Pune, india, Dec. 06, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Underground Mining Equipment Market size was valued at USD 31.37 billion in 2022. The market is anticipated to grow from USD 32.16 billion in 2023 to USD 43.26 billion by 2030, exhibiting a CAGR of 4.3% over the estimated period. Underground mining equipment is used in applications, such as coal mining, metal mining, and mineral mining. Surging demand for metals and minerals, including iron, gold, copper, coal, aluminium, and silver, across the developed and developing regions is driving the market development. Fortune Business Insights™ provides this information in its research report, titled “Underground Mining Equipment Market, Forecast 2023-2030”.
Industry Development:
- April 2023: Sandvik AB increased its foothold in Latin America by acquiring MCB Services and Minerals, a provider of mining software and services and an exclusive reseller to Deswik in Brazil.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.3% |
| 2030 Value Projection | 43.26 billion |
| Base Year | 2022 |
| Underground Mining Equipment Market Size in 2022 | 31.37 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 160 |
| Segments covered | By Equipment Type, By Mining Method, By Application, By Region |
Drivers and Restraints:
Rapid Integration of Innovative Technologies in Underground Mining Equipment to Augment Market Growth
Growing preference for sustainable and eco-friendly mining practices to reduce the environmental impact is driving the market expansion. Electric vehicles have many benefits, such as lower emissions, less noise pollution, and enhanced energy efficiency. Leading companies are focused on introducing innovative equipment for different applications, including coal mining, metal mining, and mineral mining activities, which is accelerating market growth. A rise in automation and rapid integration of Industry 4.0 practices, Internet of Things (IoT), GPS Sensing, and 3D imagination in these equipment are the key factors boosting market expansion.
COVID-19 Impact:
Supply Chain Disruptions amid the Pandemic Restricted Market Growth
The coronavirus pandemic hindered the underground mining equipment market growth. The COVID-19-related lockdowns, limitations, and transportation difficulties led to supply chain disruptions. Delayed equipment supply, increased costs, and operation obstacles amid the pandemic hampered the market expansion.
On the other hand, steady growth in minerals and metals in post-pandemic is projected to fuel market expansion over the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/underground-mining-equipment-market-103032
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Underground Mining Equipment Market Segmentation Analysis:
The Loaders Segment to Take the Lead due to Increasing Need for Excavated Minerals
By equipment type, the market is divided into loaders, trucks, bolters, drills, and others.
The loaders segment is predicted to lead the global market. The segment growth is driven by increasing need for excavated minerals, such as nickel, cobalt, copper, and gold materials. A rise in the disposable income of end consumers, which demonstrates high demand for such equipment, is driving segment expansion.
Growing Usage of Coal for Electricity Generation to Fuel the Longwall Mining Segment Expansion
On the basis of the mining method, the market is segmented into longwall mining, room and pillar mining, blast mining, and others.
The longwall mining segment is expected to command the market. Growing consumption of coal in electricity generation, steel production, and other industries is enhancing the segment growth. Increasing energy needs among the steel industry and emerging economies are expected to boost segment expansion in the coming years.
Increase in Metal Mining Projects to Boost the Metal Mining Segment Growth
In terms of application, the market is categorized into coal mining, metal mining, and mineral mining.
The metal mining segment is anticipated to rise at the highest CAGR over the projected period.
The segment expansion is attributed to an increase in metal mining projects across economies globally. The surging need for metals and related substances for electricity and storage purposes is fueling the segment growth.
Regional Insights:
Infrastructure Development is Driving Market Growth in Asia Pacific
Asia Pacific holds the largest underground mining equipment market share. Infrastructure development and increasing consumption of minerals, metals, and coal are driving market growth in the region. Rising energy requirements of emerging economies are supporting market expansion in Asia Pacific.
North America is set to register prominent growth over the forecast period. Government schemes for implementing mining activities, a strong economy, and the rising disposable income of the population are driving market growth in the region.
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Competitive Landscape:
Key Market Players Introduce Innovative Mining Equipment to Maintain their Dominance
The presence of top companies, including Sandvik AB, AB Volvo, Hitachi Construction Machinery, Caterpillar Inc., and Epiroc AB, is expected to boost the market expansion in the coming years. Key market players are working on supply chain management and launching innovative mining equipment to maintain their dominance.
A List of Key Manufacturers Operating in the Global Market:
- AB Volvo (Sweden)
- Boart Longyear (U.S.)
- Caterpillar Inc. (U.S.)
- Epiroc AB (Sweden)
- J.H. Fletcher & Co. (Cannon Mining Equipment) (U.S.)
- Komatsu Ltd. (Japan)
- SMT Scharf GmbH (RDH Mining Equipment) (Germany)
- Schmidt, Kranz & Co. GmbH (U.S.)
- Sandvik AB (Sweden)
- XCMG Group (China)
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Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Underground Mining Equipment Market Key Players Market Share/Ranking, 2022
5. Global Underground Mining Equipment Market Size Estimates and Forecasts, By Segments, 2017-2030
5.1. Key Findings
5.2. By Equipment Type (USD)
5.2.1. Loaders
5.2.2. Trucks
5.2.3. Bolters
5.2.4. Drills
5.2.5. Others (Feeder Breakers, Haulage Systems, etc.)
5.3. By Mining Method (USD)
5.3.1. Longwall Mining
5.3.2. Room and Pillar Mining
5.3.3. Blast Mining
5.3.4. Others (Sublevel Caving, etc.)
5.4. By Application (USD)
5.4.1. Coal Mining
5.4.2. Metal Mining
5.4.3. Mineral Mining
5.5. By Region (USD)
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Middle East and Africa
5.5.5. Latin America
Continued….
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