LONDON--(BUSINESS WIRE)--The new underground mining equipment market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the underground mining equipment market.
"One of the primary growth drivers for this market is the growing demand for cobalt owing to increasing adoption of electric vehicles,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the underground mining equipment market size to grow by USD 8.50 billion during the period 2020-2024.
Underground Mining Equipment Market Segment Highlights for 2020
- The underground mining equipment market is expected to post a year-over-year growth rate of 5.52%.
- Based on the application, the room and pillar mining saw maximum growth in 2019. The growing demand for cobalt owing to the increasing adoption of electric vehicles is driving the market.
- The growth of the segment will be significant during the forecast period.
- 49% of the growth will originate from the APAC region.
- The increasing demand for metals and minerals and the rising use of coal for energy generation are significantly driving the underground mining equipment market growth in the APAC region.
- China and India are the key markets for underground mining equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The underground mining equipment market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The underground mining equipment market is segmented by application (room and pillar, longwall, borehole, and others) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AARD Mining Equipment (Pty) Ltd., Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., Guizhou Sinodrills Equipment Co. Ltd., Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Sandvik AB, and Sulzer Ltd.
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