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Comprehensive Report on Global Underground Mining Equipment Market

Apr 12 2018

The "Global Underground Mining Equipment Market 2017-2021" report has been added to ResearchAndMarkets.com's offering.

Global underground mining equipment market to grow at a CAGR of 4.29% during the period 2017-2021.

Global Underground Mining Equipment Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is integration of IoT in underground mining equipment for remote monitoring. The surface mining equipment industry has evolved over the years and will continue to adopt new practices and strategies for improved customer experience. Changes in underground mining equipment are driven by evolving technology, such as performance monitoring and remote monitoring.

According to the report, one driver in the market is stabilization of industrial commodity prices. Industrial commodity prices are expected to stabilize, helping related industries recover profit margins over the forecast period. According to the World Bank reports, crude oil prices are forecast to reach above the $60/barrel mark in 2018. This price recovery, coupled with concerted efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states will allow crude oil prices to stabilize gradually. This increase in oil prices is expected to increase the prices of energy commodities, such as coal and natural gas. The demand for coal is expected to rise, especially in China, which consumes half of the global coal output.

Further, the report states that one challenge in the market is increasing popularity of rental underground mining equipment. Most underground mining equipment is expensive. This makes it difficult for mining companies to buy new underground mining equipment for mining projects low on budget and short in duration.

Key Vendors