Underground Mining Equipment Market to Grow at a Rapid Pace; Surging Demand for Minerals from Metals Industry to Boost Market Growth
Pune, India, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The global underground mining equipment market size is projected to undergo considerable expansion owing to the introduction of artificial intelligence (AI) and related technologies in mining activities, shares Fortune Business Insights™ in its report, titled “Underground Mining Equipment Market 2022-2029”.
According to our analyst, rising demand for efficient, precise, and sophisticated mining equipment has led to the incorporation of such equipment with AI and machine learning (ML) tools. For example, Canada-based mining company Goldspot Discoveries has utilized AI to predict over 85% of the deposits in Canada’s Abitibi gold belt using data such as mineralogy and topology of the region. Another key development in this context is the adoption of self-driving trucks for mining operations. In Australia, for instance, the UK-based mining leader Rio Tinto has deployed 76 of its autonomous haulers across various mining sites across the country. Thus, with mining activities becoming more data-driven, the market for underground mining equipment is set to experience a period of dynamic growth.
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COVID-19 Pandemic to Create Multiple Hurdles for the Market
The underground mining equipment market growth is expected to be hit by the COVID-19 pandemic, which will be mainly seen in the form of job losses. According to the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), employment in underground mines is likely to shrink during the pandemic as underground mining requires large groups of workers to operate in small, enclosed spaces. As a result, not only the workers but also their contacts outside will be at high risk. In addition to this, staggered lockdowns in many countries have impacted mining activities, with governments shutting down mine sites temporarily. In Poland, the IGF reports, after cases erupted at mines, operators decided to voluntarily close down mine sites. This will inevitably affect wages and further intensify the economic downturn. The silver lining in this is the uninterrupted operations at underground mines that utilize automated equipment. For example, the Syama mine in Mali has continued to function in a full-fledged manner despite the pandemic, while more workers have been recruited at the Pilbara mines in Australia to boost production.
Promising Growth in Mining Sector to Fuel the Market in Asia Pacific
Among regions, Asia Pacific is expected to dominate the underground mining equipment market share in the coming years owing to promising expansion of the mining sector in the region. This growth is underpinned by the surging demand for construction activities and heavy governmental investments in infrastructure development in India and China.
In Europe, the primary growth vehicle for the market is the robust presence of machinery and equipment giants such as Volvo and Sandvik. The market in North America is anticipated to grow at a steady pace on account of increasing integration of underground mining equipment with automation technologies such as AI and ML.
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Focused Investments for Developing Automated Mining Solutions to Intensify Competition
Growing willingness in the mining industry for the adoption of automated equipment has generated unprecedented opportunities for players in this market. In response, most of the key players manufacturing underground mining equipment are making strategic and focused investments to develop novel machinery equipped with smart AI- and ML-based tools.
March 2022: Sweden-based Sandvik AB launched its autonomous truck haulage system called AutoMine for Trucks, the first of its kind for ramp haulage applications. The system allows Sandvik to transform its intelligent trucks into unmanned robots, thus bringing high level of efficiency in the underground mining domain.
July 2019: The Australian mining company, Red 5, deployed Volvo’s A45G articulated haulers at its underground gold mine in Eastern Goldfields, Western Australia. According to the company, the haulers enabled the company to boost its productivity, reduce maintenance costs, and cut fuel consumption by 50%.
List of Key Companies Profiled in the Underground Mining Equipment Market Report:
Epiroc South Africa (Pty) Ltd
Hitachi Construction Machinery Co, Ltd.
ZHENGZHOU COAL MINING MACHINERY (GROUP) CO., LTD
Quick Buy - Underground Mining Equipment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103032
Underground Mining Equipment Market Segmentation:
North America (U.S. and Canada)
Europe (UK, Germany, France and Rest of Europe)
Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Latin America (Brazil, Mexico, and Rest of Latin America)
Key Industry Developments - Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
Impact of COVID-19 on Electric Bus Market
Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
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