The global underground mining equipment market reached a value of about USD 25.28 billion. The industry is projected to grow at a CAGR of around 3.8% in the forecast period of 2022-2027 to reach a value of USD 31.62 billion by 2027.
The underground mining equipment industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is projected to witness development, due to the enhanced demand from numerous industries in emerging economies like India, Malaysia, Turkey, Vietnam, and Brazil, among others. The key demand indicator in the industry report is the highest category spender by region — Asia Pacific.
The procedure of mining or digging out minerals and ores that are interred deep inside the crust of the earth is called underground mining. Hard and soft mining are the two primary types of the underground mining process. Hard minerals like lead, copper, nickel, iron, gold, and silver are excavated by hard underground technique whereas the soft underground mining procedure is used for minerals like potash, coal, oil shale, and other minerals. Various machines and equipment utilised for underground mining comprise overhead loaders, draglines, shovels, haul trucks, front-end loaders, gathering-arm loaders, conveyors, etc. The global warehousing services industry report comprises segments based on application (coal mining and metal mining) and regions (Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa).
Due to the rising construction and mining industries across India, China, and other countries, the Asia Pacific region is leading the global market. Underground mining equipment is gaining major importance in countries like India, China, Malaysia, and others attributed to the growth in the demand for infrastructural progress. Furthermore, drivers like, heavy investments in construction activities and a rise in the utilisation of coal for electricity generation are also promoting the development of the market.
There has been an intense expansion in the demand for several types of minerals such as iron, gold, copper, coal, lead, silver, aluminium, etc. that is fostered by steady economic development across both developed and emerging regions, rising disposable incomes, and growth in the middle-class population. This has in turn led to the rise in demand for underground mining equipment. In addition, the considerable growth in the consumption of energy in the type of coal and nuclear fuels due to the development of urbanisation and industrialisation is also resulting in a positive effect on the demand for underground mining equipment. Furthermore, there is less amount of negative impact caused by underground mining relatively to surface mining since the explosion is done underground no harmful gases are emitted into the surrounding. The shortage of manual workers and its increasing rates, rising focus on enhancing the output, increased utilisation of high-quality equipment in mining, etc. are some of the other factors.
On the other hand, one of the major shortcomings is the low level of foreign investment in mining activities in economically weaker countries.
The global underground mining equipment industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by underground mining equipment utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
A few numbers of heavy-duty equipment are used by the mining industry to discover and build mine sites. From eradicating and stockpiling overload, cracking, and getting rid of rocks to managing ores and processing recovery strategies after the mine is closed, the equipment helps in a variety of ways. In the commencing stages of construction with an underground mine equipment such as drills, longwall shearers, draglines, shovels, dozers, graders, and wheel dozers are employed. Moreover, equipment like continuous miners, feeder breakers, haulage systems, roof bolters, and utility vehicles are included in the room and pillar operations.
The market is witnessing technological advancements in autonomous equipment for both soft rock mining and hard rock mining which is projected to encourage sales in the upcoming years. Moreover, the producers are concentrating on technological improvements such as GPS sensing, Internet of Things (IoT), and 3D imagery in underground mining equipment to note the timetable examining and accumulating data of larger mines that have reduced availability. For instance, due to the constant technological development by prominent manufacturers such as Boart Longyear, Caterpillar, and others in North America will lead to the region’s steady growth.
The key zones in the industry are Europe, North America, Latin America, the Asia Pacific, and the Middle East and Africa.
Sales in the mining trucks are likely to hold a major share in the underground mining equipment market. Factors such as extreme level of release of diesel fumes in mining trucks, and electrification of these trucks are in progress, which is estimated to raise the market growth in the years to come. In addition, the demand for soft rock mining techniques is projected to swell at a continuous rate in the upcoming years. Increasing demand for coal, minerals, oil, shale, potash and other metals is also increasing the rate of soft rock mining operations, which is likely to promote the growth of the market segment. Moreover, it is estimated that the sales in the rental service providers category will rise in the forecast period, because of the innovative commodity contributions and subscription versions. Owing to the high expenses linked to the advanced mining equipment the miners, especially in the emerging countries are using rented underground mining equipment.
1. Executive Summary
2. Underground Mining Equipment Industry Snapshot
2.1. Underground Mining Equipment Market Outlook
2.2. Underground Mining Equipment Industry Analysis by Application
2.2.1. Coal Mining
2.2.2. Metal Mining
2.3. Regional/ Country Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Underground Mining Equipment Value Chain Analysis
5. Underground Mining Equipment Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Underground Mining Equipment Cost Structure
9. Underground Mining Equipment Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Underground Mining Equipment Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Caterpillar Inc
14.2. Komatsu Ltd
14.3. Epiroc AB
14.4. Sandvik AB
14.5. The Liebherr Group
In 2021, the global attained a volume of around USD 25.28 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 3.8%.
The major market driver is the expansion in the demand for several types of minerals that are fostered by steady economic development across both developed and emerging regions.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Some of the leading players in the industry are Caterpillar, Komatsu, Epiroc, and Sandvik AB.
The global underground mining equipment market reached a value of about USD 25.28 billion and is projected to grow at a CAGR of around 3.8% in the forecast period of 2022-2027. Due to the rising construction and mining industries across India, China, and other countries, the Asia Pacific region is leading the global market. There has been an intense expansion in the demand for several types of minerals such as iron, gold, copper, coal, lead, silver, aluminium, etc. that is fostered by steady economic development across both developed and emerging regions, rising disposable incomes, and growth in the middle-class population. Additionally, the market is observing technological improvements in autonomous equipment for both soft rock mining and hard rock mining which is projected to encourage sales in the upcoming years. a. Some of the leading players in the industry are Caterpillar, Komatsu, Epiroc, and Sandvik AB.
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