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. 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 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. 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. 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. 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)
Underground Mining Equipment Market Regional Outlook (Revenue, USD Billion, 2020-2024)
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INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES