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Underground Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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.

Global Underground Mining Equipment Market Trends:

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. 

Key Market Segmentation:

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:

  • Longwalls
  • Room and Pillars
     

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:

  • Coal Mining
  • Metal Mining
  • Mineral Mining
     

On the basis of application, coal mining represents the largest segment. Other major segments include metal mining and mineral mining.

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

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.

Competitive Landscape:

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)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Underground Mining Equipment Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Type of Mining
    5.5    Market Breakup by Application
    5.6    Market Breakup by Region
    5.7    Market Forecast
    5.8    SWOT Analysis
        5.8.1    Overview
        5.8.2    Strengths
        5.8.3    Weaknesses
        5.8.4    Opportunities
        5.8.5    Threats
    5.9    Value Chain Analysis
    5.10    Porters Five Forces Analysis
        5.10.1    Overview
        5.10.2    Bargaining Power of Buyers
        5.10.3    Bargaining Power of Suppliers
        5.10.4    Degree of Competition
        5.10.5    Threat of New Entrants
        5.10.6    Threat of Substitutes
6   Market Breakup by Type of Mining 
    6.1    Longwalls
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Room and Pillars
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Application
    7.1    Coal Mining
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Metal Mining
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Mineral Mining
        7.3.1    Market Trends
        7.3.2    Market Forecast
8   Market Breakup by Region
    8.1    Asia Pacific
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    North America
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Europe
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   Underground Mining Equipment Manufacturing Process
    9.1    Product Overview
    9.2    Raw Material Requirements
    9.3    Manufacturing Process
    9.4    Key Success and Risk Factors
10  Competitive Landscape
    10.1    Market Structure
    10.2    Key Players
    10.3    Profiles of Key Players
        10.3.1    Caterpillar Inc. 
        10.3.2    Epiroc AB 
        10.3.3    Hitachi Construction Machinery Co., Ltd. 
        10.3.4    Komatsu Ltd.
        10.3.5    Liebherr
        10.3.6    Sandvik AB
        10.3.7    Sany Group Co., Ltd.
        10.3.8    Volvo
        10.3.9    BELAZ
        10.3.10    XCMG Group
        

List of Figures

Figure 1: Global: Underground Mining Equipment Market: Major Drivers and Challenges
Figure 2: Global: Underground Mining Equipment Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Underground Mining Equipment Market: Breakup by Type of Mining (in %), 2021
Figure 4: Global: Underground Mining Equipment Market: Breakup by Application (in %), 2021
Figure 5: Global: Underground Mining Equipment Market: Breakup by Region (in %), 2021
Figure 6: Global: Underground Mining Equipment Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Global: Underground Mining Equipment Industry: SWOT Analysis
Figure 8: Global: Underground Mining Equipment Industry: Value Chain Analysis
Figure 9: Global: Underground Mining Equipment Industry: Porter’s Five Forces Analysis
Figure 10: Global: Underground Mining Equipment (Longwalls) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Underground Mining Equipment (Longwalls) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Underground Mining Equipment (Room and Pillars) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Underground Mining Equipment (Room and Pillars) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Underground Mining Equipment (Coal Mining) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Underground Mining Equipment (Coal Mining) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Underground Mining Equipment (Metal Mining) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Underground Mining Equipment (Metal Mining) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Underground Mining Equipment (Mineral Mining) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Underground Mining Equipment (Mineral Mining) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Asia Pacific: Underground Mining Equipment Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Asia Pacific: Underground Mining Equipment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: North America: Underground Mining Equipment Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: North America: Underground Mining Equipment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Europe: Underground Mining Equipment Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Europe: Underground Mining Equipment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Middle East and Africa: Underground Mining Equipment Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Middle East and Africa: Underground Mining Equipment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Latin America: Underground Mining Equipment Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Latin America: Underground Mining Equipment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Underground Mining Equipment Manufacturing: Detailed Process Flow

List of Tables

Table 1: Global: Underground Mining Equipment Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Underground Mining Equipment Market Forecast: Breakup by Type of Mining (in Million US$), 2022-2027
Table 3: Global: Underground Mining Equipment Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Underground Mining Equipment Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Underground Mining Equipment: Raw Material Requirements
Table 6: Global: Underground Mining Equipment Market: Competitive Structure
Table 7: Global: Underground Mining Equipment Market: Key Players

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Key Questions Answered in This Report

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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