There has been research published by a market research transparency paper that looked to provide detailed information on what factors are pushing the growth of the underground mining market. This paper also dove deep into future trends and the possible bumps in the road that lay ahead for underground mining projects.
One of the major takeaways from the research paper is that the global underground mining market is currently expected to have a 2% growth rate between 2019 and 2027. That means that the market that was valued at about $21.5B in 2018 will see an increase to $25B by 2027.
The underground mining global market is looked at through the lens of broad segments: Equipment, Method, Operator and Region. The paper suggested that the equipment sector of the mining market saw drilling equipment account for the largest portion of growth since 2018.
One of the areas where the method sector will see growth is in the area of room and pillar mining. This convention is a method that most often gets used for horizontal (or nearly horizontal) deposits for both coal and non-coal underground mining projects. While this method was used often in 2018, the technique has seen a drastic improvement over the last few years, and this is seen as a place of growth between now and 2027.
Key Driving Factors
While renewable energy is an ever-growing market, it has struggled to fulfill the drastic increase of power demand. This chasm between the demand for power and the ability to generate it will drive the slow growth of the underground mining market between 2019 and 2027.
This post was written by Justin Tidd, Director at https://beckersmcusa.com/. For nearly a half a century, Becker Mining has been at the forefront of industry safety. 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.