Research Reports
Underground Mining Market worth US$ 25 Bn by 2027
Underground Mining Market worth US$ 25 Bn by 2027
Published by TMR Research Insights
Posted on August 24, 2021
Global Banking and Finance Review
Company
Published by TMR Research Insights
Posted on August 24, 2021
Innovations in drilling equipment are at the core of operational targets for stakeholders in the underground mining value chain. Technology companies are developing new rock drills for underground rigs that offer better energy efficiency and increased durability. Drilling equipment currently accounts for the highest revenue amongst all equipment in the underground mining market, and is predicted to dominate the market throughout the forecast period. Drilling equipment is projected to be valued at a profitable revenue of ~US$ 7 billion by 2027, in the underground mining market.
Due to the potential of exponential growth in drilling equipment, companies in the underground mining landscape are partnering to deliver blast automation. For instance, in November 2019, Orica – an Australian provider of commercial explosives and blast systems, announced A collaboration with Epiroc – a Swedish manufacturer of mining equipment. This collaboration was made to deliver WebGen
– a wireless initiating system that offers insights on the automation of drill and blast operations.
Strong expertise with attention to detail makes our market research reports stand apart. Download PDF Brochure –
Companies in the underground mining market are increasing their efficiency in the development of automated equipment. They are customizing products by automating functions such as adding drill rods, and incorporating changing drill bits in their equipment. They are also developing smart connected machines that are programmed to complete tasks, such as executing a precise drilling sequence.
Drone Technology & 3D Printing Deliver Accuracy for Challenging Operations
Drones, AKA, unmanned aerial vehicle systems (UAV or UAS), are being increasingly used by mining operators for the efficient maintenance, monitoring, and mapping of site projects.
Request for Covid-19 Impact Analysis on Underground Mining Market:
Companies in the underground mining space are building autonomous drones that are capable of determining the suitability of underground areas, so as to ensure safety and accuracy. For instance, in December 2018, Australian technology start-up Emesent raised US$ 3.5 million in venture capital with CSIRO – an Australian federal government agency responsible for scientific research, to launch Hovermap. This technology automates the collection of valuable data, and helps stakeholders in the landscape to safely inspect the inaccessible areas of underground mines.
Buy our Premium Research Report on Underground Mining Market@
Innovations in drones have led to the introduction of 3D printing and mapping in the underground mining market. Large and specialized equipment is susceptible to downtime due to malfunction. Hence, companies are adopting 3D printing as a solution to fast-track the procedure of building specialized parts onsite. 3D printing serves as a cost-efficient solution for operators in the underground mining market, since the technique helps reduce inventory costs by enabling operators to print parts as per requirement. On the other hand, 3D mapping offers a high degree of detail and accuracy with the help of the data collected by drones.
Certain challenges such as safety issues, rising operational costs, and fluctuation in commodity prices are a great concern for stakeholders in the underground mining supply chain. These obstacles explain the sluggish growth of the underground mining market, which is projected to account for a ~2% CAGR during the forecast period. In countries such as Australia, advertised wages for mining workers have significantly escalated upward in the past few years. Reason being, mines today are more complex and require skilled labor to execute challenging projects. Since older mines are reaching the end of their lifecycle, companies in the underground mining market are delving deeper into new mines, only to discover inferior-quality ores.
To overcome these obstacles, operators in the underground mining landscape are streamlining their production activities with the help of advanced technological innovations. They are increasingly investing in mining simulators that serve as an effective and safe option to train workers and educate them about the various uses of mining equipment. These simulators are based on software programs to train workers on equipment operation. Since drilling and blasting are some of the life-threatening processes of mining, operators in the underground mining market are investing in underground excavators. Thus, investing in high-tech equipment help companies lower operational costs and increase the safety of workers.
Analysts’ Viewpoint
Automation and information management have become the forefront for companies in the underground mining market. They should increase focus on data-driven decision-making to increase productivity with the adoption of software to collect and analyze operational data. Driverless vehicles and robots are anticipated to replace much of the labor force to alleviate the issue of safety.
However, the unavailability of skilled workers has created barriers in implementing the digitization of projects. To overcome this, companies should invest in mining simulators and provide training programs to make workers industry-ready. They should embrace the use of automated machines and connected equipment to gain added success in the market space.
Underground Mining
Rapid Industrialization in Developing Nations Driving Underground Mining Market
Implementation of IoT in Mining Provides Opportunities to Underground Mining Market
Expansions, Acquisitions, and New Contracts in Underground Mining Market
Latin America Prominent Underground Mining Market
Highly Competitive Underground Mining Market with Dominance of Top Players
Energy & Natural Resources-Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in Energy & Natural Resources -market@
https://www.transparencymarketresearch.com/energy-market-reports-3.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Follow Us: Twitter | LinkedIn
Blog: https://tmrblog.com
Innovations in drilling equipment are at the core of operational targets for stakeholders in the underground mining value chain. Technology companies are developing new rock drills for underground rigs that offer better energy efficiency and increased durability. Drilling equipment currently accounts for the highest revenue amongst all equipment in the underground mining market, and is predicted to dominate the market throughout the forecast period. Drilling equipment is projected to be valued at a profitable revenue of ~US$ 7 billion by 2027, in the underground mining market.
Due to the potential of exponential growth in drilling equipment, companies in the underground mining landscape are partnering to deliver blast automation. For instance, in November 2019, Orica – an Australian provider of commercial explosives and blast systems, announced A collaboration with Epiroc – a Swedish manufacturer of mining equipment. This collaboration was made to deliver WebGen – a wireless initiating system that offers insights on the automation of drill and blast operations.
Strong expertise with attention to detail makes our market research reports stand apart. Download PDF Brochure –
Companies in the underground mining market are increasing their efficiency in the development of automated equipment. They are customizing products by automating functions such as adding drill rods, and incorporating changing drill bits in their equipment. They are also developing smart connected machines that are programmed to complete tasks, such as executing a precise drilling sequence.
Drone Technology & 3D Printing Deliver Accuracy for Challenging Operations
Drones, AKA, unmanned aerial vehicle systems (UAV or UAS), are being increasingly used by mining operators for the efficient maintenance, monitoring, and mapping of site projects.
Request for Covid-19 Impact Analysis on Underground Mining Market:
Companies in the underground mining space are building autonomous drones that are capable of determining the suitability of underground areas, so as to ensure safety and accuracy. For instance, in December 2018, Australian technology start-up Emesent raised US$ 3.5 million in venture capital with CSIRO – an Australian federal government agency responsible for scientific research, to launch Hovermap. This technology automates the collection of valuable data, and helps stakeholders in the landscape to safely inspect the inaccessible areas of underground mines.
Buy our Premium Research Report on Underground Mining Market@
Innovations in drones have led to the introduction of 3D printing and mapping in the underground mining market. Large and specialized equipment is susceptible to downtime due to malfunction. Hence, companies are adopting 3D printing as a solution to fast-track the procedure of building specialized parts onsite. 3D printing serves as a cost-efficient solution for operators in the underground mining market, since the technique helps reduce inventory costs by enabling operators to print parts as per requirement. On the other hand, 3D mapping offers a high degree of detail and accuracy with the help of the data collected by drones.
Certain challenges such as safety issues, rising operational costs, and fluctuation in commodity prices are a great concern for stakeholders in the underground mining supply chain. These obstacles explain the sluggish growth of the underground mining market, which is projected to account for a ~2% CAGR during the forecast period. In countries such as Australia, advertised wages for mining workers have significantly escalated upward in the past few years. Reason being, mines today are more complex and require skilled labor to execute challenging projects. Since older mines are reaching the end of their lifecycle, companies in the underground mining market are delving deeper into new mines, only to discover inferior-quality ores.
To overcome these obstacles, operators in the underground mining landscape are streamlining their production activities with the help of advanced technological innovations. They are increasingly investing in mining simulators that serve as an effective and safe option to train workers and educate them about the various uses of mining equipment. These simulators are based on software programs to train workers on equipment operation. Since drilling and blasting are some of the life-threatening processes of mining, operators in the underground mining market are investing in underground excavators. Thus, investing in high-tech equipment help companies lower operational costs and increase the safety of workers.
Analysts’ Viewpoint
Automation and information management have become the forefront for companies in the underground mining market. They should increase focus on data-driven decision-making to increase productivity with the adoption of software to collect and analyze operational data. Driverless vehicles and robots are anticipated to replace much of the labor force to alleviate the issue of safety.
However, the unavailability of skilled workers has created barriers in implementing the digitization of projects. To overcome this, companies should invest in mining simulators and provide training programs to make workers industry-ready. They should embrace the use of automated machines and connected equipment to gain added success in the market space.
Underground Mining
Rapid Industrialization in Developing Nations Driving Underground Mining Market
Implementation of IoT in Mining Provides Opportunities to Underground Mining Market
Expansions, Acquisitions, and New Contracts in Underground Mining Market
Latin America Prominent Underground Mining Market
Highly Competitive Underground Mining Market with Dominance of Top Players
Energy & Natural Resources-Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in Energy & Natural Resources -market@
https://www.transparencymarketresearch.com/energy-market-reports-3.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Follow Us: Twitter | LinkedIn
Blog: https://tmrblog.com
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