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Underground Mining Equipment and Service Market Trends

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

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Underground Mining Equipment and Service Market Trends

One of the prevailing trends in the underground mining market is the increasing shift towards automation and digitalization. Companies are progressively adopting autonomous vehicles, remote-operated equipment, and data-driven solutions to enhance efficiency, safety, and productivity. Simultaneously, there is a growing emphasis on sustainable mining practices. This is reflected in the advancements of electric and battery-operated machinery, which aim to reduce emissions and minimize environmental impact. These initiatives respond to rising regulatory demands and public expectations for greener operations, as highlighted by the International Council on Mining and Metals (ICMM).

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