The global underground mining equipment market is expected to reach US$ 15.9 Bn in 2022. With sales growing at a steady 2.4% CAGR, the market valuation is projected to reach US$ 18.8 Bn in 2029.
The expansion of the oil and gas industry is expected to boost market sales. Technological advances in autonomous equipment for soft and hard rock mining are expected to drive sales in the coming years.
Furthermore, the growing preference for hybrid and electric underground mining equipment to improve safety and productivity in underground mines will continue to drive market growth over the assessment period. Demand for underground mining equipment is expected to grow at a 2.4% CAGR from 2014 to 2021, compared to a 2.2% CAGR from 2014 to 2014.
The global mining industry is influenced by a variety of factors that influence output and growth. Growing environmental concerns, sluggish economic growth, and rising protectionism over natural resources are all contributing to subdued growth.
Over the forecast period, the United States is expected to dominate the North American market due to high demand for technologically advanced underground mining equipment for increased productivity. In 2022, sales of underground mining equipment in North America are expected to account for 12.7% of total market share.
With increasing sales of hydraulic mining machines, China is expected to lead the East Asia market during the assessment period. According to FMI, the East Asia underground mining equipment market will account for 43% of the total market share in 2022.
In China, rising demand for safety in gold mining exploration is expected to drive market sales. In addition to this, increasing coal consumption in the country is pushing sales in the coal mining sector, which is expected to augment the growth in the market over the forecast period.
Underground Mining Equipment Market By Category
Product Type:
- Mining Loaders
- Mining Trucks
- Mining Drills
- Mining Bolters
- Mining Shearer
- Continuous Miners
- Mining Excavators & Shovels
- Mining Scalers
Mining Technique:
- Soft Rock Mining
- Hard Rock Mining
End Users:
- Mining Operators
- Rental Service Provider
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
