Underground Mining Equipment Market Size, Share, Trends, Demand, Analysis Report 2023-2030

Underground Mining Equipment Market Size

The Global Underground Mining Equipment Market reached USD 15.5 billion in 2022 and is expected to reach USD 19.0 billion by 2030, growing with a CAGR of 2.6% during the forecast period 2023-2030.

The global population growth and industrialization stimulated demand for minerals and goods such as coal, copper, gold, and iron ore.

Underground mining is typically required for the effective extraction of these resources, which increases the need for underground mining equipment. Furthermore, the ongoing depletion of surface mineral and metal deposits necessitates the transition to underground mining.

The Asia-Pacific region accounts for more than one-third of the global underground mining equipment market, with the expansion of coal and metal exploration for energy production, the start of new thermal power energy projects in countries such as China and India, as well as high investment levels in developing countries such as China, Indonesia, Australia, and Malaysia, driving the market for underground mining equipment in this region.

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Market Key Drivers

Rising Demand for Reserves and Government Initiation

As global demand for minerals and resources rises, there is a greater emphasis on discovering and utilizing reserves in varied locations. Underground mining equipment is in great demand due to the necessity for equipment designed specifically for effective extraction in tough below-ground environments.
Governments play an important role in fostering the mining industry's growth by enacting programs and regulations that encourage exploration, mining operations, and resource development. This involves giving incentives, tax benefits, and regulatory frameworks to promote mining investment.

Executive orders enhance mining in the United States, for example, via the production of vital minerals or by regulatory reforms. This is expected to benefit the underground mining equipment industry. Major corporations investing in environmentally friendly technology is another opportunity in the underground mining equipment industry.

Market Segmentation

By Product

• Loaders
• Trucks
• Diggers
• Bolters
• Others

By Mining Method

• Room and Pillar Mining
• Borehole Mining
• Longwall Mining
• Cut and Fill Mining
• Others

By Application

• Metal Mining
• Mineral Mining
• Coal Mining
• Salt Mining
• Others

Industry News

• On December 20, 2022, Komatsu acquired GHH Group GmbH (GHH), a manufacturer of underground mining, tunneling and special civil engineering equipment headquartered in Gelsenkirchen, Germany. The combined team will then work together to expand Komatsu's offering for underground mining equipment and increase customer access to products in new territories.
• On June 15, 2022, Komatsu Ltd., through its wholly-owned subsidiary in Australia, acquired Mine Site Technologies Pty Ltd, a provider of operational optimization platforms for underground mining that leverage communication devices and position tracking systems.

Market Key Companies

The major global players in the Underground Mining Equipment Market are Caterpillar Inc., Komatsu Ltd., Sandvik AB, Epiroc AB, Hitachi Construction Machinery Co., Ltd., Boart Longyear Ltd., FLSmidth & Co. A/S, Liebherr Group, SANY Group Co., Ltd and Normet Group.

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