06 - 03 - 2018 MyTractor

The market for underground mining equipment will grow 4.29% during 2017-2021

Research analysts predict that the global market for underground mining equipment will grow at a compound annual rate of 4.29% during the period 2017-2021. Mining is the process that is used to extract valuable minerals, rocks, metals or other geological materials from the earth in the form of veins, veins, reefs, veins, deposits or deposits of pleasure. These extracted materials form a mineralized package, which is profitable for the miner. The minerals that are extracted through the extraction process include coal, metals, rock salt, potash, gravel, limestone, oil shale, precious stones, chalk, dimension stone and clay. Mining is also used to extract non-renewable resources, such as crude oil and natural gas. The report covers the current scenario and growth prospects of the global underground mining equipment market for 2017-2021. The report presents a detailed image of the market through the study, synthesis and addition of data from multiple sources. Technavio's report, Global Underground Mining Equipment Market 2017-2021, has been prepared on the basis of in-depth market analysis with contributions from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion about the key suppliers that operate in this market. Technavio recognizes the following companies as the main players in the global market of underground mining equipment: Atlas Copco, Boart Longyear, Caterpillar, Komatsu and Sandvik. Other Prominent Vendors in the market are: AARD Mining Equipment, CME, FURUKAWA, Guizhou Sinodrills Equipment, Mindrill Systems & Solutions, REVATHI EQUIPMENT, Rockdrill Services Australia, Rockmore International, Sulzer and TEI Rock Drills. Commenting on the report, an analyst from the research team said: "One trend in the market is the integration of IoT into underground mining equipment for remote monitoring. The surface mining equipment industry has evolved over the years and will continue to adopt new practices and strategies to improve the customer experience. Changes in underground mining equipment are driven by the evolution of technology, such as performance monitoring and remote control". According to the report, one of the drivers in the market is the stabilization of the prices of industrial products. The prices of industrial products are expected to stabilize, helping related industries to recover profit margins during the forecast period. According to World Bank reports, crude oil prices are forecast to surpass the $ 60 per barrel mark in 2018. This recovery in prices, together with the concerted efforts of the Organization of Petroleum Exporting Countries (OPEC) and states non-OPEC members, oil prices will gradually stabilize This increase in oil prices is expected to increase the prices of energy products, such as coal and natural gas. The demand for coal is expected to increase, especially in China, which consumes half of the world's coal production. In addition, the report indicates that a challenge in the market is the growing popularity of underground mining equipment rental. The majority of underground mining equipment is expensive. This makes it difficult for mining companies to buy new underground mining equipment for low-budget, short-term mining projects. As a result, the trend of renting underground mining equipment is increasing worldwide. Mining companies are obliged to reduce the cost of mining projects. They do so by renting underground mining equipment weekly or monthly, according to the requirements of the project. The rental of equipment reduces the need to buy a new underground mining equipment and keep it for a prolonged period. The study was carried out using an objective combination of primary and secondary information, which includes input from key industry participants. The report contains a comprehensive overview of the market and the supplier, as well as a SWOT analysis of key suppliers.

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