According to a new market report published by Credence Research Inc “Underground Mining Trucks Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2025, The global market for underground mining trucks was valued at US$ 1.28 Bn in 2016 which is expected to grow at a CAGR of 6.8% through the forecast period 2017 – 2025.
The underground mining trucks market is primarily driven by the rising number underground mining project worldwide. The most significant factor fueling the underground mining activities is the deepening of deposits. As the surface mining operations become worked out, the availability of deposits become deeper beneath the earth’s surface. Subsequently, underground mining has come into the picture and is estimated to account for the larger share of the overall mining activities in the near future.
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This is expected to drive the market growth of underground mining trucks market. The underground mining equipment manufacturers across the world have identified the risk involved in underground mining operations and collaboratively working with mine operators to improve miners’ safety and match environment protection laws. This is expected to influence the demand for advanced underground mining trucks integrated with IT and communication technologies. Companies such as Atlas Copco, Sandvik and Caterpillar have realized the potential of underground mining and have already started proceeding into the direction. The companies are aware of the fact that advancement in the related equipment greatly helps gaining the confidence of mine operators. Subsequently, market players have adopted strategies such as partnerships, acquisition and investment on research and development. Rising efforts of underground mining equipment manufacturers towards further advancement is thus, a major factor propelling the penetration of these equipment across the globe.
Underground trucks are among the most useful machines/equipment used in mining process. We have considered underground trucks used for tools transportation, loading and dumping applications. Increasing underground mining operation and productivity are expected to increase the demand for underground mining trucks.
In terms of capacity, underground mining trucks having loading capacity between 36 tons to 45 tons is most commonly preferred models due to their low operating cost and higher efficiency. In addition, these trucks offer optimum utilization of capacity in underground mining environments.
Underground trucks are available in both diesel and electric version. Although there is less difference in capacity of both versions, diesel engine trucks are preferred over electric trucks as they offer better ruggedness and convenience of locomotion.
Underground mining has been picking significant pace since the past few years across the world. Thus, the demand for related equipment is projected to soar considerably in the coming years. Some major players in the global underground mining equipment trucks market includes Atlas Copco, Caterpillar, GHH Fahrzeuge, Sandvik, Volvo, Zanam Legmet, DUX, Maclean, Bell, Get-man and MOAZ.