Global Demand for Underground Mining Machinery to Grow 4.0% Annually
The forecast over the next couple of years is looking promising.
Reports are showing that the forecast for underground mining machinery demands are going to be looking good over the next few years, as global demand for the product skyrockets. Underground mining machinery demand is projected to be growing by nearly 4 percent per year to a high of about $22.6 Billion.
One of the main things that is expected to spur on this global growth is the soaring prices of metal, as well as the increase in metal mining outputs – which all rely on a lot of underground mining developments to function. The soaring prices of these products will result in global growth for underground mining machinery over the next couple of years.
Another factor expected to play a large role in the increase of global demand for underground mining machinery is the rising mechanization of the Chinese coal mining sector, which will see a huge demand for upgraded underground mining equipment. These rising needs should also be met with initiatives from governments around the world, as well as the forced closure of some smaller, and out-of-date mines. Older mines that survive the forced closures will need to update their sites with modern technology and new machines.
Through 2022, the demand for mining equipment of all types is projected to increase by nearly 4.4 percent a year, which is a major rebound after seeing a down period stretching from 2012-2017. This recovery of the mining industry can be attributed to the advances in global manufacturing, agriculture and even construction – which is kick-starting a global need for new mined commodities.
While the industry is on the rebound, new technology will help keep the future of underground mining machinery bright.
This post was written by Justin Tidd, Director at Becker/SMC. For nearly a half a century, Becker Mining has been at the forefront of safety, producing the best ground fault relay in the industry. 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.