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.
Sales in the market are predicted to increase as the oil and gas industry expands. Sales are expected to increase in the coming years as a result of technological developments in autonomous equipment for both soft rock mining and hard rock mining.
Additionally, the growing demand for hybrid and electric underground mining equipment to increase productivity and safety in underground mines will continue to fuel the market’s expansion throughout the assessment period.
In contrast to the 2.2% CAGR observed between 2014 and 2021, the demand for underground mining equipment is anticipated to soar at a 2.4% CAGR.
The global mining industry is reliant on several variables that affect growth and output. The mining industry is expanding globally at a slow rate due to rising environmental concerns, slow economic growth, and rising resource protectionism.
The demand for fossil fuels for heating and material management affects the sales of underground mining equipment. It is also an expensive process because the price of mining equipment increases when ventilation systems are used to remove undesirable components from tunnels.
As a result, producers are concentrating on the development of electric mining equipment to increase operational productivity, which is anticipated to drive sales.
Key Players:
- Caterpillar Inc.
- Sandvik AB
- Epiroc AB
- Komatsu Ltd
- Boart Longyear Ltd
- Hitachi Construction Machinery
- Liebherr Group
- Sany Heavy Industry Co., Ltd.
- Xuzhou Construction Machinery Group Co. Ltd
- Volvo Construction Equipment
- Schmidt, Kranz & Co. Gmbh
- J.C. Bamford Excavators Limited
- CMM – Cocental SAS
- Yantai Jiaxiang Mining Machinery Co., Ltd.
- Resemin, SA