Underground mining machinery market: Introduction
- Expansion of underground mining activities to extend the mine life is driving the market for underground mining equipment. Underground mining is the process of extraction of minerals and ores that are buried deep inside the earth’s crust. Major types of underground mining techniques that are used include hard and soft mining. Excavation of hard minerals such as lead, copper, nickel, iron, gold and silver is carried using the hard underground mining process. However, minerals such as potash, coal, oil shale, and other minerals are extracted with the help of soft underground mining techniques.
- Various types of mining equipment are available in the market based on the type of mineral that needs to be extracted. Equipment used for underground mining include overhead loaders, draglines, shovels, haul trucks, front end loaders, gathering-arm loaders, and conveyors.
Key Drivers of underground mining machinery market
- Increased demand for extraction of rocks, stones, sand, and similar materials for the construction of roads, buildings, monuments, and landscaping is expected to increase trend toward underground mining. Rise in number of investment schemes in non-metal mining by governments is anticipated to propel the non-metal mining segment of the underground mining; consequently driving the global underground mining machinery market. For instance, in Australia, the mineral extraction projects catering to the demand from defense and critical minerals are supported by both Export Finance Australia (EFA) and Northern Australia Infrastructure Facility (NAIF) funding.
- Major OEMs are entering in joint ventures and engaging in R&D programs for components and purchased-finished materials with certain competitors, aiming to reduce manufacturing costs and provide competitive differentiation. Increased product offerings by developing the right differentiated product is a key strategy followed by market leaders to ensure long-term customer loyalty. For instance, Caterpillar, Inc.’s next-generation 20-ton size class excavators have helped customers reduce fuel consumption and maintenance costs, along with increasing operating efficiency to achieve cost and productivity targets. Such strategic activities by OEMs are expected to drive the global underground mining machinery market.
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Underground Mining Machinery Market: Opportunity
- Latin America witnessed an increase in mining activities. This, in turn, has generated significant investment opportunities for the mining sector in the region. Countries in Latin America, such as Chile and Peru, have numerous gold and copper mines, which increases their dependency over mining machineries to extract minerals. Moreover, favorable mining policies for investors in Chile, Peru, and Colombia are helping significant opportunity for underground mining machinery players to invest in Latin America.
Underground Mining Machinery Market: COVID 19 Impact
- The COVID-19 pandemic had impacted the global supply chains massively in 2020. Underground mining industries largely depend over supply chain of machines and machinery components suppliers along with raw material procurements to end-use industries across the world.
- Disruption in supply chain and reduced demand for raw materials owing to suspension of production facilities worldwide in 2020 due to forced lockdown have hampered the mining industries in 2020
- However, from Q4 of 2020, mining and other industries resumed their activities to increase raw material extraction and transportation to cater to the demand from production industries
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Asia Pacific to account for prominent share of global underground mining machinery market
- In terms of region, the global underground mining machinery market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific holds a significant share of the global underground mining machinery market in 2020. It is expected to dominate the market during the forecast period. Abundant availability of raw material and cost-effective product pricing have boosted the mining business in Asia Pacific as compared to that in other geographies.
- According to World Coal Association, India, China, Australia, and Indonesia are prominent coal producers in the world, which significantly portrays consumption potential for mining machinery. India offers several opportunities for mining companies, as there is significant scope for exploration of bauxite, iron ore, and coal. Furthermore, booming real-estate sector in the country is expected to augment the demand for metal mining equipment, thereby fueling the market in the region.
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Key Players Operating in Underground mining machinery market
The global underground mining machinery market is concentrated owing to the presence of top manufacturers. A few key players operating in the global underground mining machinery market are:
- Atlas Copco AB
- Caterpillar Inc.
- Epiroc AB
- Hitachi Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Sandvik AB
- Sany Group Co. Ltd.
- XCMG Group
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