Underground Mining Equipment Market Size, Share, By Equipment Type (Drills & Breakers, Loaders, Trucks, & Conveyors, Crushing, Pulverizing, & Screening Equipment, Others), By Mining Method (Room and Pillar Mining, Longwall Mining, Block Caving, Cut and Fill Mining, Others), By Application (Coal Mining, Mineral Mining), and By Region - Trends, Analysis and Forecast till 2034

Underground mining equipment market size was valued at USD 17.6 Billion in 2024 and is expected to reach USD 37.9 Billion by 2034, growing at a CAGR of 8.80%

The underground mining equipment market involves designing, manufacturing, and using specialized machinery that runs to extract valuable minerals and resources beneath the earth's surface. This industry is vital in the running of the global economy because it provides the raw materials required in construction, manufacturing, and energy production, among others. It is a tedious and hazardous process. It requires proper and robust machinery capable of underground tasks in harsh conditions. Some of the primary machines employed for this procedure include loaders, trucks, drills, bolters, scalers, and underground trains. Loaders excavate and load minerals onto trucks to transport them to the surface or any processing center. Trucks are specially built to run underground and transport extracted materials to the surface or centers for processing. Drills open boreholes for ventilation and blasting; bolters reinforce the walls and ceilings of the mine to protect workers from falling debris. Scalers remove loose rock and debris from faces, while underground trains move people and equipment around the mine.

Several factors are driving the underground mining equipment market growth. This results from increased demand for critical minerals such as copper, lithium, nickel, and cobalt, which are needed by growing electric vehicle and renewable energy industries. In addition, the depletion of surface reserves pushes mining companies to look deeper into the Earth, and hence, they require advanced equipment for handling the increased depths. Technological development in industry now means automation, electrification, and digitalization to raise productivity, safety, and environmental sustainability. Challenges in the market do exist, though. The intrinsic hazards of underground mining-meaning accidents, failures of equipment, and environmental impacts, stringent safety regulations over underground mining, and the strength of equipment design. In addition, the swings in commodity prices could squeeze mining operations and, hence, demand for mining equipment.

Nevertheless, the long-term outlook for the underground mining equipment market remains optimistic, driven by the insatiable worldwide demand for minerals and the continuous development of innovative technologies.   The underground mining equipment market is an active and critical segment of the global mining industry. Rising demand for critical minerals commodities, coupled with tapping deeper reserves and technology, acts as a driver. Though not without problems, the market is ready for more growth in a world that intends to meet the increasing resource demands of a growing population and evolving economies.

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Key Drivers of Target Market:

Growing Demand for Minerals and Metals

• With increasing industrialization and urbanization, the demand for minerals and metals has increased globally. These also find applications in many industries, such as construction, automotive, electronics, and energy. Growing demand for electric vehicles and renewable energy technologies, which require vast amounts of metals like lithium, cobalt, and copper, is also an important driving factor. The sustenance of the growth of the underground mining equipment market bodes well.

Technological Advancements

• Advancements in mining technologies, such as automation, robotics, and IoT, help increase underground mining efficiency and safety. Such innovations reduce the need for manual labor, decrease operational costs, and increase productivity. Further, more sophisticated and powerful mining equipment will be developed, capable of extracting minerals from deeper underground environments and more challenging areas.

Restrains:

High Initial Investment and Operational Costs

• This sector of underground mining is capital-intensive by nature. It involves huge investment in infrastructural set-ups with highly advanced equipment. High costs of machinery, maintenance, and highly skilled labor may prove to be a hurdle for small and medium-sized mining companies. Other than that, operational costs, such as energy consumption and ventilation systems, can be high, impinging on profitability.

Opportunities:

Exploration of Untapped Mineral Reserves

• Mining companies in emerging markets have vast potential to identify and develop untapped mineral reserves. Africa, Latin America, and Asia-Pacific countries have extensive mineral resources that still need to be explored and exploited. Such investments can lead to the discovery of new mineral deposits, pushing demand for underground mining equipment.

The market is segmented based on Equipment Type, Mining Method, Application, and Region.

Equipment Type Insights:

• Drills & Breakers: drills and breakers are core equipment in underground mining operations. A drill is designed to make holes in the earth's surface, either for exploratory purposes in finding mineral ore or extracting such minerals. They can be as simple as small handheld devices or large, complicated machines. On the other hand, a breaker breaks rocks and other hard materials into pieces for easy extraction and processing. These include advanced technologies in drills and breakers, hydraulic systems, and automation for improving efficiency and safety in mining operations.
• Loaders, Trucks, & Conveyors: This segment includes equipment that moves and handles mined material. Loaders load the mined material into trucks or conveyors, which haul it from the mining site to the plants for processing or other destinations. These systems are designed to move bulk materials over long distances, often involving complex networks within the mining site. Integrating these systems provides the smooth and efficient movement of materials, reducing operational costs and enhancing productivity.
• Crushing, Pulverizing, & Screening Equipment: This equipment is critical to processing mined material. Crushing equipment breaks raw material into pieces from large chunks. Pulverizing machines pulverize materials further into fine powders or small granules. Materials are screened by size to ensure only correctly sized material makes it through to the next phase of processing using screening equipment. All this is important to providing quality and consistency in the final product.
• Others: These include other vital miscellaneous mining equipment, such as ventilation systems, hoists, pumps, and safety equipment. Ventilation systems are designed to maintain air quality and temperature within underground mines for the safety of the workforce. Hoists make lifting and lowering of materials, equipment, and staff possible. Pumps are used to remove water from mining sites through dewatering operations. Safety appliances like helmets, harnesses, and protective clothing also form a very integral part of this segment, thus putting a greater emphasis on the safety of workers in mining operations.

Mining Technique insights:

• Room and Pillar Mining: This method involves making horizontal arrays of rooms that prevent the material in the pillars from being extracted and provide support to the roof. It is mainly used to mine flat ore deposits and coal. This method gives high recovery rates and is arguably safer than other methods. However, careful planning is required to avoid collapse due to weak pillars.
• Longwall Mining: Longwall mining is the complete extraction of coal from a section of the seam or 'face' by mechanical shearers. In this process, the roof collapses are allowed behind the operation. This process is highly efficient, very productive, and capable of generating vast amounts of coal. It requires a significant up-front investment in infrastructure but offers high productivity and safety in well-managed operations.
• Block Caving: Block caving is a bulk underground mining method in which a subsection of rock is undercut, eventually breaking apart and collapsing under its own weight. It is used with low-grade, massive ore bodies. In return for low operating costs and high production rates, block caving calls for careful planning and monitoring of the subsidence process for safety assurance.
• Cut and Fill Mining: Cut-and-fill mining involves excavating horizontal slices of ore body and filling the void with waste material, often mixed with cement, before proceeding to the next slice. This technique can easily be adapted to different shapes and orientations of ore bodies. Its good ground support and selective mining make it suitable for high-grade ores.
• Others: After determining the geology and nature of the ore, other mining methods are used. These can include drift and fill, sublevel stopping, shrinkage stopping, etc. In each process, the techniques and special appliances needed to enhance extraction and guarantee safety are associated with benefits and problems.

Application insights:

• Coal Mining: Coal mining involves producing coal, one of the most vital energy sources for generating electricity and as fuel in industries. This requires rugged apparatuses that ensure solid processing in bulk material sectors. Continuous miner machines, longwall systems, and shuttle cars are used in this context. Environmental issues in coal mining also require the most modern technologies to reduce emissions and improve sustainability.
• Mineral Mining: Mineral mining encompasses the extraction of several non-metallic minerals such as salt, potash, limestone, and others. This sector requires customized equipment designed according to the characteristics of the mineral being extracted. Solution mining is one of the techniques wherein minerals are dissolved and subsequently extracted. The wide range of minerals and their usage in agriculture, chemicals, and construction industries further demand efficient and reliable mining equipment.

Regional insights:

• North America: Massive mining activities across major countries, such as the United States and Canada, drive the North American underground mining equipment market. This region has a well-established mining industry with advanced technologies and modern infrastructure. Environmental regulations and requirements for sustainable mining are major factors impacting this market. Besides the demand for metals and minerals from various industries, the market in this region is getting a boost.
• Europe: There is a long history of mining in European countries like Germany, Russia, and the UK. The region focuses heavily on sustainable and environment-friendly mining. Advanced technologies and automation are widely adopted to increase efficiency and safety. The market is further driven by the demand for critical minerals for renewable energy technologies and electric vehicles.
• Asia-Pacific: The biggest market for underground mining equipment comes from the Asia-Pacific region, mainly due to the vast mining activities in countries like China, India, and Australia. Barring a few developed economies, rapid industrialization and urbanization raise the demand for metals and minerals. Many coal mining activities are also being conducted, especially in China and India. Investments towards modernizing mining infrastructure and adopting advanced technologies fuel the market growth.
• Latin America: Latin America has rich mineral wealth, and Brazil and Chile dominate the global mining industry. The regional market is driven by the demand for base metals like copper, gold, and iron ore. Economic growth and infrastructure development projects further support it. However, some countries' political instability and poor economic conditions might challenge the market's growth.
• Middle East & Africa: The Middle East & Africa region has diversified mining activities, with South Africa creating a prominent mark in the mining industry. It has considerable reserves of minerals and metals, such as gold, diamonds, and platinum. Demand for these commodities and investments in mining infrastructure drive the market. However, this region also comes under the influence of political instability and regulatory issues related to these challenges.

Underground Mining Equipment Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Equipment Type, Mining Method, Application, and Region.

Segmentation:

By Equipment Type:

• Drills & Breakers
• Loaders
• Trucks, & Conveyors
• Crushing
• Pulverizing
• Screening Equipment
• Other

By Mining Method:

• Room and Pillar Mining
• Longwall Mining
• Block Caving
• Cut and Fill Mining
• Others

By Application:

• Coal Mining
• Mineral Mining

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Underground Mining Equipment Market include Asea Brown Boveri Ltd., Badger Meter Inc., Emerson Electric Co., Faure Herman SA, Hach/Marsh McBirney Inc., Honeywell International Inc., Index Corporation, Invensys Process Systems, Rockwell Automation Inc., Siemens AG, and Teledyne Isco Inc.

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• In July 2023, Komatsu Ltd. launched new electric excavator models, PC210LCE11 and 200LCE11, with lithium-ion batteries will power them. This aligns with their vision of becoming carbon neutral by 2050? ?(Grand View Research)?.
• In June 2023,  Epiroc has introduced a mobile hydraulic powerpack designed to power blast hole drills. This new development makes electric drills more efficient and able to work off-grid, enhancing operational capabilities for mining equipment.

• Asea Brown Boveri Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Badger Meter Inc.
• Emerson Electric Co.
• Faure Herman SA
• Hach/Marsh McBirney Inc.
• Honeywell International Inc.
• Index Corporation
• Invensys Process Systems
• Rockwell Automation Inc.
• Siemens AG
• Teledyne Isco Inc.

“*” marked represents similar segmentation in other categories in the respective section.