NEW YORK , Sept. 9, 2022 /PRNewswire/ -- The "Underground Mining Equipment Market - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The underground mining equipment market share is expected to increase by USD 5.93 billion from 2021 to 2026. However, the growth momentum is likely to decelerate at a CAGR of 3.81%. Technavio categorizes the underground mining equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the underground mining equipment market during the forecast period. For more highlights on the parent market analysis - Request a FREE Sample Now!
Underground Mining Equipment Market - Key Market Dynamics
Market Driver - The availability of efficient and safe underground mining equipment is one of the key drivers supporting the underground mining equipment market growth. Mining areas are generally characterized by high-intensity noise, vibrations, and dust. Prolonged exposure to noise and dust causes detrimental effects on the health of drilling operators. This has led to increased demand for novel machinery for mining activities that can improve the working condition in mining areas. Despite the entry of such products into the market, hearing loss among miners remains one of the most common occupational hazards.
Market Challenges - The high cost of underground mining equipment is one of the factors hampering the underground mining equipment market growth. The high price of underground mining equipment has influenced end-users to prefer renting to purchasing it. Significantly, the cost of procuring new underground mining equipment is invested in other activities, which helps these companies maintain their market position for an extended period.
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Underground Mining Equipment Market - Segmentation Analysis
The underground mining equipment market report is segmented by Application (Room and pillar mining, Longwall mining, Borehole mining, and Others) and Geography (APAC, North America , Europe , South America , and the Middle East and Africa ).
Regional Highlights - 55% of the market's growth will originate from APAC during the forecast period. China , India , and Australia are the key markets for the underground mining equipment market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Revenue Generating Segment - The underground mining equipment market share growth in the room and pillar mining segment will be significant for revenue generation. Room and pillar mining is usually done for relatively flat-lying deposits. This type of mining is typically used to extract iron, coal, and base metal ores. Typical machines used in this type of mining are haulage machines, mining drills, continuous miners, roof bolters, and s.coops.
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Underground Mining Equipment Market - Vendor Analysis
The underground mining equipment market is fragmented and the vendors are deploying growth strategies such as equipment price and capacity, technology, innovation, and quality to compete in the market.
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The competitive scenario provided in the Underground Mining Equipment Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Underground Mining Equipment Market Forecast Report - Buy Now!
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Underground Mining Equipment Market Scope
Decelerate at a CAGR of 3.81%
APAC, North America, Europe, South America, and Middle East, and Africa
US, China, India, Australia, Russia, US, China, India, Australia, and Russia
Leading companies, competitive strategies, consumer engagement scope
AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, and Yantai Jiaxiang Mining Machinery Co Ltd
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
3.4 Market outlook: Forecast for 2021-2026
5.3 Room and pillar mining - Market size and forecast 2021-2026
5.4 Longwall mining - Market size and forecast 2021-2026
5.5 Borehole mining - Market size and forecast 2021-2026
5.6 Others - Market size and forecast 2021-2026
7.3 APAC - Market size and forecast 2021-2026
7.4 North America - Market size and forecast 2021-2026
7.5 Europe - Market size and forecast 2021-2026
7.6 South America - Market size and forecast 2021-2026
7.7 Middle East and Africa - Market size and forecast 2021-2026
7.8 China - Market size and forecast 2021-2026
7.9 US - Market size and forecast 2021-2026
7.10 Russia - Market size and forecast 2021-2026
7.11 India - Market size and forecast 2021-2026
7.12 Australia - Market size and forecast 2021-2026
8.3 Impact of drivers and challenges
10.7 Guizhou Sinodrills Equipment Co. Ltd
10.8 Hitachi Construction Machinery Co. Ltd.
11.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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