In 2022, it is anticipated that the market for underground mining equipment will be worth US$15.9 billion. Market valuation is anticipated to reach US$ 18.8 Bn in 2029, with sales increasing at a steady 2.4% CAGR.
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, 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 over the course of the assessment period.
Surging Demand for Automation in the Mining Sector will Boost Sales of Mining Screening Equipment
Due to the high demand for technologically advanced underground mining equipment for increased productivity, the U.S. is anticipated to dominate the North American market during the forecast period. In 2022, sales in the underground mining equipment market in North America are anticipated to account for 12.7% of the overall market share.
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According to the U.S. Energy Information Administration, 22 states in the region produced 535 million short tonnes of coal in 2020. In 2020, the production of coal in five states—Wyoming, West Virginia, Pennsylvania, Illinois, and North Dakota—accounted for 71% of the nation’s total output.
In the United States, coal mining is a declining industry. However, recent efforts to restore underground coal mines are boosting the market for new mining equipment. Manufacturers are responding by releasing cutting-edge equipment, which is predicted to increase sales in the upcoming years.
China Underground Mining Equipment Market Remain Lucrative
“Expansion of the Oil & Gas Industry is Spurring Demand for Mining Gas Detection Equipment”
With rising sales of hydraulic mining equipment, China is anticipated to dominate the East Asian market during the assessment period. According to FMI, the market for underground mining equipment in East Asia is anticipated to account for 43% of the overall market share in 2022.
Sales in the market are anticipated to increase in response to the rising demand for safety in China’s gold mining exploration. Additionally, the country’s rising coal consumption is driving up coal mining sector sales, which is anticipated to accelerate market growth over the course of the forecast period.
How Will the Growth Unfold in the U.K. Underground Mining Equipment Market?
“Technological Advancements to Bolster Sales of Hard Rock Mining Tools”
According to FMI, sales of underground mining equipment in Europe are anticipated to make up 24.6% of the overall market share in 2022, with the U.K. emerging as a profitable region within Europe.
An increase in attention to security and safety issues in underground mines can be attributed to growth. Additionally, in order to protect miners and lower emissions, underground gas detection systems are in high demand due to stringent regulations regarding harmful emissions in the industrial sectors.
Additionally, the introduction of telematics in the mining industry is anticipated to be positive for the market’s expansion during the assessment period.
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- 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
Competition Landscape
Leading players operating in the global underground mining equipment market are investing in research and development to integrate connective technology into their products to improve sales. In addition to this, players are aiming to gain a competitive edge through mergers, acquisitions, and collaborations. For instance:
- In January 2022, Swedish mining equipment company Epiroc launched a drilling software known as Mobius for Drills. The software is integrated with artificial intelligence (AI) to consolidate and analyze data from sensors to help operators in real-time decision-making.
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