US Underground Mining Equipment Industry, is projected to be worth USD Billion by 2030, registering a CAGR of |Market Research Future
Market Scope
Market Research
Future (MRFR) predicts that the US
underground mining equipment market is anticipated to surge registering
a lucrative CAGR during the forecast period of 2016 - 2022.
The rising
number of underground mining activities in the US is escalating the need for
deploying mining equipment, which is expected to impel the US underground
mining equipment market growth. Mining equipment take into account tools that
are used to locate and drill mining sites. In the US, the growing number of
underground mining sites identification and its constant exploration are
surging the need for more underground mining equipment is anticipated to
bolster its market growth. The US boasting of its continuous technical
upgradation is contributing to the growth of the US underground mining
equipment market growth on a vast scale. For example, the use of Internet of
Things (IoT) is enabling miners to design robust planning strategies and in
establishing strong control over mining activities. Moreover, the increase in
adoption of smart wearables by the miners, helping them in real-time inspection
and field maintenance is expected to push the market growth. The need to
eliminated health hazards for miners is being resolved by the incorporation of
Artificial Intelligence (AI) in underground mining equipment, like the use of
robotic drills and automated trucks. Big data analytics is also helping to
streamline the flow of mining information and develop a safe mining value
chain.
However, the use
of digitalization and the adoption of technical advancements are subsequently
creating a security breach. Loss of financial and exploration data, the threat
of data destruction, and loss of reputation due to adverse reporting are some
consequences that can knock the US underground mining equipment market growth.
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Segmental
Analysis
The segmental
study of the US underground mining equipment market offers a succinct
understanding of the market. The US underground mining equipment market has
been segmented on the basis of type of mining and application.
Based on the
type of mining, the US underground
mining machinery market has been segmented into room and pillar
extraction and long-wall extraction.
Based on the
application, the US underground mining equipment market has been segmented into
coal mining, metal mining, and mineral mining. The metal mining segment is
expected to gain high prominence, is envisaged to touch an impressive valuation
over the review period. MRFR predicted that a substantial expansion of the coal
mining segment is anticipated to push the US underground mining equipment
market growth, significantly.
Key Players
MRFR profiled
important companies that are operating in the market are, Volvo AB, Hitachi
Construction Machinery Co. Ltd., Komatsu Ltd, Caterpillar Inc., Sandvik AB,
Doosan Infracore Co. Ltd., Boart Longyear Ltd., Kennametal, Inc., Liebherr -
International Deutschland Gmbh, Thyssenkrupp AG, Flsmidth Group, Joy Global
Inc., and Metso Corporation.
Industry News
June 2019
MacLean
Engineering, the Canadian-based manufacturer of mobile mining equipment to
start its equipment production in Querétaro, the Mexican production facility.
The first phase of production, i.e., in 2019 would include the addition of
assembly bays, weld bays, burn table, and overhead cranes.
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About Market
Research Future -
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In order to stay updated with the technology
and work process of the industry, MRFR often plans to conduct meet with the
industry experts and industrial visits for its research analyst members.
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