Underground Mining Equipment Market Size - By Equipment Type (Excavator, Telehandler, Loader, Bolter, Drills, Others), By Technology (Conventional Equipment, Electric Equipment, Autonomous Equipment), By Application, By Distribution Channel & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Underground Mining Equipment Market Size - By Equipment Type (Excavator, Telehandler, Loader, Bolter, Drills, Others), By Technology (Conventional Equipment, Electric Equipment, Autonomous Equipment), By Application, By Distribution Channel & Forecast, 2024 – 2032

Underground Mining Equipment Market Size

Underground Mining Equipment Market was valued at USD 22 Billion in 2023 and is projected to grow at a CAGR of over 2.9% from 2024 to 2032, due to the rise in extraction of minerals, metals, and coal from mines.

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Worldwide growth in human population leading to a rise in the consumption of various resources such as coal, gold, copper, and other minerals. This has resulted into a surge in underground mining activities to extract these resources.

 

Underground Mining Equipment Market Report Attributes
Report Attribute Details
Base Year 2023
Underground Mining Equipment Market Size in 2023 USD 22 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 2.9%
2024 – 2032 Value Projection USD 29 Billion
Historical Data for 2018 – 2023
No. of Pages 246
Tables, Charts & Figures 177
Segments covered Equipment Type, Technology, Application, Distribution Channel, Region
Growth Drivers
  • Rise in extraction of minerals, metals, and coal from mines
  • Advancements in technology and automation
Pitfalls & Challenges
  • High initial cost
  • Increasing shift towards renewable energy sources

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One of the major challenges for underground mining equipment is the increasing shift towards renewable energy sources, such as solar and wind power, which is leading to a decline in demand for coal and other minerals that are typically mined underground. This shift is resulting in a decrease in investments in new underground mining projects. As a result, the demand for underground mining equipment could decline, posing a challenge to the underground mining equipment market.

Furthermore, the high cost of underground mining equipment is also a challenge for the market. The equipment used for underground mining is highly specialized and expensive, making it a significant investment for mining companies. In addition, the maintenance and operation costs of underground mining equipment are also high, adding to the financial burden for mining companies. This could lead to a decrease in demand for equipment and hinder the growth of the market.

Underground Mining Equipment Market Trends

Underground mining is getting a major upgrade! New mining gear is now smarter and can work on its own, controlled from a safe distance. This is not just making miners safer but also helping mines run better and produce more. Check out Sandvik's Auto Mine system. It lets loaders and trucks drive themselves, so miners don't have to put themselves in risky spots. It also means mining can keep going even when conditions are dangerous, like when there's too much gas. And because the operators can watch the action from a safe control room on the surface, they can keep things running smoothly without having to take extra trips into the mine. That also means less need for extra air to keep the mines safe.

Additionally, the shift towards sustainable mining practices has led to the adoption of battery electric vehicles (BEVs) in underground mining. battery electric vehicles offer numerous advantages over traditional diesel-powered vehicles, including lower emissions and therefore ventilation costs, reduced noise levels, and improved energy efficiency. With advancements in battery technology, battery electric vehicles can now operate for longer durations, making them viable alternatives for underground transportation.

Underground Mining Equipment Market Analysis

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In the vast realm of digging, the excavator reigns supreme, with its mighty claws scooping up a whopping 8 billion dollars in 2023. And it's not just a flash in the pan—by 2032, it's expected to rake in a cool 10 billion dollars. When it comes to mining, excavators are the rock stars. They're the workhorses that haul giant chunks of earth, load up dump trucks, and even smash materials into smaller pieces so they can be handled more easily. And let's not forget the bucket-wheel excavators, the giants of the mining world. These behemoths can dig, move, and load up to 240,000 tons of minerals every single day! Without these mechanical marvels, mining would be like digging with your bare hands—slow, dangerous, and not very effective. Excavators make it possible to extract precious minerals from underground, fueling our industries and keeping our economy humming. They're the unsung heroes of the mining world, and their importance only continues to grow.

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Hey there! The underground mining tools used for coal extraction are a big business, raking in over $9 billion in 2023. And get this, they're expected to hit $11 billion by 2032! Why? Because these tools are getting smarter and better, helping coal mining become more eco-friendly. In 2022, the U.S. saw a 2.9% jump in coal production, reaching 594.2 million tons. Of that, nearly a third came from the Appalachian region. And here's where it gets interestingunderground mines in the Appalachian region churned out 58% of the total coal dug up from underground in the U.S. That's a whopping 80% of the coal from the Appalachian region!

In China, almost all of their coal comes from underground mines—around 9 out of every 10 tons. There are over 3,200 of these mines, and together they produce a whopping 3 billion tons of coal every year. That's an average of about 930,000 tons per mine. But it's not all equal. About a third of the mines are small, producing less than 300,000 tons a year, and they actually only make up about 5% of China's total coal output. India also mines coal underground, but it's a much smaller amount—only about 35 million tons per year. That's just a tiny fraction of the 893 million tons of coal India produces in total.

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Hey there! The Asia Pacific region is a mining powerhouse. In 2023, they made a whopping $9 billion selling underground mining gear. And get thisby 2032, that number is expected to skyrocket to over $12 billion! Why the growth spurt? Well, countries like China, India, Indonesia, and Australia are churning out loads of coal, gold, and other valuable stuff. As the world's hunger for these resources grows, the need for fancy underground equipment to dig them up safely and efficiently goes up too. But that's not all. Mining is getting a makeover. People are getting serious about protecting the environment, so there's a huge demand for tech-savvy gear that can minimize the impact on our planet and make the job run smoother.

As per the Canada’s Trade Commissioner Service, China has over 1,500 major mining operations within approximately 75% of all major Chinese mining operations are underground. China's mining industry produces over USD 400 billion/year additionally China spends approximately USD 200 billion/year on mine supply and services. India is currently the second-biggest producer of coal in the world after China. As per the India’s Ministry of Coal, India is planning to expand production from its underground coal mining industry to 100 million tons by 2028 as the country strives to meet growing power demand.

The mining industry in Australia is a large-scale operation across the entire continent that produces plenty of materials for export. With over 350 mining operations around the country to meet growing demand, from Queensland to New South Wales, Australia's mines contribute large quantities of iron ore and coal for domestic consumption. According to the Australian Bureau of Statistics, mining contributed a record $455 billion in export revenue for Australia in the 2022-23 financial year, meeting the increasing demand for resources worldwide.

As a result, the Asia Pacific underground equipment market is poised for significant growth and is anticipated to grow over the forecast timeframe, driven by various factors such as expanding mining activities and technological advancements.

Underground Mining Equipment Market Share

Key players involve in the underground mining equipment industry are Caterpillar, Normet, Epiroc B-H d.o.o., Komatsu Mining Corp and Hitachi Construction Machinery accounting market share of 25-30% in 2023. These manufacturers are constantly investing in research and development to come up with advance technologies that can improve the efficiency and safety of underground mining operations. Additionally, manufacturers are also collaborating with mining companies to understand their specific needs and develop customized solutions accordingly. This approach not only helps in building long-term partnerships but also ensures that the equipment meets the demands of the industry.

Underground Mining Equipment Market Companies

Major companies operating in the underground mining equipment industry include

  • ABB
  • Boart Longyear
  • Caterpillar
  • DMC
  • Epiroc B-H d.o.o
  • Hitachi Construction Machinery
  • J C Bamford Excavators Ltd.
  • J.H. Fletcher & Co.
  • Jacon Equipment
  • Komatsu Mining Corp
  • Liebherr
  • MacLean Engineering & Marketing Co. Limited
  • Normet
  • Sandvik AB
  • SMT Scharf GmbH

Underground Mining Equipment Industry News

  • In January 2024, Caterpillar introduce its first battery-electric prototype underground mining truck to expand the company’s battery electric and semi-autonomous technology offering for underground mining applications. The new electric underground mining truck R1700 XE battery electric loader, helping to create a complete fully electric underground load and haul solution for customers.
     
  • In November 2023, Liebherr expands its tunnel excavator range with the new R 930 Tunnel crawler excavator. The R 930 Tunnel has been designed to meet as fully as possible the demands of underground construction sites, which often present tight spaces with difficult access. The R 930 Tunnel’s attachment, available in two lengths, features a bearing that can swivel to 2 x 45° angles allowing the excavation.
     
  • In November 2023, Sandvik Mining and Rock Solutions introduced Auto Mine for Underground Drills, an advanced tele-remote solution that enables operators to control and supervise multiple automated Sandvik underground drills, increasing efficiency, safety and overall productivity in mining operations remotely and simultaneously.
     
  • In June 2023, Normet introduce the latest broad concrete spraying equipment offering, the completely new battery electric Spraymec MF 050 VC SD, specifically tailored for the needs of underground mining. Combining the proven Normet SmartDrive battery-electric architecture with advance spraying technology, the MF 050 VC SD offers unrivalled concrete spraying results, superior operator ergonomics and excellent serviceability with zero local emissions.
     
  • In April 2023, MacLean released the new Multi Lift ML5 which provides underground mines with safe, versatile platform for mine services installation and repair. The ML5’s safety and versatility dividends are embedded in the unit’s OEM design from the ground up. The slew boom range of motion delivers best-in-class coverage, along with in-basket operator controls and remote drive.
     
  • In December 2022, Komatsu has entered into an agreement to acquire Gelsenkirchen, Germany-based GHH Group GmbH (GHH). By adding GHH’s factories and rebuild facilities in key markets in Europe, South Africa, India and Chile, Komatsu aim to strengthen production and service capabilities for customers.

This underground mining equipment market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Thousand Units) from 2018 to 2032, for the following segments

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Market, By Equipment Type

 

  • Excavator
  • Telehandler
  • Loader
  • Bolter
  • Drills
  • Others (Scaler, Roof Supporter etc.)

Market, By Technology

  • Conventional Equipment
  • Electric Equipment
  • Autonomous Equipment

Market, By Application

  • Coal Mining
  • Metal Mining
  • Mineral Mining
  • Others (Salt Mining etc.)

Market, By Distribution Channel

  • Direct Sales
  • Indirect Sales

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
  • Rest of Asia Pacific 
    • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

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