The global underground mining equipment market is expected to reach US$ 15.9 Bn in 2022. With sales growing at a steady 2.4% CAGR, the market valuation is projected to reach US$ 18.8 Bn in 2029.
The study projects that the sales of underground mining equipment worth ~US$ 15.9 Bn were recorded in 2022. However, the market value is likely to grow at a passive CAGR of 2.4% through 2029.
Additionally, the mining industry’s strict emission regulations for managed diesel emissions and worker safety are likely to spur innovations that could help more effectively manage the ongoing price pressure and lessen the environmental impacts of the most recent underground mining technologies.
In its most recent study, Future Market Insights (FMI) evaluates the underground mining equipment market’s current trends and projects how they will affect market growth between 2022 and 2029.
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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-à-vis human safety and the environmental impacts.
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.
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 for 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 the coupling underground mining equipment that can carry out multiple operations including parallel cutting, loading, and hauling operations is likely to witness high demand in the coming years.
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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 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 in the coming years.
FMI’s study finds that more than half the revenue share is accounted for 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 is 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 on 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
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Underground Mining Equipment Market Demand , Underground Mining Equipment Market Share , Underground Mining Equipment Market Forecast
Dec 19, 2022
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