In 2018, the global market for underground mining equipment was worth $22.5 trillion . Underground mining is the mining method that is buried deep inside the crust of the earth. Hard and soft mining is one of the major types of underground mining techniques used. Excavation of heavy minerals such as lead, copper, nickel, iron, gold with hard underground mining. There are many types of mining equipment in the market based on the type of mineral to be extracted. Overhead loaders, draglines, shovels, haul trucks, front end loaders, gathering-arm loaders, conveyors, etc. are used for underground mining.
Catalyzed by stable economic growth in both developed and developing regions, rising levels of disposable incomes and an increase in the middle-class population, demand for various minerals such as iron, gold, copper, coal, lead, aluminum, silver, etc. has grown strongly. This has led to increased demand for underground mining equipment. The market is classified into coal mining, metal mining and mineral mining based on the application of underground mining equipment.
Some major players in the global underground mining industry include Atlas Copco, Caterpillar, Doosan Infracore, FLSmidth and Hitachi Construction Machinery, Joy Global, Komatsu, Sandvik Mining, Boart Longyear
Coal mining is the largest application segment for underground mining equipment and by application in 2017 accounted for 38% of the revenue share in global underground mining equipment. Several countries around the world are reducing their coal consumption and production due to strict environmental protection regulations that restrict the market growth of underground coal mining equipment. It is also expected that metal and mineral mining equipment will grow steadily, improving the construction industry and increasing consumer goods production.
Asia Pacific is the largest regional market for underground mining equipment, as well as the fastest-growing. It is expected that increased mining activities in India, China, and Australia will drive demand for Asia Pacific underground mining activities. It is expected that North America and Europe will see steady growth by replacing outdated machinery with advanced solutions. Latin America is also a prominent underground equipment market and is expected to see significant growth through the forecast period with rising mining activities in the region in Chile, Brazil and other countries.