According to the report, the demand for metals and minerals is increasing across the globe and this is causing mining companies to invest in advanced underground mining equipment to improve their efficiency and production.

Albany, NY -- (SBWire) -- 04/11/2017 --Growing urbanization and rapid industrialization are two of the most significant growth drivers behind the success of underground mining equipment market. TMR Research, in its latest report, answers critical questions pertaining to the future growth prospects and scope of the underground mining equipment market. The report is titled "Underground Mining Equipment Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025." It offers a brief discussion on the qualitative analysis of key industry trends and future growth potential of the market. Industry data such as imports, exports, buyers and suppliers, cost structure, bargaining power of suppliers and buyers, and production data has been included in the report. The market attractiveness index, measuring the industry performance in stable and adverse or challenging economic conditions has also been included in the report.

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According to the report, the demand for metals and minerals is increasing across the globe and this is causing mining companies to invest in advanced underground mining equipment to improve their efficiency and production. Stringent regulations curbing greenhouse gas emissions and labor safety norms are also pushing mining companies to replace their old and conventional mining equipment with the latest technology equipment, driving the growth of the global underground mining equipment market. To excavate hard minerals such as iron, diamond, gold, copper, silver, zinc, and lead, it is essential for miners to employ the best possible and feasible methodology, keeping in mind the economic viability of the operation. Thus, there arises a need for underground mining equipment.

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Underground mining equipment include different types of machineries for different stages. Slushers, load haul dump units, front end loaders, gathering arm loaders, rubber tired shuttle cars and trucks, and overhead loaders are some of the equipment used to perform loading and hauling of excavated ores. In mineral mining operations, ores are loaded into underground equipment and then transferred to ore passes. Thus, underground equipment play a key role in the mining industry and is expected to continue to be in high demand through 2025.

On the basis of application, the market is segmented into metal mining, coal mining, and mineral mining. Of these, the coal mining segment is expected to generate the maximum revenue in the coming years. By type, the market is segmented into longwall and room and pillar. In terms of geography, Asia Pacific is anticipated to be the leading segment on account of increasing activities in the mining sector from emerging nations such as Australia, India, and China.

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Some of the companies operating in the global underground mining equipment market include: Volvo AB, Sandvik AB, Komatsu Ltd, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Joy Global Inc., Boart Longyear Ltd., Metso Corporation, Kennametal, Inc., and Thyssenkrupp AG.

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