15 July 2022
The global underground mining equipment industry has displayed steady growth for several years and is projected to display similar growth trends in the next seven years, at least. The growth is expected to be higher in the next five years, 2022-2027, with a CAGR of 3.5%, after which it will grow at a steady CAGR rate of 2.4% for the next two years reaching USD 18.8 billion by 2029.
Increased demand for coal from the energy sector, for metal by manufacturing industries, expansion of the oil and gas industry, technological advancements, and introduction of artificial intelligence (AI) in mining activities are identified as the key drivers of growth. However, the increasing popularity of electrical and hybrid underground mining equipment that guarantees enhanced productivity and safety is also believed to contribute to the expansion and growth of the market during the said period. The increased availability of underground mining equipment for rent is also driving the market growth.
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The underground mining equipment market has been a hot topic recently, and several research studies have been conducted to identify industrial growth patterns. The ones analysed for this report include the North America underground mining equipment market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the North America market is growing with a CAGR of 5.5% in the forecast period of 2022 to 2029 and is expected to reach USD 7,353.86 million by 2029 and Underground Mining Equipment Market 2018-2026 by Credence Research.
Underground mining is the process of extracting minerals, metals, and ores from the earth’s crust, and the equipment used for it includes diggers, drills, dozers, graders, shovels, trucks, and loaders, to name a few. The development of underground mining equipment has significantly improved underground operations. The excavators no longer need to blast the area with explosives to reach the minerals and ores buried deep inside the earth. The modern underground mining machinery also does not cause any heavy damage to the environmental surface of the mining area. Some of the advanced technologies manufacturers are incorporating into the latest mining equipment to improve industrial practices, which are also boosting the equipment market, include the Internet of Things (IoT), GPS sensing, and 3D imagery.
The technological advancements are not just expected to fuel the underground mining equipment market in developed countries but are also projected to foster substantial growth in several developing economies, such as India, Turkey, Malaysia, Brazil, and Vietnam, among many others.
The Asia Pacific region is expected to lead the underground mining equipment industry in the coming years due to the extensive growth of the construction industry and rising demand for infrastructural development in various Asian countries. Europe is also projected to experience significant growth between 2022 and 2029, and so are the Middle East, Africa, and Latin America, but only steady growth is expected in North America.
AB Volvo, Caterpillar, Komatsu Ltd., Atlas Copco AB, Boart Longyear, Hitachi Construction Machinery Co, Ltd., AARD Mining Equipment, Sandvik AB, Epiroc South Africa (pty) Ltd., and Zhengzhou Coal Mining Machinery (Group) Co., Ltd will remain some of the key players in the global underground mining equipment market in the coming years.
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