According to a new market report published by Acute Market Reports “Underground Mining Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2023 - 2030,” the global underground mining equipment market is predicted to witness steady growth due to continued demand for coal and metals and throughout the forecast period.
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The demand for underground mining equipment is growing at a steady pace with increasing demand for coal and metal with a rising population and continued energy generation requirements. Improving living standards and disposable income is increasing the demand for metals and minerals used in manufacturing consumer goods. Moreover, miners in developed markets such as U.S., Europe and Japan are replacing their conventional machineries and equipment in order to match government regulations and improve their productivity.
Based on the application, the underground mining equipment market is classified into soft rock mining and hard rock mining. Coal mining is the largest application segment for underground soft rock mining equipment and accounted for over 40% of revenue share in the global underground mining equipment in 2021. Several countries across the world are reducing their coal consumption as well as production due to stringent environment protection regulations which is limiting the market growth of underground mining equipment used in coal production. Underground hard rock mining is expected to witness higher growth during the forecast period from 2023 to 2030. Factors such as open-pit mines becoming deeper and difficulty in mining high-grade ores are expected to shift portions of hard rock mining from the surface to underground operation.
The Asia Pacific was the largest regional market in 2021 as well as the fastest-growing regional market for underground mining equipment during the forecast period from 2023 to 2030. Increasing mining activities in India, China and Australia are expected to drive the demand for underground mining activities in Asia Pacific. In addition, increasing pressure from rapid urbanization in emerging countries across the world is also expected to increase the demand for coal and metals which will fuel the demand for underground mining equipment. North America and Europe are expected to witness steady growth with replacement of outdated machinery with advanced solutions. Latin America is also prominent market for underground equipment and expected to expect significant growth through the forecast period with rising mining activities in Chile, Brazil and other countries in the region. Manufacturers are shifting their production facilities in major African markets in order to gain the benefit from local demand. For instance, Sandvik Mining and Rock Technology opened its new low profile LHD production facility in South Africa. This production facility is engaged in producing superior LHD trucks for narrow reef ore bodies found in South African platinum and chrome sectors.
The global underground mining equipment market is highly competitive with large number of multinational players. Prominent players have a stronghold in the global market and continuously evolved in introduction of advanced solutions in order to overcome current mining challenges. Some major players in the global underground mining industry include Atlas Copco, Caterpillar, Komatsu Mining Corp., Sandvik Mining, BoartLongyear, Doosan Infracore, FLSmidth, and Hitachi Construction Machinery, among others.
