Global Underground Mining Equipment Market Size Study, by Equipment, by Mining Technique, by Application, and Regional Forecasts 2022-2032

Description

The Global Underground Mining Equipment Market is valued at approximately USD 41.09 billion in 2023 and is projected to grow at a CAGR of 5.1% during the forecast period 2024-2032, reaching USD 64.29 billion by 2032. The underground mining equipment market is experiencing robust growth driven by the rising global demand for minerals and the depletion of surface mining resources, which is compelling mining companies to adopt deeper and more challenging extraction methods. This transition requires highly specialized equipment designed to operate efficiently in confined and hazardous underground environments.

The market is witnessing increasing demand for equipment like Load Haul Dump (LHD) trucks, underground mining vehicles, shuttle cars, and drills, essential for the safe and efficient transport and extraction of materials. The adoption of advanced automation and remote-control technologies, integrated with equipment such as the Sandvik LH514 automated LHD, is revolutionizing the industry by enhancing operational safety and productivity. Moreover, the rising focus on sustainability has encouraged mining companies to adopt eco-friendly solutions, such as electric and hybrid machinery, to reduce emissions and operational costs while meeting regulatory requirements.

Further driving growth are the advancements in electric-powered mining vehicles and battery technology, offering longer operational cycles and reduced maintenance. For instance, AngloGold Ashanti's introduction of its 100% electric underground vehicle in Brazil marks a significant step toward sustainable mining practices. However, challenges such as high initial costs and stringent regulatory frameworks may slightly impede market growth over the forecast period.

Regional Insights

Asia Pacific dominated the market in 2024, with a revenue share of 39.4%. This is attributed to the region's rich mineral resources and strategic emphasis on technological advancements. Countries like China, India, and Australia are leading the charge in adopting innovative underground mining techniques. Conversely, North America and Europe are witnessing steady growth, supported by advanced infrastructure and increased investments in eco-friendly mining equipment.

Major market players included in this report are:

Caterpillar Inc.
Komatsu
Sandvik AB
Sany Group
Getman Corporation
XCMG Group
Epiroc AB
Boart Longyear
J.H. Fletcher & Co.
SMT Scharf GmbH
Schmidt Kranz & Co. GmbH
Zibo God Rock Mining Machinery Co., Ltd
Liebherr Group
Atlas Copco
Hitachi Construction Machinery Co., Ltd

The detailed segments and sub-segments of the market are explained below:

By Equipment

Shuttle Cars
Load Haul Dump (LHD)
Articulated Vehicles
Underground Mining Trucks
Scooptrams
Drills
Bolters
Others

By Mining Technique

Room and Pillar
Longwall Mining
Blast Mining
Others

By Application

Coal Mining
Metal Mining
Mineral Mining

By Region:

North America
- U.S.
- Canada
- Mexico
Europe
- Poland
- Germany
- France
- Russia
- Spain
- Sweden
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
Latin America
- Brazil
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Underground Mining Equipment Market Executive Summary

1.1. Global Underground Mining Equipment Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Equipment
- 1.3.2. By Mining Technique
- 1.3.3. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendations & Conclusion

Chapter 2. Global Underground Mining Equipment Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Underground Mining Equipment Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Global Demand for Minerals
- 3.1.2. Increasing Adoption of Advanced Automation Technologies
- 3.1.3. Shift Towards Environmentally Friendly Mining Solutions
3.2. Market Challenges
- 3.2.1. High Initial Costs of Specialized Equipment
- 3.2.2. Stringent Regulatory Standards for Environmental Protection
3.3. Market Opportunities
- 3.3.1. Innovations in Electric-Powered Mining Equipment
- 3.3.2. Growing Demand for Sustainable Mining Practices
- 3.3.3. Expanding Mining Operations in Emerging Economies

Chapter 4. Global Underground Mining Equipment Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Underground Mining Equipment Market Size & Forecast by Equipment 2022-2032

5.1. Segment Dashboard
5.2. Global Underground Mining Equipment Market: Equipment Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Shuttle Cars
- 5.2.2. Load Haul Dump (LHD)
- 5.2.3. Articulated Vehicles
- 5.2.4. Underground Mining Trucks
- 5.2.5. Scooptrams
- 5.2.6. Drills
- 5.2.7. Bolters
- 5.2.8. Others

Chapter 6. Global Underground Mining Equipment Market Size & Forecast by Mining Technique 2022-2032

6.1. Segment Dashboard
6.2. Global Underground Mining Equipment Market: Mining Technique Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Room and Pillar
- 6.2.2. Longwall Mining
- 6.2.3. Blast Mining
- 6.2.4. Others

Chapter 7. Global Underground Mining Equipment Market Size & Forecast by Application 2022-2032

7.1. Segment Dashboard
7.2. Global Underground Mining Equipment Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 7.2.1. Coal Mining
- 7.2.2. Metal Mining
- 7.2.3. Mineral Mining

Chapter 8. Global Underground Mining Equipment Market Size & Forecast by Region 2022-2032

8.1. North America Underground Mining Equipment Market
- 8.1.1. U.S.
- 8.1.2. Canada
- 8.1.3. Mexico
8.2. Europe Underground Mining Equipment Market
- 8.2.1. Poland
- 8.2.2. Germany
- 8.2.3. France
- 8.2.4. Russia
- 8.2.5. Spain
- 8.2.6. Sweden
8.3. Asia Pacific Underground Mining Equipment Market
- 8.3.1. China
- 8.3.2. India
- 8.3.3. Japan
- 8.3.4. South Korea
- 8.3.5. Australia
- 8.3.6. Indonesia
8.4. Latin America Underground Mining Equipment Market
- 8.4.1. Brazil
- 8.4.2. Argentina
8.5. Middle East & Africa Underground Mining Equipment Market
- 8.5.1. South Africa
- 8.5.2. Saudi Arabia
- 8.5.3. UAE

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Caterpillar Inc.
- 9.1.2. Sandvik AB
- 9.1.3. Komatsu
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Caterpillar Inc.
- 9.3.2. Komatsu
- 9.3.3. Sandvik AB
- 9.3.4. Sany Group
- 9.3.5. Getman Corporation
- 9.3.6. XCMG Group
- 9.3.7. Epiroc AB
- 9.3.8. Boart Longyear
- 9.3.9. J.H. Fletcher & Co.
- 9.3.10. SMT Scharf GmbH
- 9.3.11. Schmidt Kranz & Co. GmbH
- 9.3.12. Zibo God Rock Mining Machinery Co., Ltd

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes