According to a new market report published by Credence Research Inc “Underground Mining Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023,” the global underground mining equipment market is predicted to witness considerable growth rising demand for metals and minerals and improving economic conditions.

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The demand underground mining equipment is growing at a steady pace with increasing demand for coal, metal and minerals with rising population. Improving living standard and disposable income is increasing the demand for metals and minerals used in manufacturing consumer goods. In addition, improving construction industry also expected to increase the demand for mining equipment. Moreover, miners in developed markets such as U.S., Europe and Japan are replacing their conventional machineries and equipment in order to match government regulations and improve their productivity.

Based on application of underground mining equipment market is classified into coal mining, metal mining and mineral mining. Coal mining is the largest application segment for underground mining equipment and accounted 40% of revenue share in the global underground mining equipment by application in 2015. Underground equipment used for coal applications are expected to witness considerable growth with rising demand for coal energy particularly in emerging markets. Metal and mineral mining equipment are also expected to witness steady growth with improving construction industry and increasing production of consumer goods and other products.

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Asia Pacific is the largest as well as fastest growing regional market for underground mining equipment. Increasing mining activities in India, China and Australia are expected to drive the demand for underground mining activities in Asia Pacific. In addition, increasing pressure from rapid urbanization in emerging countries across the world is also expected to increase the demand for metals and minerals which will fuel the demand for underground mining equipment. North America and Europe are expected to witness steady growth with replacement of outdated machinery with advanced solutions. Latin America is also prominent market for underground equipment and expected to expect significant growth through the forecast period with rising mining activities in Chile, Brazil and other countries in the region.

The global underground mining equipment market is highly competitive with large number of multinational players. Prominent players have strong hold in the global market and continuously evolved in introduction of advanced solutions in order to overcome current mining challenges. Some major players in the global underground mining industry include Atlas Copco, Caterpillar, Joy Global, Komatsu, Sandvik Mining, Boart Longyear, Doosan Infracore, FLSmidth, Hitachi Construction Machinery, Kennametal, Liebherr-International, Metso, ThyssenKrupp and Volvo.

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