Global $26.7 Bn Underground Mining Equipment Market, Opportunity and Forecasts, 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 20, 2018--The “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The global underground mining equipment market was worth US$ 21.8 Billion in 2017.
Major types of underground mining techniques that are used include hard and soft mining. With hard underground mining the process of excavation of hard minerals such as lead, copper, nickel, iron, gold and silver is carried out. However, minerals such as potash, coal, oil shale and other minerals are extracted with the help of soft underground mining techniques.
Various types of mining equipment are available in the market based on the type of mineral that needs to be extracted. Equipment used for underground mining include overhead loaders, draglines, shovels, haul trucks, front end loaders, gathering-arm loaders, conveyors, etc.
Catalyzed by stable economic growth across both developed and developing regions, increasing levels of disposable incomes and a rise in the middle-class population, there has been a strong growth in the demand of various minerals such as iron, gold, copper, coal, lead, aluminum, silver, etc. This has catalyzed a rising demand for underground mining equipment.
Moreover, the substantial rise in the consumption of energy in the form of coal and nuclear fuels as a result of increasing urbanization and industrialization is also creating a positive impact on the demand of underground mining equipment. Additionally, underground mining causes minimum harm to the environment as compared to surface mining. With explosions being made underground, no toxic gases are released in the surroundings. Other factors that are currently driving this market include - lack of manual labor and its rising costs, increasing focus on improving the yield and productivity, enhanced use of high-quality equipment in mining, etc.
Looking forward, the market value is projected to reach US$ 26.7 Billion by 2023, expanding at a CAGR of 3.4% during 2018-2023.
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Underground Mining Equipment Market
6 Market Breakup by Type of Mining Extraction
7 Market Breakup by Application
8 Market Breakup by Region
9 Underground Mining Equipment Manufacturing Process
10 Competitive LandscapeAsea Brown Boveri Ltd. Badger Meter Inc. Emerson Electric Co. Emerson Process Management Faure Herman SA General Electric Hach/Marsh McBirney Inc. Honeywell International Inc. Index Corporation Invensys Process Systems Rockwell Automation Inc. Siemens AG Teledyne Isco Inc. Yamatake Co. Yokogawa Electric Co.
For more information about this report visit https://www.researchandmarkets.com/research/95r5kv/global_26_7_bn?w=4
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Related Topics:Mining Equipment
INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES
SOURCE: Research and Markets
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PUB: 12/20/2018 04:15 AM/DISC: 12/20/2018 04:16 AM