Global demand for underground mining machinery is forecast to increase 4.0% per year from 2018 to 2022, according to information provided by the Freedonia group.
This growth will be mainly driven by rising metals prices and increases in metals mining output, which frequently utilises underground methods.
The rising mechanisation of China’s coal mining sector will also drive demand for underground mining equipment.
The report predicts that this increasing mechanisation will be supported by various government initiatives, including the closure of outdated, smaller mines.
The increasing use of state-of-the-art underground mining equipment in mature markets, and a shift toward more sophisticated machinery types in developing nations, will also support underground mining equipment demand.
However, global coal production and associated machinery sales are forecast by the report to climb at a subpar pace as many nations transition toward renewable fuel sources and natural gas production increases.