Albany, NY -- (SBWIRE) -- 03/01/2017 -- Underground mining entails extracting metals, minerals, and ores such as iron ore, bauxite, titanium, and copper, and various non-metallic products from beneath the earth's surface. The mining methods deployed for underground extraction are chosen after factoring in geographical conditions, spatial and geometric characteristics, the value of the ore, possible operational costs, and most important – the availability of raw materials.

Based on application, the global underground mining equipment market can be segmented into mineral mining, coal mining, and metal mining. Among them, the coal mining sector has been grossing maximum revenue and in the near future too will continue raking in robust revenue on the back of the energy industry driving demand. By type, the global underground mining equipment market can be segmented into room and pillar and longwall.

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Global Underground Mining Equipment Market: Drivers and Trends

The swift-pace of urbanization and rapid industrialization worldwide has majorly contributed to the global underground mining equipment market. This is because both require massive amounts of energy which has upped the need for coal needed for power generation. This has, in turn, boosted demand for underground mining equipment needed to extract coal. In fact, maximum demand for underground equipment is generated by the coal sector.

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Further, better living standards and higher spending capacity of people has led to increased sales of gold, aluminum, and copper, among other commodities. This has helped augment demand for underground mining equipment used for mining metals. A recent noticeable trend in the global underground equipment market is the immense thrust on developing advanced and more effective mining equipment for transportation, excavation, washing, and screening processes that helps to keep energy costs at bay. This has led to savvy companies rapidly supplanting outdated machinery with energy efficient ones for better profit margins.

Global Underground Mining Equipment Market: Regional Outlook

Based on geography, the key segments of the global underground mining equipment market are Asia Pacific, Europe, North America, and the Rest of the World. At present, Asia Pacific dominates the global market with a leading share because of the increasing mining activities in the emerging economies of China, Australia, and India. In fact, China's insatiable demand for coal to a great extent shapes the competitive dynamics in the market.

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Besides Asia Pacific, North America is another key market. The rising number of mining sites, especially of coal has brought about high demand of specialized mining equipment in the region. Additionally, government regulations pertaining to mining safety, employment, environment, and equipment usage have also stoked demand for technologically improved underground mining equipment. Midwest in the U.S. is a major contributor to the region's revenue. The Middle East and Africa are also considered important contributors.

Companies Mentioned in Report

To present a detailed assessment of the competition prevailing in the global underground mining equipment market, the report profiles important companies such as Sandvik AB, Komatsu Ltd, Volvo AB, Caterpillar Inc., Joy Global Inc., Hitachi Construction Machinery Co. Ltd., Boart Longyear Ltd., Kennametal, Inc., Metso Corporation, and Thyssenkrupp AG.

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