Global Underground Mining Equipment Market Value Is Likely To Grow At A Passive CAGR Of 2.4% Through 2029

Rising adoption of automatic underground mining equipment among manufacturers to sync with the ongoing trends in the ever-evolving mining industry is set to incur tech-driven transformations in this landscape, opines the study. In addition, stringent emission regulations regarding controlled diesel emission and personnel safety in the mining industry are likely to stimulate innovations that can enable dealing with the relentless pricing pressure more efficiently, and mitigate the environmental impacts of new-age underground mining equipment.

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1. The global underground mining equipment market size estimated in 2019 is ~US$ 14 Bn.
2. The underground mining equipment market is estimated to grow at a CAGR of ~2% during the forecast period of 2019 and 2029.
3. Growth of the mining industry and increase in the production rate of minerals are projected to boost the demand for underground mining equipment in the global market.
4. East Asia and Europe are expected to account for more than half of the value share in the global underground mining equipment market during the forecast period.
   • East Asia, due to substantial growth of underground mining in China, is anticipated to continue be a prominent regional market for underground mining equipment manufacturers.
5. Technological advancements and autonomous equipment are expected to remain prime areas of development for underground mining equipment market players.
   • Nowadays, most of the manufactures are focusing on developing hybrid or electric underground mining equipment to improve the safety and productivity of equipment in underground mines.
   • The market players are also focusing on developing autonomous equipment for underground mining operations.

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Key Segment

By Product Type

• Mining Loaders
• Mining Trucks
• Mining Drills
• Mining Bolters
• Mining Shearer
• Continuous Miners
• Mining Excavators & Shovels
• Mining Scalers
• Others

By Mining Technique

• Soft Rock Mining
• Hard Rock Mining

By End Users

• Mining Operators
• Rental Service Provider

By Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa

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Mineworkers’ Staunch Inclination towards Hard Rock Mining Equipment

FMI’s study finds that every 7 out of 10 underground mining equipment sold in 2018 were designated to applications associated with hard rock mining platforms. Increasing demand for hard rock minerals, such as copper, gold, zinc, and lithium, in wide-ranging industries has given rise to hard rock mining activities in the mining industry. Leading players in the underground mining equipment landscape are focusing on catering to the thriving need for improved productivity in underground hard rock mines with the launch of next-generation mining equipment.

In addition, conventional hard rock mining techniques result in the release of toxic gases including carbon dioxide (CO₂), and Sulphur dioxide (SO₂) among others, which is triggering the adoption of electric equipment in hard rock mines. In addition, the study finds that coupling of underground mining equipment that can carry out multiple operations including parallel cutting, loading, and hauling operations are likely to witness high demand in the coming years.