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Underground Mining Equipment and Service Market Share

Report ID: GMI8605
Published Date: Nov 2024
Report Format: PDF

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Underground Mining Equipment and Service Market Share

Global Underground Mining Equipment & Service Company Market Share Analysis (2023)

The global underground mining equipment and service industry is moderately fragmented, with prominent players, such as Caterpillar, Komatsu, Inc., Sandvik AB, Epiroc AB, Terex Corporation holding a market share of ~20-25%. Leading players compete through technological innovation, equipment durability, and operational efficiency. As demand for automated and digital solutions rises, companies focus on developing machinery that enhances safety, productivity, and environmental sustainability. Cost-effectiveness and after-sales support are also crucial, as mining operators seek reliable equipment with minimal downtime and strong maintenance services.

Additionally, players differentiate themselves by complying with stringent environmental and safety regulations, positioning themselves as leaders in sustainable mining practices and gaining a competitive advantage. According to the International Mining Association, the adoption of advanced technologies in mining operations has increased by 15% annually, underscoring the industry's shift towards automation and sustainability.

Underground Mining Equipment and Service Market Companies

Major players operating in the underground mining equipment and service industry are:

ABB
Boart Longyear
Caterpillar
DMC
Epiroc
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

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of underground mining equipment was reached USD 22 billion in 2023 and is set to expand at 2.9% CAGR between 2024 to 2032, driven by the rise in the extraction of minerals, metals, and coal from mines.

Underground mining equipment market from the excavator segment accounted for USD 8 billion in 2023 and is expected to generate USD 10 billion by 2032, owing to the widespread use in mining operations for various tasks, including moving bulk material, loading dump trucks and lorries.

Asia Pacific underground mining equipment market size crossed USD 9 billion in 2023 and is projected to reach USD 12 billion by 2032, attributed to the expanding mining activities in countries like China, India, Indonesia, and Australia.

Some of the top underground mining equipment companies are 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, and SMT Scharf GmbH