New Underground Mining Equipment Market Research 2020-2024 | COVID-19 Market Impact Analysis | Technavio

Technavio has announced its latest market research report titled Global Underground Mining Equipment Market 2020-2024 (Graphic: Business Wire)

LONDON--()--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.

Get FREE report sample within MINUTES

"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.

Regional Analysis

  • 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.

Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.

Related Reports on Industrials Include:

Global Surface Mining Equipment Market- The surface mining equipment market is segmented by application (strip mining, open-pit mining, and mountaintop removal) and geography (APAC, North America, Europe, South America, and MEA). Click Here to Get an Exclusive Free Sample Report

Global Crushing Equipment Market- The crushing equipment market is segmented by type (jaw crushers, roller crushers, cone crushers, and others) and geography (APAC, North America, Europe, South America, and MEA). Click Here to Get an Exclusive Free Sample Report

Notes:

  • 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.

Register for a free trial today to access 17,000+ market research reports using Technavio's SUBSCRIPTION platform

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

Release Summary

The Underground Mining Equipment Market will grow by USD 8.50 bn during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/