Underground Mining Equipment Market Research, Segmentation, Key Players Analysis and Forecast to 2029
In a new report, Future Industry Insights (FMI) assesses current changes in the underground mining equipment market and forecasts their impact on market growth between 2022 and 2029. According to the survey, sales of underground mining equipment of US$ 15.9 billion would be recorded in 2022. However, until 2029, the market value is expected to increase at a passive CAGR of 2.4 percent.
According to the survey, manufacturers are increasingly
adopting automatic underground mining equipment to keep up with current trends
in the ever-changing mining business, which will
result in tech-driven revolutions in the landscape. Furthermore, strict
emission regulations in the mining industry, such as controlled diesel
emissions and personnel safety, are likely to spur innovations that will help
the industry deal more effectively with the relentless pricing pressure and
mitigate the environmental impacts of new-generation underground mining
equipment.
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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-a-vis human safety and the environmental
impacts.
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.
Mineworkers’ Staunch Inclination towards Hard Rock Mining
Equipment
FMI’s study finds that every 7 out of 10 underground mining
equipment sold in 2021 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.
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.
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.
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Underground Mining Equipment Market by Category
Product Type:
- Mining
Loaders
- Mining
Trucks
- Mining
Drills
- Mining
Bolters
- Mining
Shearer
- Continuous
Miners
- Mining
Excavators & Shovels
- Mining
Scalers
Mining Technique:
- Soft
Rock Mining
- Hard
Rock Mining
End Users:
- Mining
Operators
- Rental
Service Provider
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