VWB Blog In 2018, the global underground mining equipment market’s worth came in at about $22.5 Billion USD. Future projections of this market are rather positive with a projected value of about $27.5 Billion USD by the year 2024, which includes an expansion of 3.5 percent during the period of 2019-2024.
The report that projects these increases in the global underground mining equipment market found this result by taking a look at all of the aspects of the industry that could be deemed essential. This includes taking a macro overview of the market as a whole, as well as taking deeper, micro looks at all of the inner workings of the market, such as industry performance, recent and future market trends, market drivers and influencers, as well as analysis of value chains, and more.
What Are Some Market Drivers?
Increased growth within the economies of developed and developing regions alike has seen a massive increase in the amount of global disposable incomes, which directly relates to an increased need and demand for precious minerals such as iron, gold, coal, copper, lead, aluminum, and more. Because the demand for such mined products is increasing across the globe, the global need for underground mining and underground mining equipment is also drastically rising.
Added to the rise of demand for mined products is the ever-rising need for energy – be it coal, nuclear. This increase in urbanization is resulting in a much higher need for mining, and mining equipment. Especially since underground mining causes less of a dramatic impact on the environment than surface mining as there is no release of toxic gases into the surrounding ecosystem.
Another market driver is the rising cost of labor throughout the world. As the cost of labor rises, the need for mining equipment and machines that can help productivity and lower labor costs is on the rise.
This post was written by Justin Tidd, Director at Becker/SMC. For nearly a half a century, Becker Mining has been at the forefront of safety, producing the best ground fault relay in the industry. Becker/SMC is the industry’s leader in increasingly more sophisticated electrical control systems. Most of the major innovations, design features and specialized electrical components have been developed by Becker/SMC.