Underground Construction Equipment Market By Type (Tunneling Equipment, Piercing Tools, Vibratory Plows, Load and Haul Equipment, Underground Utility Vehicles, De-watering System, Shotcrete Solutions), By Solution Type (Product, Services), By Application (Oil and Gas, Railway and Highway, Municipal Engineering, Underground Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The underground construction equipment market size was valued at $19,418.87 million in 2021 and is estimated to reach $31,256.90 million by 2031, exhibiting a CAGR of 4.7% from 2022 to 2031. Underground construction equipment can be defined as specialized construction equipment capable of performing activities such as tunneling, drilling, compacting, dewatering, and material handling below the surface of the earth. It has various applications such as oil & gas, mining, railway and highway construction, tunneling, municipal engineering and others.
The underground construction equipment market has grown along with a rise in demand for industrialization, and commercial infrastructure setup. Furthermore, the growth in public private partnerships in different countries such as India, China, and countries in Africa are expected to fuel the growth of underground construction equipment industry. However, strict government regulations and carbon emissions are anticipated to restrain the underground construction equipment market during the forecast period.
The major players that operate in the global underground construction equipment market have adopted key strategies such as product launch and acquisition to strengthen their market outreach and sustain the stiff competition in the market. For instance, in September 2022, Sandvik Mining and Rock solutions introduced its Automine concept underground drill is a fully autonomous, twin boom development drill rig capable of drilling without human interaction. It has the cabinless battery-electric drill can plan and execute the entire drilling cycle from tramming to the face, setting up for drilling, drilling the pattern and returning home to charge for the next cycle. This aims to improve the product portfolio.
The underground construction equipment market is segmented on the basis of type, solution, application, and region. By type, the market is categorized into tunneling equipment, piercing tools, vibratory plows, load and haul equipment, underground utility vehicles, dewatering system, and shotcrete solutions. On the basis of solution, it is bifurcated into product and services.
And on the basis of application, the market is categorized into oil & gas, railway and highway, municipal engineering, underground mining and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Key companies profiled in the underground construction equipment market report include Caterpillar Inc, China railway group limited, Epiroc AB, Global TBM Company, Herrenknecht AG, Kawasaki Heavy Industries, Ltd., Komatsu Ltd., Mitsubishi Corporation, Sandvik AB, and Sany Group Co. Ltd.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the underground construction equipment market analysis from 2021 to 2031 to identify the prevailing underground construction equipment market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the underground construction equipment market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global underground construction equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ApplicationOil and Gas
Railway and Highway
Municipal Engineering
Underground Mining
Others
By TypeUnderground Utility Vehicles
De-watering System
Shotcrete Solutions
Tunneling Equipment
Equipment type
Tunnel boring machine
Underground face drilling equipment
Underground rock reinforcement equipment
Type
Scalers
Piercing Tools
Vibratory Plows
Load and Haul Equipment
Equipment type
Underground Trucks
Underground Loaders
By Solution TypeProduct
Services
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Komatsu Ltd.
Mitsubishi Corporation
Caterpillar Inc.
Epiroc AB
Herrenknecht AG
China Railway Group Limited
Kawasaki Heavy Industries, Ltd.
Sandvik AB
Sany Group Co., Ltd.
Global TBM Company
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