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 US$ 16.37 billion in 2023 while it is anticipated to cross a value of US$ 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) | US$ 16.37 billion |
| Underground Mining Equipment Market Size (2033) | US$ 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 US$ 16.37 billion in 2023 while it is likely to reach US$ 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 US$ 17.53 billion in 2026 to a value of US$ 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 US$ 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
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Mining Loaders
5.3.2. Mining Trucks
5.3.3. Mining Drills
5.3.4. Mining Bolters
5.3.5. Mining Shearer
5.3.6. Mining Excavators & Shovels
5.3.7. Mining Scalers
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mining Technique
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Mining Technique, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Mining Technique, 2023 to 2033
6.3.1. Soft Rock Mining
6.3.2. Hard Rock Mining
6.4. Y-o-Y Growth Trend Analysis By Mining Technique, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Mining Technique, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Users
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Users, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Users, 2023 to 2033
7.3.1. Mining Operators
7.3.2. Rental Service Provider
7.4. Y-o-Y Growth Trend Analysis By End Users, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By End Users, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Product Type
9.2.3. By Mining Technique
9.2.4. By End Users
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product Type
9.3.3. By Mining Technique
9.3.4. By End Users
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Product Type
10.2.3. By Mining Technique
10.2.4. By End Users
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Product Type
10.3.3. By Mining Technique
10.3.4. By End Users
10.4. Key Takeaways
11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Product Type
11.2.3. By Mining Technique
11.2.4. By End Users
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Product Type
11.3.3. By Mining Technique
11.3.4. By End Users
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Singapore
12.2.1.5. Thailand
12.2.1.6. Indonesia
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia Pacific
12.2.2. By Product Type
12.2.3. By Mining Technique
12.2.4. By End Users
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Product Type
12.3.3. By Mining Technique
12.3.4. By End Users
12.4. Key Takeaways
13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of MEA
13.2.2. By Product Type
13.2.3. By Mining Technique
13.2.4. By End Users
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Product Type
13.3.3. By Mining Technique
13.3.4. By End Users
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. USA
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2022
14.1.2.1. By Product Type
14.1.2.2. By Mining Technique
14.1.2.3. By End Users
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2022
14.2.2.1. By Product Type
14.2.2.2. By Mining Technique
14.2.2.3. By End Users
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2022
14.3.2.1. By Product Type
14.3.2.2. By Mining Technique
14.3.2.3. By End Users
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2022
14.4.2.1. By Product Type
14.4.2.2. By Mining Technique
14.4.2.3. By End Users
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2022
14.5.2.1. By Product Type
14.5.2.2. By Mining Technique
14.5.2.3. By End Users
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2022
14.6.2.1. By Product Type
14.6.2.2. By Mining Technique
14.6.2.3. By End Users
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2022
14.7.2.1. By Product Type
14.7.2.2. By Mining Technique
14.7.2.3. By End Users
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2022
14.8.2.1. By Product Type
14.8.2.2. By Mining Technique
14.8.2.3. By End Users
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2022
14.9.2.1. By Product Type
14.9.2.2. By Mining Technique
14.9.2.3. By End Users
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2022
14.10.2.1. By Product Type
14.10.2.2. By Mining Technique
14.10.2.3. By End Users
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2022
14.11.2.1. By Product Type
14.11.2.2. By Mining Technique
14.11.2.3. By End Users
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2022
14.12.2.1. By Product Type
14.12.2.2. By Mining Technique
14.12.2.3. By End Users
14.13. Singapore
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2022
14.13.2.1. By Product Type
14.13.2.2. By Mining Technique
14.13.2.3. By End Users
14.14. Thailand
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2022
14.14.2.1. By Product Type
14.14.2.2. By Mining Technique
14.14.2.3. By End Users
14.15. Indonesia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2022
14.15.2.1. By Product Type
14.15.2.2. By Mining Technique
14.15.2.3. By End Users
14.16. Australia
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2022
14.16.2.1. By Product Type
14.16.2.2. By Mining Technique
14.16.2.3. By End Users
14.17. New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2022
14.17.2.1. By Product Type
14.17.2.2. By Mining Technique
14.17.2.3. By End Users
14.18. GCC Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2022
14.18.2.1. By Product Type
14.18.2.2. By Mining Technique
14.18.2.3. By End Users
14.19. South Africa
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2022
14.19.2.1. By Product Type
14.19.2.2. By Mining Technique
14.19.2.3. By End Users
14.20. Israel
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2022
14.20.2.1. By Product Type
14.20.2.2. By Mining Technique
14.20.2.3. By End Users
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Product Type
15.3.3. By Mining Technique
15.3.4. By End Users
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Caterpillar Inc.
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. Sandvik AB
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. Epiroc AB
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. Komatsu Ltd
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. Boart Longyear Ltd
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. Hitachi Construction Machinery
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Liebherr Group
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. Sany Heavy Industry Co., Ltd.
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. Xuzhou Construction Machinery Group Co. Ltd
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. Volvo Construction Equipment
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
16.1.11. Schmidt, Kranz & Co. Gmbh
16.1.11.1. Overview
16.1.11.2. Product Portfolio
16.1.11.3. Profitability by Market Segments
16.1.11.4. Sales Footprint
16.1.11.5. Strategy Overview
16.1.11.5.1. Marketing Strategy
16.1.11.5.2. Product Strategy
16.1.11.5.3. Channel Strategy
16.1.12. J.C. Bamford Excavators Limited
16.1.12.1. Overview
16.1.12.2. Product Portfolio
16.1.12.3. Profitability by Market Segments
16.1.12.4. Sales Footprint
16.1.12.5. Strategy Overview
16.1.12.5.1. Marketing Strategy
16.1.12.5.2. Product Strategy
16.1.12.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Underground Mining Equipment Market
