Underground Mining Equipment Market Size [2022-2029] |

Pune, India, Oct. 13, 2022 (GLOBE NEWSWIRE) — The global underground mining equipment market size is projected to undergo considerable expansion owing to the introduction of artificial intelligence (AI) and related technologies in mining activities, shares Fortune Business Insights™ in its report, titled “Underground Mining Equipment Market 2022-2029”.

According to our analyst, rising demand for efficient, precise, and sophisticated mining equipment has led to the incorporation of such equipment with AI and machine learning (ML) tools. For example, Canada-based mining company Goldspot Discoveries has utilized AI to predict over 85% of the deposits in Canada’s Abitibi gold belt using data such as mineralogy and topology of the region. Another key development in this context is the adoption of self-driving trucks for mining operations. In Australia, for instance, the UK-based mining leader Rio Tinto has deployed 76 of its autonomous haulers across various mining sites across the country. Thus, with mining activities becoming more data-driven, the market for underground mining equipment is set to experience a period of dynamic growth.

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Market Restraint

COVID-19 Pandemic to Create Multiple Hurdles for the Market

The underground mining equipment market growth is expected to be hit by the COVID-19 pandemic, which will be mainly seen in the form of job losses. According to the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), employment in underground mines is likely to shrink during the pandemic as underground mining requires large groups of workers to operate in small, enclosed spaces. As a result, not only the workers but also their contacts outside will be at high risk. In addition to this, staggered lockdowns in many countries have impacted…