According to the IMF, the value of US underground mining equipment

The global underground mining equipment market is expected to be worth US$15.9 billion. With sales growing at a steady CAGR of 2.4%, the market is expected to reach US$18.8 billion in 2029. In a new report, Future Industry Insights (FMI) assesses current changes in the underground mining equipment market and predicts their impact on the market. growth between 2022 and 2029. In 2022,

According to the survey, manufacturers are increasingly adopting automatic underground mining equipment to keep up with current trends in the ever-changing mining industry, which will drive technological revolutions in the landscape. Additionally, stringent emissions regulations in the mining industry, such as controlled diesel emissions and personnel safety, are likely to spur innovations that will help the industry cope more effectively with relentless pressure. prices and to mitigate the environmental impacts of next-generation underground mining equipment.

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Advanced mining techniques and their impacts on various socio-economic factors have been a prolonged concern around the world. The shift of a majority of miners from surface or surface mining to underground mining has further amplified concerns about human safety and environmental impacts.

Technology emerges as the most effective tool for introducing enhanced functionality into underground mining equipment, and FMI’s study examines the influence of technological advancements and other microeconomic factors on the growth of the equipment landscape underground mining.

Firm inclination of miners towards hard rock mining equipment

The study by FMI reveals that 7 out of 10 underground mining equipment sold in 2021 were for applications associated with hard rock mining rigs. The increasing demand for hard rock minerals, such as copper, gold, zinc, and lithium, across a wide range of industries, has given rise to hard rock mining activities in the mining industry. Major players in the underground mining equipment landscape are focused on meeting the growing need for improved productivity in hard rock underground mines with the launch of next-generation mining equipment.

Additionally, conventional hard rock mining techniques lead to the release of toxic gases including carbon dioxide (CO2) and sulfur dioxide (SO2), which is triggering the adoption of electrical equipment in mining. hard rock. Moreover, the study reveals that the coupling of underground mining equipment that can perform multiple operations, including cutting, loading and transporting operations in parallel, is expected to see high demand in the coming years.

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Visibly growing preference for “letting” versus new

In rugged terrain such as the mining industry, constant wear and tear on mining equipment leads to high replacement rates, leading to significant depreciation costs for end users. Since large mining equipment, including underground mining equipment, has a very high price, purchasing new equipment requires high capital investment.

The majority of miners are keen on buying used or refurbished equipment, even considering the possibility of renting rather than investing in new underground mining equipment. With a majority of mining companies looking to reduce their upfront investments, rental service providers are expected to gain traction in the coming years.

The IMF study reveals that more than half of the revenue share goes to rental service providers in the underground equipment market. The increasing preferences of end users for rental equipment are driving the progress of this trend in the market. A growing number of rental service companies are offering refurbished mining equipment specifically tailored to the demands of the underground mining industry.

The FMI report also reveals that major players and investors in the underground mining equipment landscape are focusing their strategic attention on providing rental service packages tailored to the changing needs of their customers with respect to equipment inventory.

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Underground Mining Equipment Market by Category

Type of product:

• Mining loaders
• Mining trucks
• Mining drills
• Mining bolters
• Mining shear
• Continuous minors
• Excavators and mining shovels
• Mining scalers

Extraction technique:

• Extraction of soft rocks
• Hard rock mining

End users:

• Mining operators
• Rental service provider

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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About Future Market Insights (IMF)

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments based on source, application, sales channel, and end-use over the next 10 years.

This press release was published on openPR.

Bonny J. Streater