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The underground mining equipment market will grow at a pace; Increasing Demand for Minerals from the Steel Industry to Drive Market Growth
Pune, India, Oct. 13, 2022 (GLOBE NEWSWIRE) — The length of the global underground mining apparatus market is expected to expand dramatically due to the advent of synthetic intelligence (AI) and similar technologies in mining activities, shares Fortune Business Insights™ in its report titled “Underground Mining Equipment Market 2022-2029. “
According to our analyst, the growing demand for efficient, accurate and complicated mining devices has led to the incorporation of this device with AI tools and device learning (ML). For example, Canadian mining company Goldspot Discoveries used AI to wait for more than 85% of deposits in Canada’s Abitibi gold belt employ knowledge such as mineralogy and topology in the region. Another key advance in this context is the adoption of autonomous trucks for mining operations. In Australia, for example, British mining leader Rio Tinto has deployed 76 of its autonomous carriers at mining sites across the country. Therefore, as mining activities become increasingly knowledge-driven, the underground mining apparatus market is expected to witness an era of dynamic growth.
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Market restriction
COVID-19 pandemic will create barriers for the market
The expansion of the underground mining equipment market is expected to be aided by the COVID-19 pandemic, which will basically result in job losses. According to the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), employment in underground mines is very likely to decline during the pandemic, as underground mining requires giant teams of personnel operating in small enclosed spaces. As a result, not only your staff, but also your outdoor contacts will be at height risk. At best, staggered closures in many countries have affected mining activities, with governments temporarily closing mines. In Poland, IGF reports, after cases broke out in mines, operators made a decision to voluntarily close mining sites. This will inevitably accentuate wages and the economic recession. The silver lining to all of this is non-stop operations in underground mines using automated devices. For example, the Syama mine in Mali has continued to operate at full capacity despite the pandemic, while more staff have been hired from the Pilbara mines in Australia to increase production.
Regional perspectives
Promising expansion in the mining sector to boost the Asia-Pacific market
Among the regions, Asia Pacific is expected to dominate the share of underground mining apparatus market in the coming years owing to the promising expansion of the mining sector in the region. This expansion is supported by increased demand for structural activities and strong government investment in infrastructure. progression in India and China.
In Europe, the main driving force behind the market expansion is the strong presence of machinery and appliance giants such as Volvo and Sandvik. The market in North America is expected to grow at a stable rate due to the increasing integration of underground mining apparatus with automation. technologies such as AI and ML.
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Competitive landscape
Investments aimed at expanding automated mining responses to accentuate competition
The mining industry’s growing willingness to adopt automated devices has created unprecedented opportunities for players in this market. In response, most major players in the production of underground mining apparatus are making strategic and targeted investments to expand new machines equipped with intelligent machinery in AI. and ML.
Industry Developments:
March 2022: Swedish company Sandvik AB launches its autonomous truck shipping formula called AutoMine for Trucks, the first of its kind for ramp shipping applications. The formula allows Sandvik to turn its smart trucks into unmanned robots, bringing maximum power to underground mining.
July 2019: Australian mining company Red Five deployed Volvo’s A4fiveG articulated dump trucks at its underground gold mine in Eastern Goldfields, Western Australia. According to the company, tippers have allowed it to increase productivity, maintenance costs and fuel consumption by 50%.
List of keys presented 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 MACHINERY (GROUP) CO. ,LTD
Boart Longyear
Atlas Copco AB
Komatsu Ltd.
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Underground Mining Equipment Market Segmentation:
by team
chargers
Trucks
Crawler excavators
Others (power circuit breakers, etc. )
By Application
Removal of chambers and abutments
Drilling operations
Longwall mining
Other
By region
North America (United States and Canada)
Europe (UK, Germany, France and Europe)
Asia-Pacific (Japan, China, India and Asia-Pacific)
Middle East and Africa (South Africa, GCC and Middle East & Africa)
Latin America (Brazil, Mexico and Latin America)
Table of Contents:
Intro
Scope of research
Market segmentation
Research methodology
Definitions and assumptions
Summary
Market dynamics
market factors
Market restrictions
Market opportunities
Key ideas
Key Industry Developments: Mergers, Acquisitions and Partnerships
Porter’s Five Forces Analysis
SWOT analysis
Technological development
Value chain analysis
Impact of COVID-19 on the bus market
Global Electric Bus Market Analysis, Outlook and Forecast, 2017-2028
Key results/executive summary
Continued. . .
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About us:
Fortune Business Insights™ provides qualified business analytics and accurate data, helping organizations of all sizes make timely decisions. We adapt cutting-edge responses to our clients, helping them to meet the demanding situations unique to their business. Market intelligence, which provides a granular view of the market in which they operate.
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