Global Underground Mining Equipment Information by Type of mining method (Longwall Extraction and Room & Pillar Extraction), by Application (Coal mining, Metal mining, and Mineral mining), and Region - Forecast to 2023

Pune, India -- (SBWire) -- 02/21/2018 --Market Scenario

The growth of the underground mining equipment market is driven by the increasing demand of metal by the manufacturing industries. The metals in the form of coated coiled steel & aluminum, with a multitude of coatings, pre-treatments, strippable films, embossing and laminations, are used by the manufacturers of consumer products in multiple markets including, appliances, bake ware, consumer electronics and container packaging. This is leading to the growth of the underground mining equipment market. The other factors driving the growth of the market are the increasing mining activities majorly in the Latin America region and the supportive government policies.

The report has been analyzed based on the type of mining method, applications and regions. Amongst all types of mining methods, longwall extraction segment dominates the global underground mining equipment market with 73.48% of share in 2016. Longwall Extraction method includes drivage of two long roadways and joining them at the end with the help of a perpendicular drivage. This is used in horizontal and tabular deposits and can be applied to both hard and soft rock. The room and pillar extraction segment are employed for the extraction of flat dipping and tabular deposits.

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Key Players
The key players of the global underground mining equipment market include-
- Komatsu Ltd.,
- Caterpillar Inc.,
- Sandvik AB,
- Volvo AB,
- Thyssenkrupp AG,
- Liebherr - International Deutschland GmBh,
- Hitachi Construction Machinery Co., Ltd.,
- Metso Corporation,
- FLSmidth Group,
- Kennametal, Inc.,
- Boart Longyear Ltd.

Market Research Analysis
The Asia-Pacific region is dominating the global underground mining equipment market with 49.54% of share in 2016, in terms of value. It is expected to grow at a CAGR of 7.43% during the forecast period. The growth can be attributed to the increasing demand of metals in the manufacturing of consumer goods. North America is the home of two of the world's largest mining countries, the USA and Canada and is thus expected to grow at a CAGR of 7.12%. In the Europe region, the mining industry is contributing significantly to the growth of the economic growth of the region, thereby driving the growth of the market.

Regional Analysis of Global Underground Mining Equipment Market
APAC accounts for the largest market in the global underground mining equipment market. Countries like China, India, Australia, Indonesia and others dominate Asian mining sector. The countries are also major global producers of commodities such as gold, diamonds, base metals, coal, among others. The region is not only the major producer but also one of the leading consumers of the metal and minerals. China accounted for the largest market share of 67.67% in the APAC underground mining equipment market in 2016.

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