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Underground Mining Equipment Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Jul 2022
  • Pages: 120
  • SKU: IRTNTR41140
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The underground mining equipment market share is expected to increase by USD 5.93 billion from 2021 to 2026, at a CAGR of 3.81%.

This underground mining equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers underground mining equipment market segmentation by application (room and pillar mining, longwall mining, borehole mining, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The underground mining equipment market report also offers information on several market vendors, including AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, and Yantai Jiaxiang Mining Machinery Co Ltd among others.

What will the Underground Mining Equipment Market Size be During the Forecast Period?

Underground Mining Equipment Market Size

Download Report Sample to Unlock the Underground Mining Equipment Market Size for the Forecast Period and Other Important Statistics

 

Underground Mining Equipment Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The availability of efficient and safe underground mining equipment is notably driving the underground mining equipment market growth, although factors such as the high cost of underground mining equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the underground mining equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Underground Mining Equipment Market Driver

The availability of efficient and safe underground mining equipment is one of the key drivers supporting the underground mining equipment market growth. Mining areas are generally characterized by high-intensity noise, vibrations, and dust. Prolonged exposure to noise and dust causes detrimental effects on the health of drilling operators. This has led to increased demand for novel machinery for mining activities that can improve the working condition in mining areas. Despite the entry of such products into the market, hearing loss among miners remains one of the most common occupational hazards. Therefore, the global underground mining equipment market has a huge unmet demand for novel mining equipment. This offers significant opportunities for the existing vendors, as well as attracts new players to enter the market to cater to the rising demand for novel underground mining equipment during the forecast period.

Key Underground Mining Equipment Market Trend

Technological advances in underground mining equipment is one of the key underground mining equipment market trends contributing to the market growth. The underground mining equipment industry has evolved over the years and will continue to adopt new technologies and strategies to improve customer experience. For instance, the IoT can be used to operate underground mining equipment from a remote area. It can help connect the underground mining equipment with other equipment and machinery. Furthermore, IoT can enable engineers at the front office to access real-time information on the underground equipment, which will help them analyze every data related to the equipment, such as distance traveled and fuel consumption. Thus, the increasing integration of these technologies into underground mining equipment is anticipated to boost the growth prospects of the market during the forecast period.

Key Underground Mining Equipment Market Challenge

The high cost of underground mining equipment is one of the factors hampering the underground mining equipment market growth. The high price of underground mining equipment has influenced end-users to prefer renting than purchasing it. Significantly, the cost of procuring new underground mining equipment is invested in other activities, which helps these companies maintain their market position for an extended period. Furthermore, renting underground mining equipment has a high penetration in developed and developing countries due to the current strong financial market in these regions, coupled with increased spending on government infrastructure projects. Thus, such an increase in renting underground mining equipment will hamper the market growth during the forecast period.

This underground mining equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global underground mining equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the underground mining equipment market during the forecast period.

Who are the Major Underground Mining Equipment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Volvo
  • Atlas Copco AB
  • Boart Longyear Ltd
  • Caterpillar Inc.
  • CME Blasting and Mining Equipment Ltd
  • CMM Cocental SAS
  • FURUKAWA Co. Ltd
  • Guizhou Sinodrills Equipment Co. Ltd
  • Hitachi Construction Machinery Co. Ltd.
  • Kennametal Inc.
  • Komatsu Ltd.
  • Mindrill Systems and Solutions Pvt. Ltd.
  • Resemin SA
  • REVATHI EQUIPMENT Ltd
  • ROCKMORE International Inc.
  • Sandvik AB
  • Schmidt Kranz and Co Gmbh
  • Sulzer Ltd.
  • TEI Rock Drills
  • Yantai Jiaxiang Mining Machinery Co Ltd

 

This statistical study of the underground mining equipment market encompasses successful business strategies deployed by the key vendors. The underground mining equipment market is fragmented and the vendors are deploying growth strategies such as equipment price and capacity, technology, innovation, and quality to compete in the market.

Product Insights and News

  • atlascopco.com - The company offers underground mining equipment such as underground load haul dumpers, mini trucks, and electric underground trucks.
  • boartlongyear.com - The company offers underground mining equipment such as rigs and rock drills, cable bolt drills, and long hole drills.
  • caterpillar.com - The company offers underground mining equipment under its brand CAT Minestar.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The underground mining equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Underground Mining Equipment Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the underground mining equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Underground Mining Equipment Market?

Underground Mining Equipment Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

55% of the market’s growth will originate from APAC during the forecast period. China, India, and Australia are the key markets for underground mining equipment market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increased demand for metals and minerals owing to the exponential growth of population in developing countries and the high growth rate of the urban population will facilitate the underground mining equipment market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

 The outbreak of COVID-19 in 2020 had a negative impact on the regional market. However, in 2021, with the gradual recovery of countries in the region, primarily Japan, South Korea, and China, from the impact of the COVID-19 crisis, operations in manufacturing plants of underground mining equipment in these industries were resumed. Thus, the regional demand for underground mining equipment is expected to grow, which, in turn, will fuel the market growth during the forecast period.

What are the Revenue-generating Application Segments in the Underground Mining Equipment Market?

Underground Mining Equipment Market Share

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The underground mining equipment market share growth in the room and pillar mining segment will be significant during the forecast period. Room and pillar mining is usually done for relatively flat-lying deposits. This type of mining is typically used to extract iron, coal, and base metal ores. Typical machines used in this type of mining are haulage machines, mining drills, continuous miners, roof bolters, and scoops. This type of mining is less efficient and is expected to witness slow adoption during the forecast period as miners are expected to focus on more efficient mining methods to increase their profitability. However, there are other supporting factors, which may boost the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the underground mining equipment market size and actionable market insights on post COVID-19 impact on each segment.

 

Underground Mining Equipment Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 3.81%

Market growth 2022-2026

$ 5.93 billion

Market structure

Fragmented

YoY growth (%)

4.11

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 55%

Key consumer countries

US, China, India, Australia, Russia, US, China, India, Australia, and Russia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, and Yantai Jiaxiang Mining Machinery Co Ltd

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Underground Mining Equipment Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive underground mining equipment market growth during the next five years
  • Precise estimation of the underground mining equipment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the underground mining equipment industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of underground mining equipment market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Room and pillar mining - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Room and pillar mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Room and pillar mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Room and pillar mining - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Room and pillar mining - Year-over-year growth 2021-2026 (%)
    • 5.4 Longwall mining - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Longwall mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Longwall mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Longwall mining - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Longwall mining - Year-over-year growth 2021-2026 (%)
    • 5.5 Borehole mining - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Borehole mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Borehole mining - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Borehole mining - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Borehole mining - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Application
      • Exhibit 44: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Russia - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Russia - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Russia - Year-over-year growth 2021-2026 (%)
    • 7.11 India - Market size and forecast 2021-2026
      • Exhibit 82: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.12 Australia - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Australia - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Australia - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 Atlas Copco AB
              • Exhibit 97: Atlas Copco AB - Overview
              • Exhibit 98: Atlas Copco AB - Business segments
              • Exhibit 99: Atlas Copco AB - Key news
              • Exhibit 100: Atlas Copco AB - Key offerings
              • Exhibit 101: Atlas Copco AB - Segment focus
            • 10.4 Boart Longyear Ltd
              • Exhibit 102: Boart Longyear Ltd - Overview
              • Exhibit 103: Boart Longyear Ltd - Business segments
              • Exhibit 104: Boart Longyear Ltd - Key offerings
              • Exhibit 105: Boart Longyear Ltd - Segment focus
            • 10.5 Caterpillar Inc.
              • Exhibit 106: Caterpillar Inc. - Overview
              • Exhibit 107: Caterpillar Inc. - Business segments
              • Exhibit 108: Caterpillar Inc. - Key offerings
              • Exhibit 109: Caterpillar Inc. - Segment focus
            • 10.6 FURUKAWA Co. Ltd
              • Exhibit 110: FURUKAWA Co. Ltd - Overview
              • Exhibit 111: FURUKAWA Co. Ltd - Business segments
              • Exhibit 112: FURUKAWA Co. Ltd - Key offerings
              • Exhibit 113: FURUKAWA Co. Ltd - Segment focus
            • 10.7 Guizhou Sinodrills Equipment Co. Ltd
              • Exhibit 114: Guizhou Sinodrills Equipment Co. Ltd - Overview
              • Exhibit 115: Guizhou Sinodrills Equipment Co. Ltd - Product / Service
              • Exhibit 116: Guizhou Sinodrills Equipment Co. Ltd - Key offerings
            • 10.8 Hitachi Construction Machinery Co. Ltd.
              • Exhibit 117: Hitachi Construction Machinery Co. Ltd. - Overview
              • Exhibit 118: Hitachi Construction Machinery Co. Ltd. - Product / Service
              • Exhibit 119: Hitachi Construction Machinery Co. Ltd. - Key offerings
            • 10.9 Kennametal Inc.
              • Exhibit 120: Kennametal Inc. - Overview
              • Exhibit 121: Kennametal Inc. - Business segments
              • Exhibit 122: Kennametal Inc. - Key news
              • Exhibit 123: Kennametal Inc. - Key offerings
              • Exhibit 124: Kennametal Inc. - Segment focus
            • 10.10 Komatsu Ltd.
              • Exhibit 125: Komatsu Ltd. - Overview
              • Exhibit 126: Komatsu Ltd. - Business segments
              • Exhibit 127: Komatsu Ltd. - Key news
              • Exhibit 128: Komatsu Ltd. - Key offerings
              • Exhibit 129: Komatsu Ltd. - Segment focus
            • 10.11 Resemin SA
              • Exhibit 130: Resemin SA - Overview
              • Exhibit 131: Resemin SA - Product / Service
              • Exhibit 132: Resemin SA - Key offerings
            • 10.12 Sandvik AB
              • Exhibit 133: Sandvik AB - Overview
              • Exhibit 134: Sandvik AB - Business segments
              • Exhibit 135: Sandvik AB - Key news
              • Exhibit 136: Sandvik AB - Key offerings
              • Exhibit 137: Sandvik AB - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Underground Mining Equipment Market market growth will increase by $5.93 bn during 2022-2026.
              The underground mining equipment market market is expected to grow at a CAGR of 3.81% during 2022-2026.
              Technavio has segmented the underground mining equipment market market by application (Room and pillar mining, Longwall mining, Borehole mining, and Others) and geography (APAC, North America, Europe, South America, and Middle East and Africa).
              AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, Yantai Jiaxiang Mining Machinery Co Ltd are a few of the key vendors in the underground mining equipment market market.
              APAC will register the highest growth rate of 55% among the other regions. Therefore, the underground mining equipment market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • India
              • Australia
              • Russia
              • US
              • China
              • India
              • Australia
              • Russia
              The key factors driving the underground mining equipment market market growth are:
              • Availability of efficient and safe underground mining equipment
              • Technological advances in underground mining equipment
              The underground mining equipment market market vendors should focus on grabbing business opportunities from the room and pillar mining segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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