Mining equipment market to procure substantial returns from underground mining machinery sales by 2024

The mining equipment market is subjected to witness immense growth in the ensuing years on account of the rising demand for remote monitoring as well as control technologies in mineral extraction. The process mainly involves multiple tasks that are difficult to operate manually. Mining machines enable operators to monitor and control the process without having to enter the extraction sites. Moreover, manufacturers are targeting the operator’s demands by incorporating numerous smart technologies like advanced monitoring and control data analytics, IoT sensing, automated drilling, 3D imaging technology, and GPS tracking.

How will automation influence the global mining equipment market size in the coming years?

A major factor that’s likely to influence the global mining equipment market is the growing adoption of automated drilling and tunnel boring system on account of safe and efficient solutions in the market. These automated solutions provide operators with a mobile platform and wireless networking, with real-time data to monitor the extraction process through video communication on a graphics screen.

Manufacturers are developing resourceful solutions, which work proficiently at a greater speed and minimize the expenditure and time spent on building underground mines. The launch of advanced, automated products will thus drive the mining machinery market growth.

What’s the scope for underground mining equipment in the current business scenario?

The underground mining equipment market is estimated to grow at a CAGR of more than 6% over 2018-2024. The growth can be aptly credited to factors like rising demand for minerals and metals within the manufacturing sector to build tools and machines which are used in the processing of industrial products. This demand is sufficed through advanced technologies that are capable of performing underground extractions.

The growing use of plasma technology in underground equipment to yield premium metals like platinum, gold, and silver form its complex ores is also projected to revolutionize the mining equipment market in the future.

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How is the adoption of advanced machinery for coal extractions likely to drive the mining equipment market?

Growing demand for coal in power generation, cement manufacturing, and steel production are propelling the adoption of advanced extraction solutions. Owing to a rise in global population, the consumption of coal is encountering a rapid increase, offering key players an opportunity to serve the widespread demand in the mining machinery market.

Countries that are a part of the global coal production domain include Ukraine, South Africa, Australia, Columbia, and Indonesia. These nations are the largest coal producers with an abundant supply of natural resources. Additional factors like enhanced geological knowledge paired with the adoption of smart technology are accelerating the mineral exploration process. Moreover, availability and affordability of such advanced machines will further encourage companies to upgrade conventional machines with advanced models, thereby fueling mining equipment market growth.

Who are the key manufacturers thriving in the competitive spectrum of the market?

Companies like Atlas Copco AB, Metso Corporation, Hitachi Co, Sandvik AB, Hyundai Heavy Industries Company Limited etc. are key players contributing to the mining equipment market. Their expansion endeavors involve a commitment to the addition of smart solutions into their product offerings, enhancing performance and efficiency of the extraction process.