Between 2023 and 2033, the underground mining equipment market is expected to grow at a low CAGR of 2.3%. The market is expected to be valued at USD 16.37 billion in 2023, with a market share of USD 20.55 billion by 2033.
The expanding mining operations around the world due to the rising population are transforming mining methods. The use of autonomous machines and vehicles along with advanced sensory technology is flourishing the sales of underground mining equipment.
- The integration of smart technologies like artificial intelligence, big data, IoT deployment, and machine learning is making this equipment more capable. This increases the overall productivity and efficiency of the mining plant.
- The application of autonomous vehicles for digging has reduced the chance of accidents, making it more human-friendly. Alongside this, the coal mine backfilling operations around the world have fueled the demand for the latest machinery
- The higher threat of underground mining on earth has led market vendors to experiment with the equipment to reduce the damage value while mining. The advanced sensory technology with operational memory is making the mining activity easy and fast.
Key Points
- The United States market leads the underground mining equipment market in terms of market share in North America. The North American region held a market share of 10.0% in 2022. The growth in this region is attributed to the increased number of coal mines along with the mining companies working alongside the government.
- The United Kingdom’s underground mining equipment market is another significant market in the European region. The market thrives at a CAGR of 2.1% between 2023 and 2033. The growth is attributed to the stringent government safety norms and the major integration of AI and ML in mining equipment such as smart vehicles.
- The Chinese underground mining equipment market is anticipated to thrive at an average CAGR of 3.2% during the forecast period. The growth is attributed to larger ore reserves including lead and silver.
- The mining loaders lead the product type segment as it holds a market share of 10.3% in 2023. The growth is attributed to the enhanced safety proposition and operational efficiency.
- Based on the mining technique type, the hard rock mining segment leads as it holds a major global share of 69.5% in 2023. The growth is attributed to higher effective results along with easy digging methods.
Competitive Landscape
The key vendors work on weaponizing their equipment with the latest smart technologies along with new product launches like autonomous vehicles. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Developments
- Hitachi Construction Machinery and Wenco International Mining Systems have developed the “ConSite Mine” that is expected to resolve issues at mine sites through a monitoring mining machine on a 24/7 basis.
- Boart Longyear Ltd has created a Veracio entity that takes orebody data AI to another level as it empowers miners to dig deeper with the help of sensory data.
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
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)
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Author:
Nikhil Kaitwade (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.
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