Global Underground Mining Equipment Market 2020-2024 | Evolving Opportunities With AARD Mining Equipment (Pty) Ltd. and Atlas Copco AB | Technavio

LONDON--(BUSINESS WIRE)--Feb 5, 2020--

The underground mining equipment market is poised to grow by USD 8.50 billion during 2020-2024, progressing at a CAGR of over 6% during the forecast period. Request free sample pages

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Technavio has announced its latest market research report titled global underground mining equipment market 2020-2024 (Graphic: Business Wire)

Read the 153-page report with TOC on "Underground Mining Equipment Market Analysis Report by Application (Room and pillar mining, Longwall mining, Borehole mining, and Others), by Geographic segmentation (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024."

The market is driven by the growing demand for cobalt owing to increasing adoption of electric vehicles. In addition, the increased application of AI, DL, and ML technologies is anticipated to boost the growth of the underground mining equipment market.

The adoption of electric vehicles is being encouraged in many economies as it minimizes the dependence on vehicles that run on gasoline or diesel. This increase in the adoption of electric vehicles is propelling the demand for cobalt as it used as a major raw material in the manufacturing of batteries. Consequently, the demand for cobalt mining activities using underground mining equipment is increasing. Thus, the growing demand for cobalt owing to increasing adoption of electric vehicles is expected to drive market growth during the forecast period.

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Major Five Underground Mining Equipment Market Companies:

AARD Mining Equipment (Pty) Ltd.

AARD Mining Equipment (Pty) Ltd. is headquartered in South Africa and offers a range of low profile range drills, standard range drills, flameproof drills, and hydraulic drills for underground mining applications.

Atlas Copco AB

Atlas Copco AB is headquartered in Sweden and offers products through the following business units: Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique. The company offers a range of underground load haul dumpers (LHD) and mine trucks such as Electric Minetruck EMT35, Electric Minetruck EMT50, and more.

Boart Longyear Ltd.

Boart Longyear Ltd. is headquartered in the US and operates under various business segments, namely Global Drilling Services and Global Products. The company offers a range of underground rock drills and underground top hammer tools such as S36 Rock Drill, StopeMaster Production Drill, and more.

Caterpillar Inc.

Caterpillar Inc. is headquartered in the US and offers products through the following business segments: Construction Industries, Resource Industries, Energy & Transportation, and Financial Products Segment. The company offers a range of underground mining equipment such as underground mining trucks, underground mining load-haul-dump loaders, and more.

Guizhou Sinodrills Equipment Co. Ltd.

Guizhou Sinodrills Equipment Co. Ltd. is headquartered in China and offers products through the following business segments: Top-hammer drilling, Down the hole drilling, and Self-drilling anchors. The company offers a range of underground mining equipment such as down-the-hole (DTH) Hammers, DTH Bits, and more.

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Underground Mining Equipment Market Application Outlook (Revenue, USD Billion, 2020-2024)

  • Room and pillar mining
  • Longwall mining
  • Borehole mining
  • Others

Underground Mining Equipment Market Regional Outlook (Revenue, USD Billion, 2020-2024)

  • APAC
  • Europe
  • MEA
  • North America
  • South America

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report

Related Reports on Industrials Include:

Coal Handling Equipment Market in the Mining Industry – Global Coal Handling Equipment Market in the Mining Industry by application (underground mining, surface mining, and coal processing), and geography (Americas, APAC, Europe, and MEA).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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CONTACT: Technavio Research

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SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 02/05/2020 02:00 AM/DISC: 02/05/2020 02:01 AM

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