The underground mining market will reach US $ 25 billion by 2031; Complete inspection solutions for mining companies to generate revenue gains, notes TMR study

ALBANY, NY, January 4, 2022 / PRNewswire / – Market research on transparency: The efforts of mining industry stakeholders to use flying drones on a large scale will have a transformative impact on growth dynamics, analysts agree in a TMR study of the underground mining market. The substantial demand for various types of contract mining services and equipment inspection solutions is expected to push the assessment to achieve US $ 25 billion by 2031.

Technological advances in equipment, infrastructure and services have continuously improved the safety and reliability of underground mining operations. The main mining services are in coal, metals and minerals.

It should be noted that the increasing application of field investigative tools, especially for drilling and blasting, has enabled mining companies to reduce casualties and increase productivity. The growing adoption of inspection solutions to improve equipment health is generating lucrative revenue streams, analysts observe in a TMR study.

In recent times, mining companies have actively identified supply chain gaps resulting from disruptions caused by the COVID-19 crisis in order to bolster their sales in the underground mining market. They work with local communities to strengthen supply chain structures and mitigate challenges. For example, they organize virtual sales meetings and online training.

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Key Findings From The Underground Mining Market Research

  • Hard Rock Underground Mining Services to Meet Large Demand: Service and solution providers are enthusiastically unveiling innovative hard rock mining products to tap into the revenue streams of the underground mining market. Comprehensive field inspection solutions have caught the attention of mining companies to enhance the safety of mining operations. With regard to the extraction of hard rocks, they help to mitigate the various risks associated with difficult geological conditions.
  • Companies collaborating for a large-scale application of the flying drone: Flying drones and related technologies play a crucial role in improving the safety and productivity of underground mining operations. Advances in sensors have helped boost their application in environmental mapping, analysts find in an in-depth study of underground mining market dynamics. Stakeholders strive to achieve a transparent radio signal connection between the drone and the remote control. This is likely to boost the penetration of drone technologies in the underground mining market.
  • Integrated studies and complete solutions stimulate demand: The players offer complete solutions in underground mining operations to gain a competitive advantage. This particularly concerned the management of hazardous wastes such as cyanide and sulphide dust in mining operations. In addition, mining companies benefit from integrated studies that help translate lab test results into actual mining operations, thereby enriching the revenue prospects of the underground mining market.

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Underground Mining Market: Main Drivers

  • The demand for metals and minerals is set to increase dramatically, especially in developing economies, thus supporting the evolution of the underground mining market. The most notable are lignite, chromite, bauxite, copper ore and concentrates, lead and zinc concentrates, diamond, limestone and phosphorite.
  • Advances in commercial coal mining to meet the demand for coal in multiple end-use industries have generated many prospects for underground mining. It should be noted that coal is widely used in power generation and the steel and cement industries.

Underground mining market: regional growth dynamics

  • Latin America the underground mining market is expected to generate lucrative opportunities for the next few years
  • The abundance of several minerals in Latin America has made the region a hub for the extraction, production and export of minerals. Thus, the massive investments by mining companies in the region propels the growth prospects of the regional market, notes the study on the Global Underground Mining Market.
  • Considerable adoption of mining automation solutions in Peru, Mexico, and Chile stimulated investment in the regional market

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Underground mining market: key players

The study provides a detailed assessment of the competitive landscape, including the product portfolio and financial data of various mining companies. Some of the major players in the underground mining market are:

  • BHP
  • Glencore
  • Thyssen Mines
  • OZ Minerals
  • Alcoa Company
  • Nickel Norilsk
  • Impala Platinum Limited
  • Rio tinto
  • Anglo American Plc.

Global underground mining market: segmentation

Underground Mining Market By Equipment

  • Drilling equipment
  • Loaders and trucks
  • Ventilation systems
  • Conveyor systems
  • Rock reinforcement systems
  • Others (draglines, shovels, continuous miners and shuttles)

Underground Mining Market By Method

  • Supported
    • Cut and fill stop
    • stop
    • Square Set Stopin
  • Non supported
    • Room-and-Pillar
    • Stop withdrawal
    • Sub-level shutdown
  • Potholing
    • Long size mining
    • Caving sub-level
    • Caving block

Underground Mining Market By Operator

  • Contract mining
  • Proprietary mining

Underground Mining Market by Region

  • North America
  • Europe
    • Germany
    • UK
    • France
    • Turkey
    • Russia & SIC
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • Indonesia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Mexico
    • Brazil
    • Peru
    • Chile
    • Venezuela
    • Ecuador
    • Colombia
    • Rest of Latin America
  • Middle East & Africa
    • Angola
    • Nigeria
    • South Africa
    • Democratic Republic of Congo
    • Ghana
    • Rest of Middle East & Africa

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