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Underground Mining Equipment and Service Market Size

  • Report ID: GMI8605
  • Published Date: Nov 2024
  • Report Format: PDF

Underground Mining Equipment and Service Market Size

The global underground mining equipment and service market was valued at USD 30.8 billion in 2023 and is projected to register a CAGR of over 3.4% between 2024 and 2032, driven primarily by the escalating global demand for minerals and metals. As industries such as construction, automotive, and electronics expand, there is an increased effort to access deeper and more challenging mineral deposits, thereby boosting the need for advanced underground mining equipment. Emerging economies, particularly in the Asia-Pacific region, are significant contributors to this demand, led by their expanding infrastructure and industrial projects.

 

Technological advancements in underground mining equipment are another critical growth driver. Innovations in automation, real-time data monitoring, and remote-controlled machinery are transforming underground operations, enhancing safety, efficiency, and productivity. These advancements enable companies to optimize resource extraction while minimizing risks to workers. Regions with stringent safety and environmental regulations find these technologies particularly advantageous, as they facilitate safer and more sustainable mining practices. This trend is further encouraging investments in modern underground mining solutions.
 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of underground mining equipment was reached USD 22 billion in 2023 and is set to expand at 2.9% CAGR between 2024 to 2032, driven by the rise in the extraction of minerals, metals, and coal from mines.

Underground mining equipment market from the excavator segment accounted for USD 8 billion in 2023 and is expected to generate USD 10 billion by 2032, owing to the widespread use in mining operations for various tasks, including moving bulk material, loading dump trucks and lorries.

Asia Pacific underground mining equipment market size crossed USD 9 billion in 2023 and is projected to reach USD 12 billion by 2032, attributed to the expanding mining activities in countries like China, India, Indonesia, and Australia.

Some of the top underground mining equipment companies are ABB, Boart Longyear, Caterpillar, DMC, Epiroc B-H d.o.o, Hitachi Construction Machinery, J C Bamford Excavators Ltd., J.H. Fletcher & Co., Jacon Equipment, Komatsu Mining Corp, Liebherr, MacLean Engineering & Marketing Co. Limited, Normet, Sandvik AB, and SMT Scharf GmbH

Underground Mining Equipment and Service Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 49
  • Countries covered: 22
  • Pages: 225
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