Future Market Insights (FMI) examines current trends in the underground mining equipment market and forecasts their impact on market growth from 2022 to 2029 in a new report. According to the survey, sales of underground mining equipment will reach US$ 15.9 billion in 2022. The market value, on the other hand, is expected to rise at a 2.4 percent passive CAGR until 2029.
According to the survey, manufacturers are progressively implementing automatic underground mining equipment to stay up with modern trends in the constantly evolving mining business, which is leading to technical revolutions motivated by the landscape. Strict emission regulations in the mining sector, such as those governing controlled diesel emissions and worker safety, are also likely to encourage innovation, enabling the sector to respond more skillfully to the industry’s constant price pressure while also minimising the environmental effects of new-generation underground mining machinery.
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Concerns regarding the consequences of cutting-edge mining methods on many socioeconomic issues have long existed in the international community. Since most miners are switching from surface or open pit mining to underground mining, worries regarding human safety and environmental effects have emerged.
The study by FMI examines the effects of technical development and other microeconomic factors on the expansion of the underground mining equipment market. Technology is quickly becoming the most practical means of bringing improved features into underground mining equipment.
Mineworkers’ Staunch Inclination towards Hard Rock Mining Equipment
FMI’s study finds that every 7 out of 10 underground mining equipment sold in 2021 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.
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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 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.
Underground Mining Equipment Market by Category
Product Type:
- Mining Loaders
- Mining Trucks
- Mining Drills
- Mining Bolters
- Mining Shearer
- Continuous Miners
- Mining Excavators & Shovels
- Mining Scalers
Mining Technique:
- Soft Rock Mining
- Hard Rock Mining
End Users:
- Mining Operators
- Rental Service Provider
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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