About Underground Mining Machinery
Underground mining is the process of extracting minerals and ores that are present far below from the earth’s surface. There are some special machinery available for underground mining such machinery is called as underground mining machinery. Integration of digital technologies with underground mining machinery is likely to grow the market. For instance, the growing use of software to create 3D mine model as it saves cost and time. Stable commodity prices, increasing demand for metals and energy from rapidly expanding real estate sector and increasing demand for precious stones and metal from developing & developed economies due to strong economy and growth in disposable income are the major driving factors for the market. However, Strict Government Regulations such as the Clean Air Act of 1970, The Clean Water Act of 1977, and the Toxic Substances Control Act is limiting the growth of the market. Moreover, increasing consumption of metal and minerals by the Asian countries due to rapid urbanization and increasing the demand for coal and nuclear fuel results in growing underground mining activities have been creating new opportunities for the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.79% |
Underground Mining Machinery is a fragmented market due to the presence of various players. The players are focusing on strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.The Vendors having a strong hold in the market are Caterpillar, Komatsu, Volvo Construction Equipment, Doosan Infracore, Sandvik. Analyst at AMA Research estimates that Asian and European Vendors will contribute the maximum growth to Global Underground Mining Machinery market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Caterpillar (United States), Komatsu (Japan), Volvo Construction Equipment (Sweden), Doosan Infracore (South Korea), Sandvik (Sweden), Hitachi Construction Machine (Japan), Boart Longyear Group (United States), Kennametal India Ltd (India), Atlas Copco (Sweden) and Sany (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Liebherr Group (Switzerland) and Doosan (South Korea).
Segmentation Overview
AMA Research has segmented the market of Global Underground Mining Machinery market by and Region.
On the basis of geography, the market of Underground Mining Machinery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Propulsion Type, the sub-segment i.e. Hydraulic will boost the Underground Mining Machinery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type, the sub-segment i.e. Coal will boost the Underground Mining Machinery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Underground Mining Type, the sub-segment i.e. Room and Pillar Mining will boost the Underground Mining Machinery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Underground Mining Equipment Type, the sub-segment i.e. Drills will boost the Underground Mining Machinery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancement Leads to Integration of IoT with Underground Mining Machinery and Increasing Adoption of Software to Create 3D Mine Model for Better Operations
Market Growth Drivers:
Equilibrium of industrial commodity prices, Increasing demand for metals and energy from Rapidly Expanding Real Estate Sector and Increasing Demand for Precious Stones and Metal from Developing & Developed Economies due to Strong Economy and Growth in Disposal Income
Challenges:
Rising Trend of Rental Underground Mining Machinery Services and Huge Initial Investment in the Operating Market
Restraints:
Strict Government Regulation to Reduce Environmental Pollution and Increasing Number of Swindle Associated with Coal in Asian Countries such as Indian
Opportunities:
Increasing Consumption of Metal and Minerals by Asian Countries due to Rapid Urbanization and Continuously Increasing the Demand for Coal and Nuclear Fuel Results in Growing Underground Mining Activities
Market Leaders and their expansionary development strategies
In December 2022, Komatsu acquired Gelsenkirchen, Germany-based GHH Group GmbH (GHH), in a deal that has seen it significantly expand its underground mining equipment market share.
In January 2019, International Mining has announced a new launch of a new AI solution for underground mining. It is a new underground mining precision performance software. The software provides analysis for hauling time, loading time, traveling empty time and dumping time using the cameras and machine learning technology. The new launch can create better opportunities in the operating market.
There is various government regulation regulated on mining such as The Clean Air Act of 1970, The Clean Water Act of 1977, Toxic Substances Control Act of 1977 and others in the United States. For instance, according to the United States, “The Clean Air Act (CAA) addresses airborne pollution that harms humans or natural resources. The CAA has been known for its automobile emissions regulations and efforts to combat air pollution in cities around the country, but it also covers dust from mining operations, exhaust emissions from heavy mining equipment, tailings disposal, and emissions from facilities like smelters”
Key Target Audience
Underground Mining Machine Manufacturers, Raw Material Suppliers, Equipment Suppliers and Distributors, Private Research Firm, Potential Investors, Government Bodies and Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.