Table of Content (TOC)
- Introduction
- Market Definition
- Market Segmentation
- Country Overview
- Assumptions and Abbreviations
- Research Methodology
- Primary Research
- Manufacturers
- Suppliers/Distributors
- End-Users
- Secondary Research
- Market Size Estimation
- Primary Research
- Summary of the Report for Key Decision Makers
- Forces of the Market Constituents
- Factors/drivers impacting the growth of the market
- Market trends for better business practices
- Key Market Opportunities for Business Growth
- Major Roadblocks for the Market Growth
- Government Regulations
- Value Chain Analysis
- Porter’s Five Forces Analysis
- Industry Risk Analysis
- Impact of COVID-19 on Global Underground Mining Market
- Competitive Positioning: Strategies to Differentiate a Company from its Competitors
- Competitive Model: A Detailed Inside View for Investors
- Market Share Analysis of Major Players (%), 2023
- Competitive Benchmarking
- Business Profiles of Key Enterprises
- Komatsu Ltd
- Mine Master
- Boart Longyear
- MacLean Engineering & Marketing Co.
- J.H. Fletcher & Co., Inc.
- Sandvik AB
- Caterpillar Inc.
- EPIROC AB
- Hager Equipment Company
- Normet Group
- Other prominent players
- Global Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Region
- North America, 2023-2036F (USD Million)
- Europe, 2023-2036F (USD Million)
- Asia Pacific, 2023-2036F (USD Million)
- Latin America, 2023-2036F (USD Million)
- Middle East & Africa, 2023-2036F (USD Million)
- By Mining
- North America Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Country
- United States, 2023-2036F (USD Million)
- Canada, 2023-2036F (USD Million)
- By Mining
- Europe Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Country
- United Kingdom, 2023-2036F (USD Million)
- Germany, 2023-2036F (USD Million)
- Italy, 2023-2036F (USD Million)
- France, 2023-2036F (USD Million)
- Spain, 2023-2036F (USD Million)
- Russia, 2023-2036F (USD Million)
- BENELUX, 2023-2036F (USD Million)
- Poland, 2023-2036F (USD Million)
- Rest of Europe, 2023-2036F (USD Million)
- By Mining
- Asia Pacific Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Country
- China, 2023-2036F (USD Million)
- India, 2023-2036F (USD Million)
- Japan, 2023-2036F (USD Million)
- Singapore, 2023-2036F (USD Million)
- Australia, 2023-2036F (USD Million)
- New Zealand, 2023-2036F (USD Million)
- Rest of Asia Pacific, 2023-2036F (USD Million)
- By Mining
- Latin America Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Country
- Brazil, 2023-2036F (USD Million)
- Mexico, 2023-2036F (USD Million)
- Rest of Latin America, 2023-2036F (USD Million)
- By Mining
- Middle East & Africa Underground Mining Market 2023-2036
- Market Overview
- By Value (USD Million)
- By Mining
- Longwall Extraction, 2023-2036F (USD Million)
- Room and Pillar Extraction, 2023-2036F (USD Million)
- Others, 2023-2036F (USD Million)
- By Application
- Coal, 2023-2036F (USD Million)
- Metal, 2023-2036F (USD Million)
- Mineral, 2023-2036F (USD Million)
- By Country
- GCC, 2023-2036F (USD Million)
- North Africa, 2023-2036F (USD Million)
- South Africa, 2023-2036F (USD Million)
- Rest of Middle East & Africa, 2023-2036F (USD Million)
- By Mining
Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Underground Mining Market size was over USD 25.46 billion in 2024 and is anticipated to cross USD 40.83 billion by 2037, growing at more than 3.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of underground mining is estimated at USD 26.99 billion.
The demand for underground mining is attributed to the growing requirement for various minerals such as iron, gold, copper, coal, lead, aluminum, silver, and so on has increased significantly as a result of stable economic development in both developed and developing areas.
Moreover, the rapid shift to renewables such as solar panels, electric vehicle batteries, and wind turbines is driving the demand for underground mining across the globe. This shift has intensified the mining procedure for some minerals like cobalt, lithium, and other rare earth elements.
Underground Mining Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Utilization of Electric Equipment Due to Environmental Concerns – Electrical equipment for underground mining is a relatively new invention. Fuel savings, increased efficiency, and increased production are the driving forces behind this innovation. In November 2022, Miller Technology launched a new, battery electric low-profile grader for underground mining, Miller’s E-Grader which was built by retrofitting a HBM-Novas 110-M low profile grader with Miller’s patented operated with Ionic drive system. Furthermore, in January 2020, the Caterpillar company and its dealer in South Africa, Barloworld, displayed electric-powered underground mining to carry out cost-efficient underground operations.
- Technological Advancements in Underground Mining –Several underground mining manufacturers are focusing on improving products' safety to help prevent and reduce health hazards and accidents from mining activities. Technological advancements in the latest mining equipment result in the advanced protection of workforces at mining locations. In February 2022, Orica developed rock-blasting robot for safer underground mining that significantly increases worker safety and improves efficiency. Moreover, in October 2020, Caterpillar announced a new partnership with South Dakota School of Mines & Technology to explore technologies such as advanced software used to manage construction and mining operations, autonomous robotic mining, and new equipment that increases efficiency and safety.
- Growing Need for Electricity- The power sector is primarily dependent on resources such as coal, and natural gas, for power generation which increases the need for mining and correspondingly increased the need for underground mining.
Challenges
- Environmental Damages of Underground Mining - Underground mining leads to the possibility of land subsidence and tunnel collapses since it involves large-scale movements of waste rock and vegetation. Besides, underground mining can release numerous types of toxic compounds into the air and water. Mining releases a greenhouse gas, coal mine methane which is 20 times more powerful than carbon dioxide. For instance, fossil fuel mining is estimated to be responsible for the emission of around 34 billion tons of carbon dioxide equivalent across the globe annually. The water contaminated in this manner can pollute the region surrounding the mine and beyond.
- High Maintenance Costs
- Restrictive Regulation by the Government
Underground Mining Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.7% |
|
Base Year Market Size (2024) |
USD 25.46 billion |
|
Forecast Year Market Size (2037) |
USD 40.83 billion |
|
Regional Scope |
|
Underground Mining Segmentation (Longwall Extraction, Room and pillar extraction)
The room & pillar extraction segment in the underground mining market is estimated to gain a significant revenue share over the projected time frame. Room & pillar extraction is growing owing to the rising soft rock mineral extraction activities in Asian countries. Compared to other mining methods, room and pillar extraction mining is popular among miners as it allows them to extract deep deposit minerals with less removal of overburden (waste or spoil). In the upcoming years, rising demand for minerals in the agriculture sector will boost segment revenues. In May 2023, the US government announced USD 5 million to explore high-value trace critical mineral extraction from ocean macroalgae.
Application (Coal, Metal, Mineral)
Underground mining market from the metal segment is expected to garner a significant share in the upcoming years. Metal is the largest growing segment owing to rising construction activities. Growth is mainly due to various industries' growing demand for base metals such as zinc, copper, and silver. Hard rock mining methods are the popular methods miners use to extract metals from underground mines. South Deep gold mine in South Africa, Boddington gold mine in Australia, and Rampura Agucha Mine in India are few of the famous underground metal mines in the world. Increasing development in underground mining methods is projected to boost the market growth. According to the United States EPA, 87 metal mining facilities were there in the United States in 2021. Besides, U.S. metal mine production in 2020 was USD 27.7 billion which experienced an increase of 3% over 2019.
Our in-depth analysis of the global market includes the following segments:
|
Mining |
|
|
Application |
|
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Customize this ReportUnderground Mining Industry- Regional Synopsis
Asia Pacific Market Forecast
Asia Pacific industry is poised to dominate majority revenue share of 49% by 2037, Increasing mineral and coal demand, growing R&D in underground mining methods, and favorable government support for the underground mining industry are driving the demand and are actively boosting the Asia Pacific market. According to the India Brand Equity Foundation, the mineral’s demand was estimated to increase by 3% in 2023 due to expanded electrification and overall economic growth in India. The estimated number of mines in India was 1,425 in 2022 out of which reported non-metallic minerals at 720 and metallic minerals mines at 525.
North American Market Statistics
The growing demand for coal in the North America region is a significant factor propelling underground mining market expansion. Underground mining accounts for 35% of coal, 8% of metals, and 4% of minerals mined in the United States. The percentage of materials handling equipment operated by electricity is 20% for coal, 0% for metals, and 0.5% for industrial minerals. According to the U.S. Energy Information Administration, the U.S. coal production in 2022 experienced an increase of 2.9% over 2021, and an increase of 7.8% in 2021 over 2020.
Companies Dominating the Underground Mining Market Landscape
- Komatsu Ltd
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- Mine Master
- Boart Longyear
- MacLean Engineering & Marketing Co.
- J.H. Fletcher & Co., Inc.
- Sandvik AB
- Caterpillar Inc.
- EPIROC AB
- Hager Equipment Company
- Normet Group
In the News
- Epiroc introduced Mobius for Drills, a new platform for converting data into useful, actionable information in collaboration with ASI Mining LLC. Mines will benefit from Mobius for Drills' automation and communication.
- Newmont and Caterpillar announced a strategic alliance to achieve zero emissions mining by transforming mining with a comprehensive mining system which includes the rapid deployment of an autonomous haulage fleet (all-electric) with an investment of USD 100 million.
Author Credits: Richa Gupta
- Report ID: 3430
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
