According to the latest report by IMARC Group, titled “Underground Mining Equipment Market Report by Type of Mining (Longwalls, Room and Pillars), Application (Coal Mining, Metal Mining, Mineral Mining), and Region 2024-2032”, the global underground mining equipment market reached a value of US$ 28.9 Billion in 2023. Underground mining is an efficient and reliable process used for extracting material deposits like ores and minerals that are buried deep inside the earth’s crust. It is safe, economical, produces negligible waste and does not cause substantial damage to the mining area. It involves two types of underground mining techniques, namely, hard and soft mining. Hard underground mining aids in the excavation of hard minerals such as lead, copper, nickel, iron, gold and silver. On the other hand, minerals like coal, potash and oil shale are extracted with the help of soft underground mining techniques. Some of the commonly used underground mining equipment include shovels, conveyors, draglines, haul trucks, overhead loaders, front end loaders and gathering-arm loaders.
Underground Mining Equipment Market Trends:
On account of the rising population, rapid urbanization and increasing industrialization, a significant rise in the consumption of energy has been experienced in recent years. The consequent increase in energy production has provided a boost to underground mining activities across the globe. In addition to this, underground mining causes negligible harm to the environment when compared to surface mining, as the explosions are made underground and no toxic gases are released into the surroundings. Furthermore, miners in developed countries like the United States, Europe and Japan are replacing their older mining equipment to adhere to government regulations and improve their overall productivity which, in turn, is strengthening the growth of the underground mining equipment market. Other growth-inducing factors include the lack and increasing cost of skilled labor, rising use of high-quality equipment, and the growing focus on enhancing the yield and productivity. Looking forward, the market is projected to reach a value of US$ 39.1 Billion by 2032, expanding at a CAGR of 3.35% during 2024-2032.
Market Summary:
- Based on the type of mining extraction, the market has been bifurcated into longwalls, and room and pillars. Currently, the longwalls segment dominates the market, holding the largest share.
- On the basis of the application, the market has been divided into coal, metal and mineral mining. At present, coal mining accounts for the majority of the market share.
- Region-wise, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific accounts for the majority of the market share on account of the rising demand for metals and minerals and increasing mining activities in countries such as India, China and Australia.
- The competitive landscape of the market has been examined with some of the key players being Caterpillar Inc., Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, Sandvik AB, Sany Group Co., Ltd., Volvo, BELAZ and XCMG Group.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Type of Mining, Application, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Companies Covered |
Caterpillar Inc., Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, Sandvik AB, Sany Group Co., Ltd., Volvo, BELAZ and XCMG Group |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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