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Technavio’s new underground mining equipment market research indicates negative growth in the near term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Underground Mining Equipment Market 2020-2024 (Graph: Business Wire)
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“One of the main drivers of growth in this market is the increasing demand for cobalt due to the increasing adoption of electric vehicles,” says a senior industrial industry analyst at Technavio. Suppliers should focus more on growth prospects in fast-growth segments while maintaining their positions in slow-growth segments. As markets recover, Technavio expects the underground mining equipment market size to grow by USD 8.50 billion over the 2020-2024 period.
Highlights of the Underground Mining Equipment Market Segment for 2020
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The underground mining equipment market is expected to register a year-on-year growth rate of 5.52%.
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Based on the application, abutment and hall mining experienced peak growth in 2019. Increasing demand for cobalt due to the growing adoption of electric vehicles is driving the market.
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Segment growth will be significant during the forecast period.
Regional analysis
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49% of the growth will originate in the APAC region.
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The increasing demand for metals and minerals and the increasing use of coal for power generation are significantly driving the growth of the underground mining equipment market in the APAC region.
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China and India are the key markets for underground mining equipment in APAC. Market growth in this region will be faster than market growth in other regions.
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Related industry reports include:
Global market for surface mining equipment– The surface mining equipment market is segmented by application (open pit mining, open pit mining and summit removal) and geography (APAC, North America, Europe, South America and MEA). Click here for exclusive free sample report
Global market for crushing equipment– The crushing equipment market is segmented by type (jaw crushers, roll crushers, cone crushers, and others) and geography (APAC, North America, Europe, South America, and MEA). Click here for exclusive free sample report
Notes:
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The size of the underground mining equipment market is expected to accelerate at a CAGR of more than 6% during the forecast period.
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The underground mining equipment market is segmented by application (room and abutment, longwall, shaft, and others) and geography (APAC, Europe, MEA, North America and South America).
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The market is fragmented due to the presence of many established vendors that have significant market share.
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The research report provides information on various vendors in the market, including AARD Mining Equipment (Pty) Ltd., Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., Guizhou Sinodrills Equipment Co. Ltd., Hitachi Construction Machinery Co. Ltd. , Kennametal Inc., Komatsu Ltd., Sandvik AB and Sulzer Ltd.
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Technavio is a world leader in technology research and consulting. His research and analysis focuses on emerging market trends and provides useful information to help companies identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Its customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market insights to identify opportunities in existing markets. and potentials and assess their competitive positions within changing market scenarios.
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