Underground Mining Equipment Market to 2023: Historical Analysis, Growth Rates, Generation, Investment Trends and Opportunities

“Global Underground Mining Equipment Market”
Global Underground Mining Equipment Information by Type of mining method (Longwall Extraction and Room & Pillar Extraction), by Application (Coal mining, Metal mining, and Mineral mining), and Region – Forecast to 2023

Prominent Players

Komatsu Ltd, Caterpillar Inc., Sandvik AB, Volvo AB, Thyssenkrupp AG, Liebherr – International Deutschland GmBh, Hitachi Construction Machinery Co., Ltd., Metso Corporation, FLSmidth Group, Kennametal, Inc., and Boart Longyear Ltd. are some of the prominent players at the forefront of competition in the Global Underground Mining Equipment Market and are profiled in MRFR Analysis. 

GLOBAL Underground Mining Equipment Market   – Overview

Underground mining is a process used to access ores and valuable minerals in the grounds by digging into the ground to extract them. Many forms of underground mining exist. However, every underground mine is similar in that it requires a point of entrance from the surface. This entry may be through an adit, mine shaft, or vertical or horizontal tunnel. The average underground mine will include a number of roughly horizontal levels that branch off at various depths from the main point of entry into the mine. A vertical, internal connection between two levels of an underground mine is called a winze when driven downward, and a raise when driven upward.

The adoption of new technology has been a priority for underground mining equipment manufacturers to meet new safety standards with high levels of efficiency. With growing mining activities in Latin America and demand for coal for power generation in emerging nations have led to the increased demand for underground mining equipment by the mining companies. 

With rapid urbanization and industrialization across the globe, there is seen an increased demand for power generation. This in turn has led to an increased demand for coal, which is a vital resource for energy production by the energy industries. Also, metal like steel is used across industries such as construction, transportation, manufacturing, and a variety of consumer products. The healthy economic indicators of developing nations have led to increased disposable income. This in turn has boomed the market for manufactured consumer goods. All these factors have a major role to play in the upsurge in mining activities for coal, metals and minerals. This has an impact on the equipment used in mining and has ultimately led to increased demand for the same.

However factors such as stringent policies and regulations regarding the use of coal for power generation and the unavailability of skilled labor hamper the growth of global underground mining equipment market.

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GLOBAL Underground Mining Equipment Market   – Competitive Analysis

Key players adopted various strategies to retain and/or expand their market share. Key strategies followed by most companies within the global underground mining equipment market were product innovation and development. The major players operating in this market, who have adopted these strategies are Komatsu Ltd (Japan), Caterpillar Inc. (U.S.), Sandvik AB (Sweden), Volvo AB (Sweden), Hitachi Construction Machinery Co. Ltd. (Japan), Boart Longyear Ltd. (U.S.), Flsmidth Group (Denmark), Kennametal, Inc. (U.S.), Liebherr – International Deutschland Gmbh (Switzerland), Metso Corporation (Finland), Thyssenkrupp AG (Germany) and others.

Extensive research in this market has brought to light that new product development and entering into strategic partnerships and collaboration are the key strategies adopted by the major players in the global underground mining equipment market. This strategy has been adopted to cater to the technological requirements of the underground mining equipment market. The market is highly technology driven across all applications and thus demands regular product innovation and increased investment in R&D. Furthermore the partnerships with other players across the supply chain ensures the expanding client base as well as the market share for the companies.

Recently, CAT launched worldwide, its 16M3 Motor Grader which is an essential machine for building and maintaining mine haulage road.  It comes with better fuel efficiency and power. The model also features enhanced durability, safety and convenience.

In 2016, Joy Global reportedly collaborated with Voltabox, a subsidiary of German Automotive Equipment Supplier Paragon AG. The aim is to build smart battery systems for mining equipment. It will prove to deliver high performance and cost advantage.

Komatsu’s expenditure on R&D has been increasing since 2012. The company is focusing on R&D to develop new technologies in construction & mining segment. For instance it has launched Intelligent Hydraulic Excavators, which is the first of its kind.

In the same year, Sandvik entered into an agreement to form a Joint Venture with Jinan Heavy Machinery Co. Ltd. (China). It will focus on the manufacturing and sales of the Surface and Underground Mining equipment. The venture will strengthen Sandvik’s place in the mid-market for mining equipment.

GLOBAL Underground Mining Equipment Market   – Segments

GLOBAL Underground Mining Equipment Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.

Segmentation By Type of mining method  : Comprises – Longwall Extraction and Room & Pillar Extraction

Segmentation By Application            :  Comprises – Coal mining, Metal mining, and Mineral mining

Segmentation By Regions                 : Comprises Geographical regions – North America, Europe, Asia Pacific, and Rest of the World.

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GLOBAL Underground Mining Equipment Market   – Regional Analysis

Global underground mining equipment market is projected to grow at a faster pace due to the increasing demand of metals in the manufacturing of consumer goods. This is backed by the rapid industrialization in the emerging nations, which has led to the increasing mining activities across the globe, especially China, India and Australia.

Countries like China, India, Australia, Indonesia and others dominate Asian mining sector. The countries are also major global producers of commodities such as gold, diamonds, base metals, coal, tungsten, tin and PGE’s. The region has also emerged as one of the highest consumer of such metals, coal and mineral due to growth in the economy of the region. The Chinese government has put in efforts to convert its medium to large state owned enterprises into corporate, so that these companies can become globally competitive.

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