Underground Mining Equipment Market to Make Notable Gains; Steady Expansion of Mining Activities Worldwide to Prove Beneficial for the Market: Fortune Business Insights™

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September 09, 2020 04:13 ET

             | Source:  Fortune Business Insights

        Pune, Sept.  09, 2020  (GLOBE NEWSWIRE) -- The global underground mining equipment market size is projected to undergo considerable expansion owing to the introduction of artificial intelligence (AI) and related technologies in mining activities, shares Fortune Business Insights™ in its report, titled “Underground Mining Equipment Market Size, Share & Industry Analysis, By Equipment Type(Loaders, Trucks, Diggers, Others (Feeder Breakers, etc.)), By Application (Room and pillar mining, Borehole mining, Longwall mining, Others) and Regional Forecast, 2020-2027”. Rising demand for efficient, precise, and sophisticated mining equipment has led to the incorporation of such equipment with AI and machine learning (ML) tools. For example, Canada-based mining company Goldspot Discoveries has utilized AI to predict over 85% of the deposits in Canada’s Abitibi gold belt using data such as mineralogy and topology of the region. Another key development in this context is the adoption of self-driving trucks for mining operations. In Australia, for instance, the UK-based mining leader Rio Tinto has deployed 76 of its autonomous haulers across various mining sites across the country. Thus, with mining activities becoming more data-driven, the market for underground mining equipment is set to experience a period of dynamic growth.        Click here to get the short-term and long-term impact of COVID-19 on this market.         Please visit: https://www.fortunebusinessinsights.com/underground-mining-equipment-market-103032          What Does the Report Offer?       Valuable insights into the upcoming market opportunities;Tangible analysis of the market drivers, segments, and restraints;Exhaustive examination of the key market players and their strategies; andMicroscopic study of the regional dynamics influencing the market. Market Restraint       COVID-19 Pandemic to Create Multiple Hurdles for the Market       The underground mining equipment market growth is expected to be hit by the COVID-19 pandemic, which will be mainly seen in the form of job losses. According to the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), employment in underground mines is likely to shrink during the pandemic as underground mining requires large groups of workers to operate in small, enclosed spaces. As a result, not only the workers but also their contacts outside will be at high risk. In addition to this, staggered lockdowns in many countries have impacted mining activities, with governments shutting down mine sites temporarily. In Poland, the IGF reports, after cases erupted at mines, operators decided to voluntarily close down mine sites. This will inevitably affect wages and further intensify the economic downturn. The silver lining in this is the uninterrupted operations at underground mines that utilize automated equipment. For example, the Syama mine in Mali has continued to function in a full-fledged manner despite the pandemic, while more workers have been recruited at the Pilbara mines in Australia to boost production.          Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/underground-mining-equipment-market-103032          Regional Insights       Promising Growth in Mining Sector to Fuel the Market in Asia Pacific       Among regions, Asia Pacific is expected to dominate the underground mining equipment market share in the coming years owing to promising expansion of the mining sector in the region. This growth is underpinned by the surging demand for construction activities and heavy governmental investments in infrastructure development in India and China.        In Europe, the primary growth vehicle for the market is the robust presence of machinery and equipment giants such as Volvo and Sandvik. The market in North America is anticipated to grow at a steady pace on account of increasing integration of underground mining equipment with automation technologies such as AI and ML.          Competitive Landscape       Focused Investments for Developing Automated Mining Solutions to Intensify Competition       Growing willingness in the mining industry for the adoption of automated equipment has generated unprecedented opportunities for players in this market. In response, most of the key players manufacturing underground mining equipment are making strategic and focused investments to develop novel machinery equipped with smart AI- and ML-based tools.           Request Detailed Table of Content- https://www.fortunebusinessinsights.com/toc/underground-mining-equipment-market-103032          Industry Developments:       March 2020: Sweden-based Sandvik AB launched its autonomous truck haulage system called AutoMine for Trucks, the first of its kind for ramp haulage applications. The system allows Sandvik to transform its intelligent trucks into unmanned robots, thus bringing high level of efficiency in the underground mining domain. July 2019: The Australian mining company, Red 5, deployed Volvo’s A45G articulated haulers at its underground gold mine in Eastern Goldfields, Western Australia. According to the company, the haulers enabled the company to boost its productivity, reduce maintenance costs, and cut fuel consumption by 50%.List of Key Companies Profiled in the Underground Mining Equipment Market Report:       Sandvik AB    Epiroc South Africa (Pty) Ltd AARD Mining Equipment Hitachi Construction Machinery Co, Ltd. Caterpillar AB Volvo ZHENGZHOU COAL MINING MACHINERY (GROUP) CO., LTD Boart Longyear Atlas Copco AB Komatsu Ltd.  Pre Book- Underground Mining Equipment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103032          Have a Look at Related Research Insights:         Mining Drills & Breakers Market Size, Share & Industry Analysis, By Type (Drills (Rotatory Drills, Crawler Drills), Breakers (Rock Breakers, Hydraulic Breakers)), By Application(Coal Mining, Mineral Mining, Metal Mining, Others (Gem Stone, Chalk etc.)) Others and Regional Forecast, 2019-2026      Axial and Radial Seals Market Size, Share & Industry Analysis, By Type (Axial, Radial), By Industry (Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction, Others (Chemicals, Etc.)) and Regional Forecast, 2020-2027     Conveyor Monitoring Market Size, Share and Global Trend By End-use Industry (Food & Beverage, Automotive, Mining, Construction, Others), And Geography Forecast Till 2026     Dump Trucks Market Size, Share and Industry Analysis By Type (Articulated, Rigid), By End Use Application (Mining, Construction, Waste Management, Others) and Regional Forecast 2019-2026     Cranes Market Size, Share and Industry Analysis By Product Type (Mobile, Fixed, Marine), By End-User Industry (Construction, Mining, Industrial, Oil & Gas, Others) and Regional Forecast 2019-2026        About Us:       Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.  Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.  At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.         

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