Underground Mining Equipment Market
Projected to Reach 27400 Million US$ by 2025
The Underground Mining Equipment market was valued at 17300 Million US$ in 2017 and is projected to reach 27400 Million US$ by 2025, at a CAGR of 6.8% during the forecast period.
This press release was orginally distributed by SBWire
City of Industry, CA — (SBWIRE) — 09/20/2018 — This study focuses on the production side and consumption side of Underground Mining Equipment, presents the global Underground Mining Equipment market size by manufacturers, regions, type and application, history breakdown data from 2013 to 2018, and forecast to 2025.
In terms of production side, this report researches the Underground Mining Equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and product type.
In terms of consumption side, this report focuses on the consumption of Underground Mining Equipment by regions and application. The key regions like North America, Europe, Asia-Pacific, Central & South America, Middle East and Africa etc.
Underground Mining Equipment is the mining equipment used in the underground. Underground mining is a technique used to access ores and valuable minerals in the ground by digging into the ground to extract them.
Underground mining involves mineral production by extracting natural resources such as metals, coal, and minerals, including iron ore, titanium, bauxite, and copper, and various non-metallic products from beneath the earth’s surface. The mining methods required for underground extraction are selected based on parameters such as geographical conditions, spatial and geometric characteristics, the economic value of ore, estimated operational costs, and availability of raw materials. Globally, APAC region generates the highest consumption value, followed by the North America, Europe, South America and Africa. The growing mining activities in developing countries of APAC such as China, India, and Australia, are the major factors influencing the growth of the market. Also, the growing demand from coal industry will drive the underground mining equipment market.
The coal mining sector was the highest revenue generator with over 40.21% market share in 2016, and this growth will continue through the forecast period. The energy industry is a significant end-user of mined coal products, as coal being a vital resource for energy production. Also, following the rapid growth in urbanization and industrialization, the demand for power generation has increased, thus triggering coal mining activities.
The Underground Mining Equipment market was valued at 17300 Million US$ in 2017 and is projected to reach 27400 Million US$ by 2025, at a CAGR of 6.8% during the forecast period. In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Underground Mining Equipment.
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