast, 2027
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Global Underground Mining Market Key Highlights

• The global underground mining market was valued
  at US 21.5 Bn in 2018, and is anticipated to
  expand at a CAGR of 2 during the forecast
  period.
• Based on equipment, the drilling equipment
  segment accounted for a major share of the global
  underground mining market in 2018.
• In terms of meazthod, the unsupported segment
  held a significant share of the global
  underground mining market in 2018.
  Room-and-pillar mining is an old method applied
  to horizontal or nearly horizontal deposits. This
  method has been refined over the years, and is
  used in coal and non-coal mining.
• In terms of operator, the contract mining segment
  constituted a key share of the global underground
  mining market in 2018. Several contractual
  agreements are used in contract mining. These can
  be broadly classified into traditional contracts,
  risk sharing contracts, and strategic alliance
  contracts, depending upon the mine life or
  duration of the contract.
• Latin America is estimated to offer high growth
  potential to the underground mining market in the
  next few years. Abundance of mineral resources
  and significant investments from mining companies
  are driving the underground mining market in the
  region.

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Key Drivers and Restraints of Global Underground
Mining Market

•  The renewable energy sector is expanding at a
  significant pace across the globe. However, it is
  unable to meet the rising demand for power. This
  has resulted in a chasm between the demand for
  power and its generation, which developing
  countries such as China, India, and Indonesia are
  striving to meet through coal-based generation.
  This is driving the use of coal in power
  generation applications.
• According to the World Coal Association, coal
  accounted for approximately 38 share of the
  total electricity generated in 2018. This
  percentage has remained almost unchanged in the
  last 20 years. Thus, rise in the demand for power
  is expected to boost the demand for coal in the
  power industry. This is likely to drive the
  underground mining market. Coal production in the
  U.S. increased to 273 million short tons through
  underground mines in 2017, up from 252
  million short tons in 2016.
• Implementation of IoT in underground mining
  provides several opportunities to companies to
  increase their productivity. IoT enables data
  integration from an increasing number of sources.
  This enables mining companies to plan their
  mining operations with accuracy.
• Companies require skilled professionals with
  technical skills, high degree of problem-solving,
  and considerable understanding of such tools and
  machines to work with technologically-advanced
  tools and machines. According to a survey by the
  Associated General Contractors (AGC) of America,
  Inc., in January 2017, 73 of businesses faced
  difficulty in finding skilled workers,
  and 55 businesses identified worker shortage.
  Thus, dearth of skilled labor is hampering the
  implementation of smart mining methods. This is
  adversely affecting the underground mining
  market.

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Latin America Offers Lucrative Opportunities to
Global Underground Mining Market

• Latin America dominates the global underground
  mining market. The mining industry in the region
  has been thriving since the last few years.
  In 2017, 305 companies invested US 2.38 Bn for
  exploration in the region. Chile, Peru, and
  Mexico received 25, 22, and 21 of these
  investments, respectively, in the year. Favorable
  government policies and automation of processes
  in excavation operations are anticipated to drive
  the underground mining market in Latin America
  during the forecast period.
• Currently, Brazil has more than 180 active mines.
  The most productive underground mines in the
  country extract up to 1,000,000 tons of minerals
  every year. Currently, Brazil has two major
  underground mines Morro Velho and Serra Grande
  Gold Mine.
• Chile is a prominent producer of copper in Latin
  America. It produces 32 of copper in the world.
  According to Cochilco, Chile's state copper
  agency, the country produced its largest volume
  of copper ever (i.e. 5.83 million tons) in 2018,
  up by more than 6 of that produced in 2017.

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