Underground Mining vehicles Market: Introduction
The operations of Underground mines have transform in accordance with the evolution of systems, equipment in mining method. The underground mining operations have been developed from primitive hand operation to the mechanized and automated underground mining vehicle. Through the robust technology application on the methods of extraction of minerals leads to higher productivity of minerals from mines. The underground mining vehicle is of critical importance in underground mines and mining operation. Furthermore, they are used in various operations in mining which include extraction, loading and transportations of materials, ores, equipment and personnel.
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Underground Mining vehicles Market: Dynamics
The Underground Mining vehicles Market is highly dependent on the mining industry outlook across the globe. The mines developments across various economies are dynamic in nature, its fluctuation is highly dependent upon economic growth, industrially development. In developing economies such as China, India, Argentina and Brazil, mining is done at a faster pace and will contribute to the growth of mining industry, which in turn, will spur the demand for Underground Mining vehicles. Also, supporting government policy in mechanizing mining process, subsidies and investments, an increase in FDI will also contribute towards the growth of underground mining vehicle market. Also, the public-private partnership helps the private investors with better guarantees and better institutional legal framework to accelerate the country’s mining infrastructure.
However, the high cost of Underground Mining vehicles and its operational cost may restraint its growth over the forecast period. Still, mining companies are increasingly adopting Underground Mining vehicles in focusing on improving the working environment for their workforce, mechanizing the mining processes as well as increasing the production to cater the growing demand from various end-use industry will result in an increase in the demand for Underground Mining vehicles during the forecast period. Also, the manufacturers of Underground Mining vehicles are investing in research and development of the machine to make it more operationally efficient and economical. However, the ongoing trend in the industries of using better equipment to get better results will increase the demand for Underground Mining vehicles during the forecast period.
Underground Mining vehicles Market: Segmentation
Based on the Mining Equipment, the Underground Mining vehicles Market can be segmented as follows:
- LHD loaders
- Haul truck
- Blaster Trucks
- Articulated dump trucks
- Multi-Plane Cutting Machine
- Shuttle Car
- Personnel Carriers
- Others (Underground Drill rigs and bolters. conveying equipment)
Based on the Mining Method, the Underground Mining vehicles Market can be segmented as follows:
- Longwall Extraction
- Room and pillar Extraction
Based on the type of mineral, the Underground Mining vehicles Market can be segmented as follows:
- Hard rock mining
- Soft rock mining
Underground Mining vehicles Market: Regional Outlook
Geographically, the Underground Mining vehicles market is segmented into eight regions including Western Europe, Eastern Europe, Middle East and Africa, North America, Latin America and the East Asia Pacific, South Asia and Oceania. During the forecasted period, Europe is expected to hold a major share in the global Underground Mining vehicles market and is expected to behold it even in the forecast period owing to huge mining equipment existing fleet and sales of mining vehicle and increasing focus of mining companies towards increasing production capacity in this region. The Asia Pacific Is expected to exhibit high growth in the Underground Mining vehicles market owing increase in energy needs generating from rapid industrialization in the economies of South East Asia such as Indonesia, India, Bangladesh, and Vietnam is anticipated to contribute to the regional demand. Rest of the world is estimated to account for a relatively small share of the Underground Mining vehicles market.
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Underground Mining vehicles Market: Market Participants
Some of the examples of the market participants operating across the value chain of the global Underground Mining vehicles Market are:
- Caterpillar Inc. SANY GROUP
- Komatsu Mining Corp.
- Sandvik AB
- SANY GROUP
- Atlas Copco AB
- Hitachi Construction Machinery Co., Ltd.
- Liebherr Group
- Hager Equipment Co.
- Epiroc Group
- Putzmeister Ibérica, S.A
- Volvo Construction Equipment
- Boart Longyear
- AARD Mining Equipment