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The global underground mining equipment market reached a value of US$26.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$33.1 Billion by 2027, exhibiting at a CAGR of 3.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Underground mining is the process of extraction of minerals and ores that are buried deep inside the earth’s crust. Major types of underground mining techniques that are used include hard and soft mining. With hard underground mining the process of excavation of hard minerals such as lead, copper, nickel, iron, gold and silver is carried out. However, minerals such as potash, coal, oil shale and other minerals are extracted with the help of soft underground mining techniques. Various types of mining equipment are available in the market based on the type of mineral that needs to be extracted. Equipment used for underground mining include overhead loaders, draglines, shovels, haul trucks, front end loaders, gathering-arm loaders, conveyors, etc.
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Catalyzed by stable economic growth across both developed and developing regions, increasing levels of disposable incomes and a rise in the middle-class population, there has been a strong growth in the demand of various minerals such as iron, gold, copper, coal, lead, aluminum, silver, etc. This has catalyzed a rising demand for underground mining equipment. Moreover, the substantial rise in the consumption of energy in the form of coal and nuclear fuels as a result of increasing urbanization and industrialization is also creating a positive impact on the demand of underground mining equipment. Additionally, underground mining causes minimum harm to the environment as compared to surface mining. With explosions being made underground, no toxic gases are released in the surroundings. Other factors that are currently driving this market include - lack of manual labor and its rising costs, increasing focus on improving the yield and productivity, enhanced use of high-quality equipment in mining, etc.
IMARC Group provides an analysis of the key trends in each sub-segment of the global underground mining equipment market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type of mining and application.
Breakup by Type of Mining:
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Based on the type of mining, the market has been segmented as longwalls, and room & pillars. Longwalls currently represent the biggest segment.
Breakup by Application:
On the basis of application, coal mining represents the largest segment. Other major segments include metal mining and mineral mining.
Regional Insights:
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Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
The competitive landscape of the market has also 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.
This report provides a deep insight into the global underground mining equipment market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the underground mining equipments industry in any manner.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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) |
The global underground mining equipment market was valued at US$ 26.9 Billion in 2021.
We expect the global underground mining equipment market to exhibit a CAGR of 3.5% during 2022-
2027.
The increasing demand for various minerals, such as iron, gold, copper, coal, lead, aluminum, silver, etc.,
represents one of the key drivers for the global underground mining equipment market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in temporary halt in numerous mining activities, thereby
limiting the demand for underground mining equipment.
Based on the type of mining, the global underground mining equipment market has been bifurcated into
longwalls and room and pillars. Currently, longwalls mining exhibit a clear dominance in the market.
Based on the application, the global underground mining equipment market can be divided into coal
mining, metal mining, and mineral mining. Among these, coal mining accounts for the largest market
share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global underground mining equipment market include Caterpillar Inc.,
Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, Sandvik AB, Sany Group Co.,
Ltd., Volvo, BELAZ, and XCMG Group.
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