Conveyor Belt Market In Mining Industry Market Size (2024 - 2029)

Mining Conveyor Belt Market Analysis

The Conveyor Belt Market In Mining Industry is expected to grow from USD 1.89 billion in 2024 to USD 2.28 billion by 2029, at a CAGR of 3.80% during the forecast period (2024-2029).

The demand is boosted owing to increasing government initiatives and the number of coal mines in countries such as India. For instance, during the second pandemic wave, the Technology Roadmap document released by Coal India outlines that conveyors that may handle coal up to 4,500 tph/hr have been planned in Coal India. Conventional conveyors are limited to inclined angles around 16 to 18 degrees. The focus on upgrading the mines with advanced conveyor belts is aiding the market's growth.

• In mining industry practices, the required output is desired, and the mining operator specifies rotary speed as a design parameter, determining the heat to be dissipated. This may strongly influence the dimensioning processes. This resulted in operating conditions that make a gear unit advisable larger than the output originally necessitates. If the conveyor belts operate in climatic zones that are unusually warm or even prone to extreme heat-cold fluctuations, much attention must be paid to cooling. For this reason, Siemens developed correspondingly efficient cooling solutions for its three gear-unit series, comprising 46 conveyor belt drive sizes. Therefore, in various cases, a smaller gear unit may be sufficient.
• India's journey toward becoming a developed nation by 2047 depends on improving its infrastructure. This is a cornerstone for fostering liveable, climate-resilient, and inclusive cities that drive economic growth. The government's commitment is evident through its allocation of 3.3% of GDP to the infrastructure sector in the fiscal year 2024, focusing on building high-end industrial segments.
• Ensuring occupational health and safety is a top priority in the mining industry. Mining operations are inherently challenging and pose various hazards and risks to workers. By prioritizing safety and implementing effective safety measures, companies may protect their workers, prevent accidents and injuries, and contribute to the overall sustainability of their operations.
• The mining industry operates under critical regulations and standards to ensure safety, environmental protection, and responsible practices. These include mine safety and health regulations, such as the Mine Safety and Health Administration (MSHA) in the United States.
• High initial costs have been the primary reason for restricting the use of automated material-handling systems, including conveyor belts and systems, to only large-scale organizations. At the same time, their long-term benefits are also considered. Small—and medium-scale enterprises may not benefit from this bargain. These systems require high levels of maintenance.
• Besides the direct impact on various market verticals, the global pandemic is also anticipated to have a long-term effect. For instance, since the pandemic, economies of multiple countries, which feel significant, are still unable to recover as anticipated, bringing a shadow of economic recession, especially in North American and European regions.
• For instance, according to the International Monetary Fund (IMF) estimates, the US real GDP growth is anticipated to remain slowed until 2024 before regaining momentum. Such trends may slow down the market by reducing investments in new metal and mining plants.
• According to the International Monitory Fund's (IMF's) July 2023 update, global economic growth was anticipated to fall from 3.5% in 2022 to about 3% in both 2023 and 2024 owing to the rising central bank policy rates to fight inflation, which is slowing down economic activities.

Mining Conveyor Belt Industry Segmentation

Conveyor belts are essential for automation systems in various industries, including mining, because they cut down on operational costs and time. They are also essential for moving minerals to processing facilities in the mining industry. The revenue accrued from conveyor belt companies across geographies is used to estimate the market.

The conveyor belt market in the mining industry is segmented by type (steel cord, textile reinforced, and other types) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report offers market forecasts and size in value (USD) for all the above segments.