Global Underground Mining Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Underground Mining Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Underground mining involves mineral production by extracting natural resources such as metals, coal, and minerals, including iron ore, titanium, bauxite, and copper, and various non-metallic products from beneath the earth’s surface. The mining methods required for underground extraction are selected based on parameters such as geographical conditions, spatial and geometric characteristics, the economic value of ore, estimated operational costs, and availability of raw materials.

Market Overview:

The latest research study on the global Underground Mining Equipment market finds that the global Underground Mining Equipment market reached a value of USD 34517.84 million in 2022. It’s expected that the market will achieve USD 53981.19 million by 2028, exhibiting a CAGR of 7.74% during the forecast period.

Strength

Economic and technological development.
Strong demand for various minerals.
Urbanization and industrialization.

Weakness

High product cost, especially initial investment and high research and development costs.

Opportunity

Product updates to increase productivity.
Application of Internet of Things in underground mining equipment.

Threat

Raw material prices have a certain float.
High risk of mining business.

Region Overview:

Asia Pacific is projected to account for a considerable share of the Underground Mining Equipment market and is expected to become the largest region by 2028.

Segmentation Overview:

Among different product types, Hard Rock segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Mineral mining segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Underground Mining Equipment market covered in Chapter 3:

China Coal Group
Sandvik
Volvo
Zhengzhou Coal Mining Machinery
Boart Longyear
ThyssenKrupp
Doosan Infracore
Liebherr
FLSmidth
Metso
Hitachi Construction Machinery
Caterpillar
Epiroc
Komatsu
Kennametal
Atlas Copco

In Chapter 4 and Chapter 14.2, on the basis of types, the Underground Mining Equipment market from 2018 to 2029 is primarily split into:

Hard Rock
Longwall
Room

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Underground Mining Equipment market from 2018 to 2029 covers:

Coal mining
Metal mining
Mineral mining
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)