The outlook for the next few years looks promising.
According to reports, underground mining machinery demand is expected to rise as the global demand for the product increases. Underground mining machinery demand will grow by almost 4 percent annually to $22.6 billion.
The soaring metal prices and the rise in metal mining outputs are two of the key factors that will drive this global growth. All of these depend on underground mining developments for their functionality. Over the next few years, underground mining machinery will experience a surge in demand due to these high-priced products.
The rising mechanization in China’s coal mining sector will play an important role in increasing the global demand for underground mining machinery. This will lead to high demand for new underground mining equipment. This rising demand should be met by governments all over the globe, along with the forced closures of smaller, out-of-date mines. The forced closures of older mines will force them to modernize their facilities with new technology and machines.
The demand for all types of mining equipment is expected to rise by almost 4.4 percent per year through 2022. This is a significant rebound after a period of decline between 2012 and 2017. The recovery in the mining industry can also be attributed to global manufacturing, agriculture, and construction, which are generating a global demand for newly mined commodities.
The industry is recovering, but new technology will ensure that underground mining machinery’s future remains bright.
This post was written by Justin Tidd, Director at Becker Mining Systems! For nearly a half a century, Becker Mining has been at the forefront of industry safety. Becker/SMC is the industry’s leader in E-House Manufacturers USA increasingly more sophisticated electrical control systems. Most of the major innovations, design features and specialized electrical components have been developed by Becker/SMC.
