Underground Mining Equipment Market by Application and Geography - Forecast and Analysis 2022-2026

The underground mining equipment market share is expected to increase by USD 5.93 billion from 2021 to 2026, at a CAGR of 3.81%.

This underground mining equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers underground mining equipment market segmentation by application (room and pillar mining, longwall mining, borehole mining, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The underground mining equipment market report also offers information on several market vendors, including AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, and Yantai Jiaxiang Mining Machinery Co Ltd among others.

What will the Underground Mining Equipment Market Size be During the Forecast Period?

Download Report Sample to Unlock the Underground Mining Equipment Market Size for the Forecast Period and Other Important Statistics

 

Underground Mining Equipment Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The availability of efficient and safe underground mining equipment is notably driving the underground mining equipment market growth, although factors such as the high cost of underground mining equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the underground mining equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Underground Mining Equipment Market Driver

The availability of efficient and safe underground mining equipment is one of the key drivers supporting the underground mining equipment market growth. Mining areas are generally characterized by high-intensity noise, vibrations, and dust. Prolonged exposure to noise and dust causes detrimental effects on the health of drilling operators. This has led to increased demand for novel machinery for mining activities that can improve the working condition in mining areas. Despite the entry of such products into the market, hearing loss among miners remains one of the most common occupational hazards. Therefore, the global underground mining equipment market has a huge unmet demand for novel mining equipment. This offers significant opportunities for the existing vendors, as well as attracts new players to enter the market to cater to the rising demand for novel underground mining equipment during the forecast period.

Key Underground Mining Equipment Market Trend

Technological advances in underground mining equipment is one of the key underground mining equipment market trends contributing to the market growth. The underground mining equipment industry has evolved over the years and will continue to adopt new technologies and strategies to improve customer experience. For instance, the IoT can be used to operate underground mining equipment from a remote area. It can help connect the underground mining equipment with other equipment and machinery. Furthermore, IoT can enable engineers at the front office to access real-time information on the underground equipment, which will help them analyze every data related to the equipment, such as distance traveled and fuel consumption. Thus, the increasing integration of these technologies into underground mining equipment is anticipated to boost the growth prospects of the market during the forecast period.

Key Underground Mining Equipment Market Challenge

The high cost of underground mining equipment is one of the factors hampering the underground mining equipment market growth. The high price of underground mining equipment has influenced end-users to prefer renting than purchasing it. Significantly, the cost of procuring new underground mining equipment is invested in other activities, which helps these companies maintain their market position for an extended period. Furthermore, renting underground mining equipment has a high penetration in developed and developing countries due to the current strong financial market in these regions, coupled with increased spending on government infrastructure projects. Thus, such an increase in renting underground mining equipment will hamper the market growth during the forecast period.

This underground mining equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global underground mining equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the underground mining equipment market during the forecast period.

Who are the Major Underground Mining Equipment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• AB Volvo
• Atlas Copco AB
• Boart Longyear Ltd
• Caterpillar Inc.
• CME Blasting and Mining Equipment Ltd
• CMM Cocental SAS
• FURUKAWA Co. Ltd
• Guizhou Sinodrills Equipment Co. Ltd
• Hitachi Construction Machinery Co. Ltd.
• Kennametal Inc.
• Komatsu Ltd.
• Mindrill Systems and Solutions Pvt. Ltd.
• Resemin SA
• REVATHI EQUIPMENT Ltd
• ROCKMORE International Inc.
• Sandvik AB
• Schmidt Kranz and Co Gmbh
• Sulzer Ltd.
• TEI Rock Drills
• Yantai Jiaxiang Mining Machinery Co Ltd

 

This statistical study of the underground mining equipment market encompasses successful business strategies deployed by the key vendors. The underground mining equipment market is fragmented and the vendors are deploying growth strategies such as equipment price and capacity, technology, innovation, and quality to compete in the market.

Product Insights and News

• atlascopco.com - The company offers underground mining equipment such as underground load haul dumpers, mini trucks, and electric underground trucks.
• boartlongyear.com - The company offers underground mining equipment such as rigs and rock drills, cable bolt drills, and long hole drills.
• caterpillar.com - The company offers underground mining equipment under its brand CAT Minestar.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The underground mining equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Underground Mining Equipment Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the underground mining equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Underground Mining Equipment Market?

For more insights on the market share of various regions Request PDF Sample now!

55% of the market’s growth will originate from APAC during the forecast period. China, India, and Australia are the key markets for underground mining equipment market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increased demand for metals and minerals owing to the exponential growth of population in developing countries and the high growth rate of the urban population will facilitate the underground mining equipment market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

 The outbreak of COVID-19 in 2020 had a negative impact on the regional market. However, in 2021, with the gradual recovery of countries in the region, primarily Japan, South Korea, and China, from the impact of the COVID-19 crisis, operations in manufacturing plants of underground mining equipment in these industries were resumed. Thus, the regional demand for underground mining equipment is expected to grow, which, in turn, will fuel the market growth during the forecast period.

What are the Revenue-generating Application Segments in the Underground Mining Equipment Market?

To gain further insights on the market contribution of various segments Request PDF Sample

The underground mining equipment market share growth in the room and pillar mining segment will be significant during the forecast period. Room and pillar mining is usually done for relatively flat-lying deposits. This type of mining is typically used to extract iron, coal, and base metal ores. Typical machines used in this type of mining are haulage machines, mining drills, continuous miners, roof bolters, and scoops. This type of mining is less efficient and is expected to witness slow adoption during the forecast period as miners are expected to focus on more efficient mining methods to increase their profitability. However, there are other supporting factors, which may boost the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the underground mining equipment market size and actionable market insights on post COVID-19 impact on each segment.

 

Underground Mining Equipment Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 3.81%
Market growth 2022-2026	$ 5.93 billion
Market structure	Fragmented
YoY growth (%)	4.11
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 55%
Key consumer countries	US, China, India, Australia, Russia, US, China, India, Australia, and Russia
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AB Volvo, Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., CME Blasting and Mining Equipment Ltd, CMM Cocental SAS, FURUKAWA Co. Ltd, Guizhou Sinodrills Equipment Co. Ltd, Hitachi Construction Machinery Co. Ltd., Kennametal Inc., Komatsu Ltd., Mindrill Systems and Solutions Pvt. Ltd., Resemin SA, REVATHI EQUIPMENT Ltd, ROCKMORE International Inc., Sandvik AB, Schmidt Kranz and Co Gmbh, Sulzer Ltd., TEI Rock Drills, and Yantai Jiaxiang Mining Machinery Co Ltd
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request PDF sample

What are the Key Data Covered in this Underground Mining Equipment Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive underground mining equipment market growth during the next five years
• Precise estimation of the underground mining equipment market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the underground mining equipment industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of underground mining equipment market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch