Underground Mining Equipment Market to Soar at CAGR 2.4% 2019-2029

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Underground Mining Equipment Market 

• February 2020

Report Id REP-GB-6296 Published On Aug
14,2019 Category Industrial Automation and
Equipment
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Underground Mining Equipment Market Analysis
Future Market Insights (FMI), in its new study,
evaluates the ongoing developments in
the underground mining equipment market and
projects their impact on the growth of the market
between 2019 and 2029. The study projects that
the sales of underground mining equipment of
worth US 14 Bn were recorded in 2018. However,
the market value is likely to grow at a passive
CAGR of 2.4 through 2029. Rising adoption of
automatic underground mining equipment among
manufacturers to sync with the ongoing trends in
the ever-evolving mining industry is set to incur
tech-driven transformations in this landscape,
opines the study. In addition, stringent emission
regulations regarding controlled diesel emission
and personnel safety in the mining industry are
likely to stimulate innovations that can enable
dealing with the relentless pricing pressure more
efficiently, and mitigate the environmental
impacts of new-age underground mining
equipment. Advanced techniques of mining and
their impacts on various socio-economic factors
have been a prolonged concern worldwide. The
shift of a majority of miners from surface or
open pit mining to underground mining has further
amplified concerns vis-à-vis human safety and the
environmental impacts.
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Underground Mining Equipment Market Analysis
Technology is emerging as the most efficient tool
for introducing enhanced features in underground
mining equipment, and FMI's study examines the
influence of advancements in technologies and
other microeconomic factors on the growth of the
underground mining equipment landscape. Mineworke
rs' Staunch Inclination towards Hard Rock Mining
Equipment FMI's study finds that every 7 out of
10 underground mining equipment sold in 2018 were
designated to applications associated with hard
rock mining platforms. Increasing demand for hard
rock minerals, such as copper, gold, zinc, and
lithium, in wide-ranging industries has given
rise to hard rock mining activities in the mining
industry. Leading players in the underground
mining equipment landscape are focusing on
catering to the thriving need for improved
productivity in underground hard rock mines with
the launch of next-generation mining
equipment.
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Underground Mining Equipment Market Analysis
In addition, conventional hard rock mining
techniques result in the release of toxic gases
including carbon dioxide (CO2), and Sulphur
dioxide (SO2) among others, which is triggering
the adoption of electric equipment in hard rock
mines. In addition, the study finds that coupling
of underground mining equipment that can carry
out multiple operations including parallel
cutting, loading, and hauling operations are
likely to witness high demand in the coming
years. Visibly Growing Preference for 'Rental'
over New In rough terrains such as the mining
industry, constant wear and tear of mining
equipment lead to high replacement rates,
incurring significant depreciation costs to the
end users. As large mining machinery, including
underground mining equipment, come with a
significantly high price tag, purchasing a new
equipment creates the need for high capital
investments.
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Underground Mining Equipment Market Analysis
A majority of miners are inclined towards
purchasing used or refurbished equipment, even
considering the option of renting rather than
investing in new underground mining equipment.
Since a majority of mining businesses are looking
for reducing their initial investments, rental
service providers are likely to gain traction
among in the coming years. FMI's study finds
that more than half the revenue share is
accounted by rental service providers in the
underground equipment market. Increasing end user
preferences for rental equipment are fostering
the progression of this trend in the market. A
mounting number of rental service companies are
offering refurbished mining equipment that are
specifically tailored to suit the requirements of
the underground mining sector. The FMI report
also finds that leading stakeholders and
investors in the underground mining equipment
landscape are zooming in their strategic focus on
providing rental service packages to suit
changing needs of their customers, regarding the
inventory of equipment. Press Release
Source https//www.prnewswire.com/news-releases/u
nderground-mining-equipment-market-is-estimated-to
-grow-at-a-cagr-of-2-4-during-the-forecast-period-
of-2019-to-2029--future-market-insights-300903390.
html
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Underground Mining Equipment Market Analysis

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Underground Mining Equipment Market Analysis
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