The underground mining equipment market is expected to expand its roots at a lower CAGR of 2.3% during the forecast period. The market is likely to hold a revenue of USD 16.37 billion in 2023 while it is anticipated to cross a value of USD 20.55 billion by 2033.
The research report on the underground mining equipment market states that the transforming mining industry and increasing focus on underground mining has increased. This is due to the low density of minerals on the surface and the lower environmental footprint. Furthermore, the advent of artificial intelligence, robotics, machine learning, and location awareness is anticipated to lead the market growth during the forecast period.
The advanced developments in the automotive & transport industry and their equipment have created a space for the transformation of underground mining equipment. The AI-driven equipment already shows promising results as they maximize productivity and efficiency. Other examples of modern mining equipment are autonomous trucks that use precision GPS tech to track the floor in underground mines.
Underground mining equipment market analysis explains that climate change has slowed the sector’s growth. Hence, the development of the latest automated and sustainable equipment limits the damage done to the earth during underground mining. Furthermore, the application of robots and automated vehicles is expected to limit the number of accidents during mining activity.
The rising demand for hard elements such as gold, silver, iron, copper, zinc, tin, and lead is also anticipated to fuel the market growth. Private and public underground mining projects are thriving across the border. This fuels the research and development facilities extended by underground mining equipment companies.
| Attributes | Details |
|---|---|
| Underground Mining Equipment Market CAGR (2023 to 2033) | 2.3% |
| Underground Mining Equipment Market Size (2023) | USD 16.37 billion |
| Underground Mining Equipment Market Size (2033) | USD 20.55 billion |
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Short-term Growth (2023 to 2026): The growing demand for hard metals for different applications such as hardware production for smart technologies is expected to propel growth during this period. Furthermore, the higher population leading to higher consumption of gadgets, pearls, and other by-products is also flourishing the demand for underground mining equipment. With these wide ranges of applications, the market is expected to hold USD 16.37 billion in 2023 while it is likely to reach USD 17.53 billion by 2026.
Mid-term Growth (2026 to 2029): Integration of smart technologies like artificial intelligence, machine learning, big data, and location awareness tools is expected to garner market growth during this period. Alongside this, the usage of automated vehicles for enhanced safety is also transforming the market. Lately, Rio Tinto has applied 73 autonomous trucks using precision GPS for an underground mining operation. This takes a market value from USD 17.53 billion in 2026 to a value of USD 18.77 billion in 2029.
Long-term Growth (2029 to 2033): The latest IoT deployment is anticipated to make underground mining equipment more sustainable. Furthermore, the improved safety dynamic with robotic equipment is likely to increase the competition in the market space. Thus, the underground Mining Equipment market is anticipated to thrive at a slightly lower CAGR of 2.3% between 2023 and 2033.
The growing demand for lead, silver, and gold for different applications of these in smart devices as conductors and emulators are fueling the demand for underground mining equipment. Furthermore, the usage of these elements in connectors, wiring, thin film layers, and smartphone technology is important. However, the latest smart technologies like artificial intelligence, advanced sensory technology, and IoT deployment are helping the overall market transformation. The application of robotics with autonomous vehicles is also increasing the productivity and efficiency of mining operations. These market advancements also add safety as they limit the number of men entering the mining caves, saving them from any misfortune. Alongside this, the higher demand for smartphones has led to increased requirement of lead as it is the soft, heavy toxic malleable metallic component that is used in the solder that joins the different elements of any smartphone.
Principal Consultant
Some of the major restraints for the underground mining equipment market are underground mining’s high impact on the environment and soil health. Its major effect on the Earth’s core is yet under study. Furthermore, the costly investment in the latest underground mining equipment is leading end-user to choose the conventional form of underground mining equipment.
| Region/Country | Revenue Share % (2023) |
|---|---|
| United States | 10.0% |
| Germany | 1.6% |
| Japan | 2.8% |
| Australia | 6.6% |
Propelling Demand for Automation and Technological Integration in the Mining Sector is likely to Boost Sales of Mining Screening Equipment
The United States underground mining equipment market leads in terms of market share in the North American region. The region is expected to hold a market share of 10.0% in 2023. While the North American market held a market share of 12.7% in 2022.
The higher market capture is attributed to the expanding recovery operation of the underground coal mines, refilling of these, and a limited amount of underground mining operations. These operations lead to the demand for advanced mining equipment.
As per the USA Energy Information Administration, in 2020, around 535 million short tons of coal were produced in 22 states in the region. Five states, namely Wyoming, West Virginia, Pennsylvania, Illinois, and North Dakota recorded 71% of the total coal production in the USA in 2020.
Government Projects along with the Usage of Autonomous Mining Machinery is Spurring the Regional Market
Chinese Underground Mining Equipment market thrives at a CAGR of 3.2% between 2023 and 2033. The regional growth is attributed to the sales of hydraulic mining machines and autonomous vehicles that ensure safety checks during any mining operation. Increased accidents during gold mining projects and exploration in China are expected to drive sales in the market. In addition to this, increasing coal consumption in the country is pushing sales in the coal mining sector.
Technological Advancements to Bolster Sales of Hard Rock Mining Tools
The United Kingdom Underground mining equipment market thrives at a CAGR of 2.1% during the forecast period. The growth is attributed to the rising concern on safety and security concerns in underground mines. The stringent government norms around underground mining are also pushing mining companies to adopt the latest equipment such as AI-driven machinery, trucks, and other tools. Alongside this, the advent of telematics in the mining industry is likely to bode well for the growth of the market over the assessment period.
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By Product Type:
| Category | By Product Type |
|---|---|
| Leading Segment | Mining Loaders |
| Market Share (2023) | 10.30% |
By Mining Technique:
| Category | By Mining Technique |
|---|---|
| Leading Segment | Hard Rock Mining |
| Market Share (2023) | 69.50% |
Based on product type, the mining loader segment leads as it is expected to hold a market share of 10.3% in 2023. The higher affordability according to the weight, better environmental protection standards, and increased operating safety fuels the segment’s growth. The mining truck is another prominent segment of the category. These trucks are used for moving dirt, metals, minerals, and coal, which is a vital operation in the mining sector.
Based on the mining technique, the hard rock mining technique leads with an expected market share of 69.5% in 2023. The growth is attributed to its major usage during any mining operations. The digging for large ore bodies and including easy transportation is expanding the segmental growth.
Leading players operating in the global underground mining equipment market are investing in research and development to integrate connective technology into their products to improve sales. The integration of artificial intelligence, big data, machine learning, and IoT deployment is expected to increase the competition among key players.
How can Underground Mining Equipment Manufacturers Providers Scale their Businesses in the Market?
Underground Mining Equipment market players are working on five major strategies.
Market Developments
The overall market may well grow at 2.3% CAGR concluding at USD 20.5 billion by 2033.
The United States, with 12.7% global demand, is dominating the overall market.
Growing demand for hydraulic mining machines could impart a 3.2% CAGR over the China market till 2033.
The United States, Germany, and China currently represent 32.3% of the global market.
Rising mining safety concerns might drive the United Kingdom market at 2.1% CAGR through 2033.
1. Executive Summary | Underground Mining Equipment Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Mining Loaders 5.2. Mining Trucks 5.3. Mining Drills 5.4. Mining Bolters 5.5. Mining Shearer 5.6. Mining Excavators & Shovels 5.7. Mining Scalers 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mining Technique 6.1. Soft Rock Mining 6.2. Hard Rock Mining 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Users 7.1. Mining Operators 7.2. Rental Service Provider 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Caterpillar Inc. 16.2. Sandvik AB 16.3. Epiroc AB 16.4. Komatsu Ltd 16.5. Boart Longyear Ltd 16.6. Hitachi Construction Machinery 16.7. Liebherr Group 16.8. Sany Heavy Industry Co., Ltd. 16.9. Xuzhou Construction Machinery Group Co. Ltd 16.10. Volvo Construction Equipment 16.11. Schmidt, Kranz & Co. Gmbh 16.12. J.C. Bamford Excavators Limited 17. Assumptions & Acronyms Used 18. Research Methodology
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Underground Mining Equipment Market
