The global underground mining equipment market reached a value of US$ 24.3 Billion in 2020. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Underground mining is the process of extracting minerals and ores, which are buried deep inside the earth’s crust. It comprises two techniques, namely, hard and soft underground mining. Hard underground mining aids in the excavation of hard metals, such as lead, nickel, and silver, whereas, materials like coal, potash and oil shale are extracted using soft underground mining. At present, there is a wide range of mining equipment available in the market, such as shovels, conveyors, draglines, haul trucks and, overhead and front-end loaders.
Global Underground Mining Equipment Market Trends
Owing to rapid urbanization and the rising population, there is an increase in the consumption of energy across the globe. This has positively influenced the demand for metals such as gold, iron and copper, which in turn is impelling the market growth. Moreover, as compared to surface mining, underground mining is more environment-friendly, since the explosions are made underground, which helps in minimizing the leakage of toxic gases into the surrounding. Furthermore, substantial investments by governments of various countries in advanced technology for underground quarrying operations are also impelling the market growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Underground Mining Equipment Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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Some of the leading players operating in the market are:
Asea Brown Boveri Ltd. (NYSE: ABB)
Badger Meter Inc. (NYSE: BMI)
Emerson Electric Co. (NYSE: EMR)
Emerson Process Management
Faure Herman SA
Hach/Marsh McBirney Inc.
Honeywell International Inc. (NYSE: HON)
Invensys Process Systems
Rockwell Automation Inc.
Teledyne Isco Inc.
Yokogawa Electric Co.
The report has segmented the market on the basis of Application, Type of Mining Extraction, and Region.
Market Breakup by Type of Mining Extraction
Room and Pillars
Market Breakup by Application
Market Breakup by Region
Middle East and Africa
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