Underground Mining Equipment Market to Record CAGR of ~2.4% Increase in Revenue by 2029

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Underground Mining Equipment Market

• February 2020

Report Id REP-GB-6296 Published On
August-2019 Category Industrial Automation and
Equipment
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Underground Mining Equipment Market Analysis

• VALLEY COTTAGE, New York, Aug. 19, 2019
  /PRNewswire/ -- Future Market Insights (FMI), in
  its new study, evaluates the ongoing developments
  in the underground mining equipment market and
  projects their impact on the growth of the market
  between 2019 and 2029. The study projects that
  the sales of underground mining equipment of
  worth US 14 Bn were recorded in 2018. However,
  the market value is likely to grow at a passive
  CAGR of 2.4 through 2029.
• 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. In addition, stringent emission
  regulations regarding controlled diesel emission
  and personnel safety in the mining industry are
  likely to stimulate innovations that can enable
  dealing with the relentless pricing pressure more
  efficiently, and mitigate the environmental
  impacts of new-age underground mining equipment.
• 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.
• 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

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Underground Mining Equipment Market Analysis

• FMI's study finds that every 7 out of 10
  underground mining equipment sold in 2018 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

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Underground Mining Equipment Market Analysis

• 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.
• Press-Release Source https//www.prnewswire.com/
  news-releases/underground-mining-equipment-market-
  is-estimated-to-grow-at-a-cagr-of-2-4-during-the-f
  orecast-period-of-2019-to-2029--future-market-insi
  ghts-300903390.html
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Underground Mining Equipment Market Analysis

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  inputs, valuable growth insights and an aerial
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