Global Underground Mining Equipment Market to Achieve USD 20.55 Billion by 2033, Growing at 2.3% CAGR | FMI Reports
The underground mining equipment market is set to grow at a modest Compound Annual Growth Rate (CAGR) of 2.3% over the forecast period, generating USD 16.37 billion in revenue in 2023 and expected to reach USD 20.55 billion by 2033.
Imagine a vast network of tunnels beneath the earth’s surface, where specialized machinery is crucial for extracting valuable minerals and resources. This market is central to these operations, supplying the essential tools miners need to work efficiently and safely. From robust loaders to powerful drills, this equipment is indispensable for extracting coal, metals, and precious stones, which are vital for various industries and technological advancements.
The market’s steady growth is driven by the increasing global demand for minerals, the rise of automation, and a heightened focus on safety standards. As we delve into the various applications of this machinery, we discover exciting trends that are shaping the future of this dynamic industry.
A Market Unearthing Opportunity: Growth Factors in Underground Mining Equipment
Rising Demand for Minerals and Resources: The growing global population and advancements in technology drive the demand for minerals like iron ore, copper, and lithium. This necessitates efficient extraction methods and advanced equipment.
Focus on Automation: Technological advancements are leading to the development of autonomous and semi-autonomous mining equipment. This reduces reliance on manual labor, improves safety, and optimizes production efficiency.
Stringent Safety Regulations: Regulatory bodies are implementing stricter safety standards in underground mines. This creates a demand for safer equipment with features like collision avoidance and remote operation capabilities.
Depleting Surface Resources: As readily accessible surface resources dwindle, mining operations delve deeper underground, requiring specialized equipment designed for harsher environments and deeper excavations.
Technological Advancements: Manufacturers are constantly innovating, developing equipment with improved efficiency, lower emissions, and better operator comfort for improved productivity and reduced environmental impact.
Challenges to Consider: Navigating the Depths Safely
High Initial Investment Costs: Underground mining equipment can be expensive, particularly for cutting-edge technologies like autonomous machines. This can be a barrier for smaller mining companies.
Harsh Operating Environment: Underground mines present a challenging environment with dust, moisture, and extreme temperatures. Equipment needs to be rugged, reliable, and easy to maintain under these conditions.
Skilled Labor Shortage: Operating and maintaining complex mining equipment requires a skilled workforce. The industry needs to address potential skill gaps through training programs to support future growth.
Sustainability Concerns: Underground mining activities can have an environmental impact. Regulations and advancements in eco-friendly equipment are crucial for minimizing this impact.
Competition Scenario
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.
Market Developments
In January 2022, Swedish mining equipment company Epiroc launched a drilling software known as Mobius for Drills. The software is integrated with artificial intelligence (AI) to consolidate and analyze data from sensors to help operators in real-time decision-making.
Caterpillar Inc has partnered with Champion’s Canada mine to offer AI-based drilling technology. Furthermore, the LOI involves deploying a remote-controlled, semi-autonomous drilling fleet.
Key Players
Caterpillar Inc.
Sandvik AB
Epiroc AB
Komatsu Ltd
Boart Longyear Ltd
Hitachi Construction Machinery
Liebherr Group
Sany Heavy Industry Co., Ltd.
Xuzhou Construction Machinery Group Co. Ltd
Volvo Construction Equipment
Schmidt, Kranz & Co. Gmbh
J.C. Bamford Excavators Limited
CMM – Cocental SAS
Yantai Jiaxiang Mining Machinery Co., Ltd.
Resemin, SA
Underground Mining Equipment Market: Segmentation
Product Type:
Mining Loaders
Mining Trucks
Mining Drills
Mining Bolters
Mining Shearer
Continuous Miners:
Mining Excavators & Shovels
Mining Scalers
Mining Technique:
Soft Rock Mining
Hard Rock Mining
End Users:
Mining Operators
Rental Service Provider
Key Regions Covered:
North America
UNITED STATES
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
United Kingdom
France
Spain
Russia
Rest of Europe
Japan
APEJ
China
India
Malaysia
Singapore
Australia
Rest of Asia Pacific Excluding Japan (APEJ)
MEA
GCC Countries
Israel
South Africa
Rest of Middle East Asia (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.