Market Research Future (MRFR) predicts that the US Underground Mining Equipment Industry Size is anticipated to surge registering a lucrative CAGR during the forecast period of 2016 - 2022.
The rising number of underground mining activities in the US is escalating the need for deploying mining equipment, which is expected to impel the US Underground Mining Equipment Industry Size growth. Mining equipment take into account tools that are used to locate and drill mining sites. In the US, the growing number of underground mining sites identification and its constant exploration are surging the need for more underground mining equipment is anticipated to bolster its market growth. The US boasting of its continuous technical upgradation is contributing to the growth of the US Underground Mining Equipment Industry Size growth on a vast scale. For example, the use of Internet of Things (IoT) is enabling miners to design robust planning strategies and in establishing strong control over mining activities. Moreover, the increase in adoption of smart wearables by the miners, helping them in real-time inspection and field maintenance is expected to push the market growth. The need to eliminated health hazards for miners is being resolved by the incorporation of Artificial Intelligence (AI) in underground mining equipment, like the use of robotic drills and automated trucks. Big data analytics is also helping to streamline the flow of mining information and develop a safe mining value chain.
However, the use of digitalization and the adoption of technical advancements are subsequently creating a security breach. Loss of financial and exploration data, the threat of data destruction, and loss of reputation due to adverse reporting are some consequences that can knock the US Underground Mining Equipment Industry Size growth.
The segmental study of the US Underground Mining Equipment Industry Size offers a succinct understanding of the market. The US Underground Mining Equipment Industry Size has been segmented on the basis of type of mining and application.
Based on the type of mining, the US underground mining machinery market has been segmented into room and pillar extraction and long-wall extraction.
Based on the application, the US Underground Mining Equipment Industry Size has been segmented into coal mining, metal mining, and mineral mining. The metal mining segment is expected to gain high prominence, is envisaged to touch an impressive valuation over the review period. MRFR predicted that a substantial expansion of the coal mining segment is anticipated to push the US Underground Mining Equipment Industry Size growth, significantly.
MRFR profiled important companies that are operating in the market are, Volvo AB, Hitachi Construction Machinery Co. Ltd., Komatsu Ltd, Caterpillar Inc., Sandvik AB, Doosan Infracore Co. Ltd., Boart Longyear Ltd., Kennametal, Inc., Liebherr - International Deutschland Gmbh, Thyssenkrupp AG, Flsmidth Group, Joy Global Inc., and Metso Corporation.
MacLean Engineering, the Canadian-based manufacturer of mobile mining equipment to start its equipment production in Querétaro, the Mexican production facility. The first phase of production, i.e., in 2019 would include the addition of assembly bays, weld bays, burn table, and overhead cranes.
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In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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