(EMAILWIRE.COM, February 14, 2025 ) Global Underground Mining Equipment Market reached USD 15.5 billion in 2022 and is expected to reach USD 19.0 billion by 2030, growing with a CAGR of 2.6% during the forecast period 2024-2031.
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Market Trends
Growing Use of Hard Metals in Smart Devices and Expanding Underground Mining
The increasing demand for underground mining equipment is largely driven by the rising need for metals such as lead, silver, and gold, which play a crucial role in smart device manufacturing. These metals are essential for applications like thin film layers, wiring, connectors, and advanced smartphone technologies. Furthermore, the adoption of cutting-edge technologies, including IoT, artificial intelligence, and advanced sensing systems, is transforming the market landscape.
The integration of autonomous vehicles and automated machinery has also enhanced the productivity and efficiency of mining operations. By reducing human exposure to hazardous mining environments, these advancements not only optimize operations but also improve worker safety.
Additionally, lead, a soft yet heavy and malleable metal, is widely used in soldering to connect various smartphone components. With the rising global demand for smartphones, the need for lead has surged, further driving mining activities and the demand for advanced mining equipment.
Market Segments
By Product (Loaders, Trucks, Diggers, Bolters, Others)
By Mining Method (Room and Pillar Mining, Borehole Mining, Longwall Mining, Cut and Fill Mining, Others)
By Application (Metal Mining, Mineral Mining, Coal Mining, Salt Mining, Others)
By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa)
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Market Regional Share
Growth of the Construction and Mining Industries in Asia-Pacific
The Asia-Pacific underground mining equipment market has experienced significant expansion, accounting for one-third of the global market share in 2022. The rapid growth of the mining and construction industries in countries such as China and India, along with increasing infrastructure development in nations like Malaysia, has fueled the demand for advanced underground mining equipment.
Several factors contribute to this market growth, including large-scale investments in construction projects and the rising consumption of coal for power generation. Additionally, companies in the sector are focusing on mergers and acquisitions to strengthen their global competitiveness.
For example, Vedanta Resources acquired Vedanta Ltd. in a $2 billion deal, while Alacer Gold and SSR Mining merged in 2020 in a $1.9 billion transaction. This merger positioned them among the leading global gold producers, with an annual output exceeding 750,000 ounces of gold equivalent. Similarly, in 2019, Sandvik expanded its market presence by acquiring Indian firm Miranda Tools, a move that contributed to increased earnings per share for the company.
With ongoing industrial expansion and strategic business moves, the Asia-Pacific region remains a key player in the global mining and construction equipment market.
Key Companies
Caterpillar Inc.
Komatsu Ltd.
Sandvik AB
Epiroc AB
Hitachi Construction Machinery Co., Ltd.
Boart Longyear Ltd.
FLSmidth & Co. A/S
Liebherr Group
SANY Group Co., Ltd
Normet Group.
Recent Developments
On December 20, 2022, Komatsu acquired GHH Group GmbH (GHH), a manufacturer of underground mining, tunneling and special civil engineering equipment headquartered in Gelsenkirchen, Germany. The combined team will then work together to expand Komatsus offering for underground mining equipment and increase customer access to products in new territories.
On June 15, 2022, Komatsu Ltd., through its wholly-owned subsidiary in Australia, acquired Mine Site Technologies Pty Ltd, a provider of operational optimization platforms for underground mining that leverage communication devices and position tracking systems.
