14 Sep Underground mining equipment market to hit $30.5b by 2023
The global underground mining equipment market is expected to reach US$30.5 billion by 2023 according to research published by US-based independent research organisation Credence Research.
The report explains that the demand for mining equipment is growing at a steady pace with the increasing demand for coal, metals and minerals.
The coal mining sector accounted for 40% of revenue share in the global underground mining equipment market by application in 2015.
According to the study, underground equipment used for coal applications are expected to see considerable growth with the rising demand for coal energy, particularly in emerging markets.
Metal and mineral mining equipment are also expected to see growth with the improvement of construction and the increasing production of consumer goods.
Growing urbanisation in Africa, Asia Pacific region, the Middle East and Latin America is increasing the demand for coal and coal energy.
North America and Europe are expected to see steady growth with the advancement of new machinery and solutions. Latin America is anticipated to see significant growth through the rising mining activities in Brazil, Chile and other countries in the region.
The global underground mining equipment market is largely competitive and have continuously evolved to bypass the recent challenges. Some of the key companies include Atlas Copco, Caterpillar, Joy Global, Komatsu, Sandvik Mining, ThyssenKrupp and Volvo.