Technavio analyzes that the Underground Mining Equipment Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.12 billion.There are various factors that contribute to the growth of the market. Underground mining operations require specialized equipment to ensure efficient and safe operations. The availability of advanced underground mining equipment is crucial in enhancing productivity and minimizing risks. These machines, including mining trucks, loaders, and drills, are engineered to withstand the harsh conditions of subterranean environments while delivering superior performance and safety features. The market for underground mining equipment continues to grow due to the increasing demand for minerals and metals, as well as the continuous innovation in technology to improve mining processes.
In the realm of mining, Underground Room and Pillar Mining is a technique employed for extracting resources from relatively flat-lying deposits. This method involves mining a material across a horizontal plane, creating rooms and pillars as the primary means of supporting the overburden. In the initial phase, the untouched material pillars serve as roof props, allowing for the extraction of the remaining open areas underground. Subsequently, the pillars are partially extracted in the second phase. Key machinery utilized in this process includes haulage machines, mining drills, continuous miners, roof bolters, and scoops. This approach is commonly used for mining iron, coal, and base metal ores, and is also applicable to Quarrying, Open-pit mining, In-situ leach (ISL), Placer mining, Explosives, Block caving, Retreat mining, Shrinkage stope mining, Slurry control, and Pressure mining operations.
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Underground Mining Equipment Market Segmentation
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The Underground Mining Equipment Market caters to the extraction of geological elements, including precious minerals and industrial minerals, from soil using specialized equipment in tunnels and shafts. This method contrasts with surface mining, which includes strip mining, open-pit mining, quarrying, and placer mining. Underground mining techniques include longwall mining, sub-level caving, and others, such as in-situ leach (ISL) and retreat mining. These methods have environmental implications, with waste rock, tailings, water quality, and air quality being key concerns. Safety precautions and the global economy also impact the market. Equipment used includes explosives, material handling systems, and material processing equipment.
The Underground Mining Equipment Market is a segment of the larger Global Industrial Machinery and Supplies and Components Market. This market encompasses companies involved in the manufacturing of machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the combined revenue generated by these manufacturers supplying equipment for industries such as mining, specifically underground mining for precious minerals, geological elements, coal, precious metals, industrial minerals, and the processes of longwall mining and sub-level caving. The expansion of developing economies and the subsequent growth in demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages will drive the growth of the global industrial machinery, supplies, and components market, including the underground mining equipment sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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