Underground Mining Equipment Market 2021-2031: Share and Forecast
The Underground Mining Equipment Market is expected to register a CAGR of 4.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The market is segmented into by Mining Type, and Application. The Mining Type segment is divided into Strip Pillar Mining, Room and Pillar Mining, Thickness-Limited Extraction. Based on Application, the market is segmented into Coal, Metal, Mineral.
Purpose of the ReportThe report Underground Mining Equipment Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Underground Mining Equipment Market Segmentation
Mining Type- Strip Pillar Mining
- Room and Pillar Mining
- Thickness-Limited Extraction
- Coal
- Metal
- Mineral
Strategic Insights
Underground Mining Equipment Market Growth Drivers- Increasing Demand for Minerals and Metals: International population is growing, along with rapid industrialization. The driver of demand for minerals and metals is that increased demand necessitates expanding mining operations, especially underground mining, which in turn fuels the increase in demand for advanced underground mining equipment to enhance extraction efficiency and productivity.
- Worker Safety and Environmental Regulations: Firms in the mining business will increasingly focus on better worker safety and strict adherence to environmental regulations. Thus, the expenses on the development of sophisticated underground mining equipment with significant safety elements and causing minimal damage to the environment are rising. This, in turn, is driving market growth
- Automation and Digital Transformation: The underground mining equipment market is changing because of the trend of automation in the mining sector. Today, with greater focus on operational efficiency, low labor costs, and high safety standards, companies are increasingly looking to utilize automated systems, developing new kinds of equipment.
- Sustainability Initiatives: Here are trends toward sustainability in the operations of mines and companies targetting low-carbon footprinting as well as resource management. The operations and design functionalities of underground mining equipment are also affected in this aspect, since companies are compelled by demands for more environmentally friendly solutions.
- Technological Advancements: Adoption of automation, artificial intelligence, and other advanced technologies into underground mining equipment presents opportunities for huge innovations. Companies that can lead the way with intelligent, automated solutions will capture much greater market share as mining operations seek efficiency and cost reduction.
- Opportunities in Emerging Markets for Underground Mining Equipment: The rapid growth of mining activities in emerging markets, particularly in Asia-Pacific and Africa, presents significant opportunities for underground mining equipment manufacturers. Newly discovered mineral deposits and increased investments in infrastructure create a favorable environment for these manufacturers to expand their market share in these regions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Underground Mining Equipment Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Underground Mining Equipment Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Underground Mining Equipment Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Mining Type (Strip Pillar Mining, Room and Pillar Mining, Thickness-Limited Extraction); Application (Coal, Metal, Mineral) , and Geography (North America, Europe, Asia Pacific, and South and Central America) is estimated to witness a CAGR of 4.7% from 2023 to 2031
The major factors driving the underground mining equipment market are: Increasing Demand for Minerals and Metals
High Maintenance and Repair Cost
Atlas Copco, Boart Longyear, Caterpillar Inc., Epiroc Finland Oy Ab, J.H. Fletcher and Co., Komatsu Mining Corp, Sandvik AB, thyssenkrupp AG, Liebherr, and FLSmidth
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Underground Mining Equipment Market - By Mining Type
1.3.2 Underground Mining Equipment Market - By Application
1.3.3 Underground Mining Equipment Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. UNDERGROUND MINING EQUIPMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. UNDERGROUND MINING EQUIPMENT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. UNDERGROUND MINING EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. UNDERGROUND MINING EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. UNDERGROUND MINING EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. UNDERGROUND MINING EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - MINING TYPE
7.1. OVERVIEW
7.2. MINING TYPE MARKET FORECASTS AND ANALYSIS
7.3. STRIP PILLAR MINING
7.3.1. Overview
7.3.2. Strip Pillar Mining Market Forecast and Analysis
7.4. ROOM AND PILLAR MINING
7.4.1. Overview
7.4.2. Room and Pillar Mining Market Forecast and Analysis
7.5. THICKNESS-LIMITED EXTRACTION
7.5.1. Overview
7.5.2. Thickness-Limited Extraction Market Forecast and Analysis
8. UNDERGROUND MINING EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. COAL
8.3.1. Overview
8.3.2. Coal Market Forecast and Analysis
8.4. METAL
8.4.1. Overview
8.4.2. Metal Market Forecast and Analysis
8.5. MINERAL
8.5.1. Overview
8.5.2. Mineral Market Forecast and Analysis
9. UNDERGROUND MINING EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Underground Mining Equipment Market Overview
9.1.2 North America Underground Mining Equipment Market Forecasts and Analysis
9.1.3 North America Underground Mining Equipment Market Forecasts and Analysis - By Mining Type
9.1.4 North America Underground Mining Equipment Market Forecasts and Analysis - By Application
9.1.5 North America Underground Mining Equipment Market Forecasts and Analysis - By Countries
9.1.5.1 United States Underground Mining Equipment Market
9.1.5.1.1 United States Underground Mining Equipment Market by Mining Type
9.1.5.1.2 United States Underground Mining Equipment Market by Application
9.1.5.2 Canada Underground Mining Equipment Market
9.1.5.2.1 Canada Underground Mining Equipment Market by Mining Type
9.1.5.2.2 Canada Underground Mining Equipment Market by Application
9.1.5.3 Mexico Underground Mining Equipment Market
9.1.5.3.1 Mexico Underground Mining Equipment Market by Mining Type
9.1.5.3.2 Mexico Underground Mining Equipment Market by Application
9.2. EUROPE
9.2.1 Europe Underground Mining Equipment Market Overview
9.2.2 Europe Underground Mining Equipment Market Forecasts and Analysis
9.2.3 Europe Underground Mining Equipment Market Forecasts and Analysis - By Mining Type
9.2.4 Europe Underground Mining Equipment Market Forecasts and Analysis - By Application
9.2.5 Europe Underground Mining Equipment Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Underground Mining Equipment Market
9.2.5.1.1 Germany Underground Mining Equipment Market by Mining Type
9.2.5.1.2 Germany Underground Mining Equipment Market by Application
9.2.5.2 France Underground Mining Equipment Market
9.2.5.2.1 France Underground Mining Equipment Market by Mining Type
9.2.5.2.2 France Underground Mining Equipment Market by Application
9.2.5.3 Italy Underground Mining Equipment Market
9.2.5.3.1 Italy Underground Mining Equipment Market by Mining Type
9.2.5.3.2 Italy Underground Mining Equipment Market by Application
9.2.5.4 United Kingdom Underground Mining Equipment Market
9.2.5.4.1 United Kingdom Underground Mining Equipment Market by Mining Type
9.2.5.4.2 United Kingdom Underground Mining Equipment Market by Application
9.2.5.5 Russia Underground Mining Equipment Market
9.2.5.5.1 Russia Underground Mining Equipment Market by Mining Type
9.2.5.5.2 Russia Underground Mining Equipment Market by Application
9.2.5.6 Rest of Europe Underground Mining Equipment Market
9.2.5.6.1 Rest of Europe Underground Mining Equipment Market by Mining Type
9.2.5.6.2 Rest of Europe Underground Mining Equipment Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Underground Mining Equipment Market Overview
9.3.2 Asia-Pacific Underground Mining Equipment Market Forecasts and Analysis
9.3.3 Asia-Pacific Underground Mining Equipment Market Forecasts and Analysis - By Mining Type
9.3.4 Asia-Pacific Underground Mining Equipment Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Underground Mining Equipment Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Underground Mining Equipment Market
9.3.5.1.1 Australia Underground Mining Equipment Market by Mining Type
9.3.5.1.2 Australia Underground Mining Equipment Market by Application
9.3.5.2 China Underground Mining Equipment Market
9.3.5.2.1 China Underground Mining Equipment Market by Mining Type
9.3.5.2.2 China Underground Mining Equipment Market by Application
9.3.5.3 India Underground Mining Equipment Market
9.3.5.3.1 India Underground Mining Equipment Market by Mining Type
9.3.5.3.2 India Underground Mining Equipment Market by Application
9.3.5.4 Japan Underground Mining Equipment Market
9.3.5.4.1 Japan Underground Mining Equipment Market by Mining Type
9.3.5.4.2 Japan Underground Mining Equipment Market by Application
9.3.5.5 South Korea Underground Mining Equipment Market
9.3.5.5.1 South Korea Underground Mining Equipment Market by Mining Type
9.3.5.5.2 South Korea Underground Mining Equipment Market by Application
9.3.5.6 Rest of Asia-Pacific Underground Mining Equipment Market
9.3.5.6.1 Rest of Asia-Pacific Underground Mining Equipment Market by Mining Type
9.3.5.6.2 Rest of Asia-Pacific Underground Mining Equipment Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Underground Mining Equipment Market Overview
9.4.2 Middle East and Africa Underground Mining Equipment Market Forecasts and Analysis
9.4.3 Middle East and Africa Underground Mining Equipment Market Forecasts and Analysis - By Mining Type
9.4.4 Middle East and Africa Underground Mining Equipment Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Underground Mining Equipment Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Underground Mining Equipment Market
9.4.5.1.1 South Africa Underground Mining Equipment Market by Mining Type
9.4.5.1.2 South Africa Underground Mining Equipment Market by Application
9.4.5.2 Saudi Arabia Underground Mining Equipment Market
9.4.5.2.1 Saudi Arabia Underground Mining Equipment Market by Mining Type
9.4.5.2.2 Saudi Arabia Underground Mining Equipment Market by Application
9.4.5.3 U.A.E Underground Mining Equipment Market
9.4.5.3.1 U.A.E Underground Mining Equipment Market by Mining Type
9.4.5.3.2 U.A.E Underground Mining Equipment Market by Application
9.4.5.4 Rest of Middle East and Africa Underground Mining Equipment Market
9.4.5.4.1 Rest of Middle East and Africa Underground Mining Equipment Market by Mining Type
9.4.5.4.2 Rest of Middle East and Africa Underground Mining Equipment Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Underground Mining Equipment Market Overview
9.5.2 South and Central America Underground Mining Equipment Market Forecasts and Analysis
9.5.3 South and Central America Underground Mining Equipment Market Forecasts and Analysis - By Mining Type
9.5.4 South and Central America Underground Mining Equipment Market Forecasts and Analysis - By Application
9.5.5 South and Central America Underground Mining Equipment Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Underground Mining Equipment Market
9.5.5.1.1 Brazil Underground Mining Equipment Market by Mining Type
9.5.5.1.2 Brazil Underground Mining Equipment Market by Application
9.5.5.2 Argentina Underground Mining Equipment Market
9.5.5.2.1 Argentina Underground Mining Equipment Market by Mining Type
9.5.5.2.2 Argentina Underground Mining Equipment Market by Application
9.5.5.3 Rest of South and Central America Underground Mining Equipment Market
9.5.5.3.1 Rest of South and Central America Underground Mining Equipment Market by Mining Type
9.5.5.3.2 Rest of South and Central America Underground Mining Equipment Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. UNDERGROUND MINING EQUIPMENT MARKET, KEY COMPANY PROFILES
11.1. ATLAS COPCO (INDIA) LTD
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BOART LONGYEAR
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CATERPILLAR INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. EPIROC FINLAND OY AB
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. J.H. FLETCHER AND CO.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. KOMATSU MINING CORP
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SANDVIK AB
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. THYSSENKRUPP AG
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. LIEBHERR
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. FLSMIDTH
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Atlas Copco (India) Ltd
2. Boart Longyear
3. Caterpillar Inc.
4. Epiroc Finland Oy Ab
5. J.H. Fletcher and Co.
6. Komatsu Mining Corp
7. Sandvik AB
8. thyssenkrupp AG
9. Liebherr
10. FLSmidth
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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