(MENAFN- Comserve) New York, United States, Oct 23, 2020, 19:05 /Comserve / -- Global underground mining equipment market reached USD 18,700.0 Million in terms of value in 2016 and is expected to reach USD 30, 308.2 Million by the end of 2024, expanding at a CAGR of 6.5%.
Global underground mining equipment market reached USD 18,700.0 Million in terms of value in 2016 and is expected to reach USD 30, 308.2 Million by the end of 2024, expanding at a CAGR of 6.5% over the forecast period i.e. 2017-2024. Further, growing real estate sector is anticipated to boost the demand for metals and energy which is likely to swell the growth of the underground mining equipment market over the forecast period.
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Asia Pacific is slated to account for a leading share of 41.5% in the terms of value by 2024 in the underground mining equipment market. The growth in the region is anticipated to be fostered by the increasing demand and consumption of underground equipment by China and Australia. Besides, high consumption of metal and minerals in the region owing to the rapid urbanization in the region is also expected to impel the growth of underground mining equipment market in the Asia Pacific. China, Australia and India are the prominent countries in the region.
North America underground mining equipment market is expected to witness significant growth over the forecast period i.e. 2017-2024 by registering a CAGR of 5.2% over the forecast period. Further, the market is expected to reach USD 7,001.2 Million by 2024 from USD 4,787.2 Million in 2016.
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Global underground mining equipment market is segmented on the basis of application into coal, metal and mineral. Coal underground mining equipment segment (38.5% share in 2016) occupies the largest market of underground mining equipment across the globe. Further, global underground mining equipment for coal underground mining equipment market is anticipated to reach USD 11,814.8 Million by the end of 2024 from USD 7,207.6 Million in 2016.
In addition to the application, market is further segmented into mining which is further segmented into longwall extraction, room and pillar extraction and others, out of which, longwall extraction segment with 61.6% market share is anticipated to have largest share by the end of 2024.
Global longwall extraction market is anticipated to flourish at a CAGR of 7.3% over the forecast period. Further, longwall extraction underground mining equipment is projected to achieve Y-o-Y growth rate of 9.3% in 2024 as compared to previous year.
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