Underground Mining Equipment Market Overview, Trends, Opportunities, Growth and Forecast by 2026

Global Underground Mining Equipment Market Research Report and Forecast 2021-2026

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Report Description and Highlights

Report Description

Underground Mining Equipment Market Outlook 2026: IMARC Group, titled “Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global underground mining equipment market reached a value of US$ 24.3 Billion in 2020 Underground mining is an efficient and reliable process used for extracting material deposits like ores and minerals that are buried deep inside the earth’s crust. It is safe, economical, produces negligible waste and does not cause substantial damage to the mining area. It involves two types of underground mining techniques, namely, hard and soft mining.

Hard underground mining aids in the excavation of hard minerals such as lead, copper, nickel, iron, gold and silver.

On the other hand, minerals like coal, potash and oil shale are extracted with the help of soft underground mining techniques. Some of the commonly used underground mining equipment include shovels, conveyors, draglines, haul trucks, overhead loaders, front end loaders and gathering-arm loaders.

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Report Description and Highlights

Report Description

Underground Mining Equipment Market Trends: On account of the rising population, rapid urbanization and increasing industrialization, a significant rise in the consumption of energy has been experienced in recent years.

The consequent increase in energy production has provided a boost to underground mining activities across the globe.

In addition to this, underground mining causes negligible harm to the environment when compared to surface mining, as the explosions are made underground and no toxic gases are released into the surroundings.

Furthermore, miners in developed countries like the United States, Europe and Japan are replacing their older mining equipment to adhere to government regulations and improve their overall productivity which, in turn, is strengthening the growth of the underground mining equipment market.

Other growth-inducing factors include the lack and increasing cost of skilled labor, rising use of highquality equipment, and the growing focus on enhancing the yield and productivity. Looking forward, IMARC Group expects the market to reach a value of US$ 29.2 Billion by 2026.

Report Description and Highlights

Report Description Breakup by Type of Mining: • •

Longwalls Room and Pillars

Breakup by Application: • • •

Coal Mining Metal Mining Mineral Mining

Regional Insights: • • • • •

Asia Pacific North America Europe Middle East and Africa Latin America

Report Description and Highlights Report Description Competitive Landscape: • • • • • • • • •

Caterpillar Inc. Epiroc AB Hitachi Construction Machinery Co.Ltd. Komatsu Ltd. Liebherr Sandvik AB Sany Group Co.Ltd. Volvo BELAZ and XCMG Group.

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equipment-market

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Report Description and Highlights

Report Description

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