Underground mining is processed to extract ores and minerals that are buried far below the earth’s surface. Among various mining techniques, there are mainly two types of underground mining techniques, i.e., hard and soft mining. Hard underground mining process includes excavation of hard minerals such as lead, nickel, copper, and iron, gold and silver. However, the soft rock underground mining technique includes extraction of minerals such as potash, coal and oil shale. Additionally, with the growing demand to increase production, innovative methods of mining are evolved which have substantially increased the application of mining equipment and automation in the mining industry. Owing to manpower risk and capital involved, various types of mining equipment are used to extract minerals from below the surface in a safe and economical way as possible. Some of the common equipment used for underground mining are overhead loaders, Load-Haul-Dump unit's rubber-tired shuttle cars and trucks, front-end loaders, gathering-arm loaders, loading and hauling excavated ore are slashers as well as conveyors and rails for the transportation purpose.
Underground Mining Equipment Market: Dynamics
The key aspect leading to the growth of the underground mining equipment market is the pressure on the mining industry to increase production in order to fulfill the demand from end-use industries. Moreover, the growing energy demand from various sectors including manufacturing is also one of the major factors behind the growing production of coal, nuclear fuels leading to the growth of underground mining industry which has also led to the growth of global underground mining equipment across the globe. Also, supporting government policies related to mining have also impacted the global underground mining equipment market positively. Other factors promoting the growth of the underground mining equipment market are the scarcity of labor, increasing focus enhancing yield and productivity and the growing use of high capacity equipment in mining, raising awareness among people regarding the need to use better technology equipment for better results.
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However, the general lack of awareness amongst people and the high price of underground mining equipment can act as restraint to the growth of the global underground mining equipment market.
Underground Mining Equipment Market: Segmentation
- On the basis of type, the underground mining equipment market can be segmented as follows:
- Mineral processing equipment
- Underground mining equipment
- Surface mining equipment
- Mining drills & breakers
- Pulverizing, crushing & screening equipment
- On the basis of type of mining method, the underground mining equipment market can be segmented as follows:
- Longwall Extraction
- Room and pillar Extraction
- On the basis of type of mineral, the underground mining equipment market can be segmented as follows:
- Hard rock mining
- Soft rock mining
- On the basis of the Application, the underground mining equipment market can be segmented as follows:
- Coal Mining
- Metal Ming
- Mineral Mining
- On the basis of the End Use, the underground mining equipment market can be segmented as follows:
- Electric power industry
Underground Mining Equipment Market: Regional Outlook
North America holds a major share in the production global underground mining equipment market owing to established prominent players such as caterpillar, John Deere, etc. It is followed by Western Europe and Asia Pacific. Africa and Asia Pacific are projected to be major consumers owing to the extensive applications of underground mining equipment in the mining industry to increase production. Increase in industrial production and manufacturing across the globe have also increased the demand for power from the end-user industries increasing the mining, which in turn, will influence the demand for underground Mining Equipment in the region over the forecast period. Rest of the world is estimated to account for a relatively small share of the underground mining equipment market.
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Underground Mining Equipment Market: Key Participants
Examples of some of the market participants operating across the value chain of the global underground mining equipment market are:
- Caterpillar Inc.
- Komatsu Mining Corp.
- Sandvik AB
- Hitachi Co. Ltd.
- Atlas Copco Group
- Volvo Group
- Doosan Group
- Metso Corporation
- Liebherr Group
- Minemaster. eu.