(MENAFN- America News Hour) Research Nester published a report titled “Underground Mining Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalunderground miningmarket in terms of market segmentation by equipment, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The globalunderground miningmarket is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The market is segmented by application into metal, mineral, coal, and others, out of which, the coal segment is anticipated to hold a notable market share over the forecast period owing to the increasing demand for coal in the energy and power industry. Coal is the primary source of energy in thermal power plants, which is estimated to increase the mining of coal.
The globalunderground miningmarket is estimated to grow on the back of the increasing demand for metal, minerals, and coal, which are obtained through underground mining. Moreover, increasing investment by major mining companies for underground mining is estimated to boost the market growth. The application of products obtained from mining amongst various end-user industry is further expected to fuel the market growth.
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On the basis of geographical analysis, the global underground mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to experience notable growth over the forecast period, on the back of presence of major coal and metal mines, and high application of coal in the region. For instance, 75% of the electricity generated in India comes from coal, according to the central electricity authority of India.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Application of Products of Mining to Boost the Market Growth
Coal, metals, such as, aluminum, copper, gold, silver, and lead, and minerals, such as, potassium, magnesium, lithium, and manganese, find application in various industries, including automotive, IT and telecom, chemical, jewelry, electrical appliances, battery, and construction. The growing demand for the end products by the growing population is bound to increase the demand for the raw materials. This is estimated to boost the growth of the market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, lack of skilled workers for mining is expected to operate as key restraint to the growth of the global underground miningmarket over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global underground mining market which includes company profiling of Boart Longyear, FLSmidth Group, Kennametal Inc., Metso Corporation, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International Deutschland GmbH, thyssenkrupp AG, AB Volvo, Sandvik AB, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global underground mining market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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