The Underground Mining market accounted for $22.38 billion in 2019 and is expected to reach $30.87 billion by 2027 growing at a CAGR of 4.1% during the forecast period.
Rapid industrialization in developing nations and increasing implementation of IoT are the factors boosting market growth.
However, the lack of skilled personnel is hampering the growth of the market.
Underground mining means all human-made excavations below the surface of the ground through shafts or adits to explore for, developing or producing valuable minerals.
Based on the equipment, the conveyor systems segment is going to have a lucrative growth during the forecast period as these systems can be used to transport material in underground and open-pit operations, and are especially common in coal mines.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to constant investments and increasing infrastructure projects and also India offers several opportunities for the mining companies as there is significant scope for exploration of bauxite, iron ore, and coal.
Some of the key players profiled in the Underground Mining Market include Vale S.A., Thyssen Mining, Amur Minerals Corporation, Rio Tinto, OZ Minerals, Norilsk Nickel Group, Implats Platinum Limited, Glencore, Freeport-McMoRan, Coal India Ltd, Barminco, China Shenhua Energy Company Limited, BHP, GBF Underground Mining Company, Anglo American Plc, The Redpath Group, Alcoa Corporation, and CIMIC Group Limited.
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