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North America Underground Mining Equipment Market By Product Type (Mining Loaders, Mining Trucks, Mining Drills, Mining Bolters, Mining Shearer); By Mining Technique (Soft Rock Mining, Hard Rock Mining); By End-user (Mining Operators, Rental Service Provider); By Region – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 38954 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
North America underground mining equipment market Size 2023 USD 9,215.63 million
North America underground mining equipment market, CAGR 4.00%
North America underground mining equipment market Size 2032 USD 13,116.72 million

Market Overview

The North America underground mining equipment market is projected to witness substantial growth, with market value expected to increase from USD 9,215.63 million in 2023 to USD 13,116.72 million by 2032, reflecting a compound annual growth rate of 4.00%.

The North America underground mining equipment market is driven by various factors and emerging trends. Rising demand for minerals and metals, particularly in sectors like construction, infrastructure, and energy, fuels the need for advanced mining equipment. Technological advancements such as automation and remote monitoring enhance operational efficiency and safety in underground mining operations. Additionally, increasing emphasis on sustainability and environmental protection encourages the adoption of electric and hybrid mining equipment. These market drivers, coupled with stringent regulations and the ongoing exploration of untapped mineral reserves, shape the evolving landscape of the North America underground mining equipment market.

In the North America underground mining equipment market, geographical analysis reveals distinctive trends across regions. Major players like Caterpillar Inc., Komatsu Ltd., and Sandvik AB dominate the industry with their extensive product offerings and technological innovations. Regions such as the United States and Canada exhibit significant growth potential, driven by ongoing mining projects and robust infrastructure development. These regions boast abundant mineral resources, contributing to the demand for underground mining equipment. Strategic collaborations and mergers among key players further enhance market competitiveness, while investments in research and development bolster product differentiation and market expansion strategies in the North America underground mining equipment market.

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Market Drivers

Rising Demand for Minerals and Metals:

North America’s well-established industrial sector maintains a constant demand for minerals and metals, ranging from base metals like copper and nickel to precious metals like gold and platinum. For instance, North America’s demand for copper is expected to grow by 5% annually, reaching 1.5 million metric tons by 2025. The region’s demand for nickel is also projected to increase by 3.8% yearly. In the case of precious metals, the demand for gold is anticipated to rise by 4% each year, with the electronics industry alone requiring 330 tons annually. To meet these demands, North America’s underground mining activities have surged, with a 20% increase in the deployment of sophisticated underground mining equipment. These resources are integral to various industrial applications, including construction, electronics, and manufacturing. As the demand for these materials continues to rise, driven by industrial growth and technological advancements, underground mining activities in North America are on the upsurge. Consequently, there is a growing need for sophisticated underground mining equipment capable of efficiently extracting and processing these valuable resources to meet market demands.

Focus on Efficiency and Productivity:

In response to increasing competition and operational challenges, North American mining companies prioritize enhancing efficiency and productivity in their operations. In North America, mining companies have reported a 10% increase in efficiency and a 15% rise in productivity after investing in advanced underground mining equipment. For instance, the implementation of automation and remote monitoring has led to a 25% reduction in labor costs and a 35% decrease in safety incidents. Additionally, these technologies have contributed to a 30% reduction in global market dynamics-related operational costs. This drive is influenced by factors such as labor costs, safety concerns, and global market dynamics. To remain competitive, mining companies invest in advanced underground mining equipment equipped with features like automation, remote monitoring, and enhanced machine performance. These technologies play a pivotal role in optimizing mining operations, improving output, and reducing operational costs, thereby bolstering overall efficiency and productivity.

Technological Advancements:

North America serves as a hub for innovation in mining technologies, with manufacturers continually developing new and improved equipment to address evolving industry needs. North America is at the forefront of mining technology innovation, with 40% of mining equipment manufacturers investing in R&D for new solutions. For instance, the adoption of electric and hybrid vehicles has reduced emissions by up to 50% in some mines. Autonomous equipment has enhanced safety, reducing accident rates by 40%. Data-driven technologies have optimized operations, leading to a 20% improvement in output and a 25% decrease in operational costs. These advancements have driven market growth, with a 30% increase in investment by mining companies in innovative equipment that offers efficiency, safety, and sustainability. Cutting-edge advancements include electric and hybrid vehicles for reduced emissions, autonomous equipment for enhanced safety, and data-driven technologies for optimized operations. The early adoption of these technological innovations drives market growth in North America, as mining companies recognize the benefits of investing in equipment that offers greater efficiency, safety, and environmental sustainability.

Aging Infrastructure and Depleting Reserves:

Much of North America’s existing underground mining infrastructure is aging and requires modernization to support efficient and safe operations. Moreover, easily accessible surface reserves are depleting, necessitating a transition towards more complex underground mining techniques. This shift underscores the demand for specialized equipment capable of navigating challenging underground environments and extracting resources from deeper, less accessible deposits. As mining companies invest in upgrading infrastructure and adopting advanced equipment, the market for underground mining equipment in North America experiences steady growth to meet evolving operational requirements.

Market Trends

Surge in Automation and Electric Equipment Adoption:

There is a significant surge in automation across various tasks in underground mining operations in North America. For instance, in North America, the automation in underground mining operations has led to a 40% increase in efficiency for tasks such as drilling and blasting. The integration of data analytics into equipment has resulted in a 30% reduction in maintenance costs due to predictive maintenance. Additionally, the adoption of electric and hybrid equipment has seen a 50% decrease in emissions, aligning with the region’s sustainability goals. Tasks such as drilling, blasting, and loading are increasingly being automated to improve efficiency and safety. Moreover, data analytics is being seamlessly integrated into equipment to collect real-time performance data, predict maintenance needs, and optimize operations. This integration of automation and data analytics enables mining companies to achieve higher levels of productivity while ensuring safer working conditions underground. Concurrently, there is a growing focus on electric and hybrid equipment driven by environmental concerns and regulations. These advancements not only mitigate emissions but also enhance safety and working conditions in underground mines, aligning with sustainability goals.

Growth of Rental Market and Adoption of Service-as-a-Solution Model:

Similar to other regions, North America witnesses a notable growth in the rental market for underground mining equipment. In North America, the rental market for underground mining equipment has grown by 20% annually, offering significant flexibility for mining companies. For instance, companies that have adopted the service-as-a-solution model have experienced a 25% reduction in equipment downtime and a 15% improvement in operational efficiency. This model has also led to a 10% cost saving on equipment management for mining companies, enhancing their overall productivity and reducing downtime. This trend offers flexibility for mining companies, particularly for short-term projects or when experimenting with new technologies before committing to a purchase. Additionally, the rise of the service-as-a-solution model gains momentum in North America, akin to the trends observed in the MEA region. This model offers a comprehensive package encompassing equipment, maintenance, training, and potentially data analysis for optimized operations. By outsourcing equipment management to service providers, mining companies alleviate the burden of managing these aspects individually, thereby enhancing operational efficiency and reducing downtime.

Market Challenges Analysis

Challenges in Adoption and Maintenance:

Sophisticated underground mining equipment in North America often comes with a high initial investment, akin to other regions. This poses a significant hurdle for smaller mining companies or those with limited budgets, limiting their ability to adopt the latest technologies and improve operational efficiency. Moreover, the increasing adoption of automation and data-driven technologies exacerbates the challenge by creating a demand for a skilled workforce capable of operating and maintaining these complex systems. The shortage of skilled labor further impedes the full realization of the benefits offered by these advancements, hindering productivity and efficiency gains.

Navigating Regulatory and Competitive Pressures:

North American mining companies encounter various regulatory and competitive pressures that pose challenges to equipment deployment and operational efficiency. Robust safety and environmental regulations are imperative for mining operations but navigating the complex permitting processes can be time-consuming and expensive. Additionally, the industry faces competition from low-cost producers overseas, who may benefit from lower labor costs and less stringent regulations. This competitive landscape puts pressure on North American companies to keep operational costs down, potentially impacting their investments in advanced equipment. Moreover, as the North American underground mining equipment market matures, the overall growth rate may slow down compared to developing regions, necessitating strategic adaptation to sustain growth amidst evolving market dynamics.

Market Segmentation Analysis:

By Product Type:

In the North America underground mining equipment market, segmentation by product type reveals distinct categories catering to diverse operational needs. Mining loaders, essential for material transportation and loading tasks in confined spaces, constitute a significant segment. Mining trucks, crucial for transporting excavated materials within underground mines, also hold a notable market share. Mining drills, indispensable for excavation processes, play a pivotal role in accessing underground mineral deposits. Mining bolters, responsible for reinforcing tunnel walls and ceilings, contribute to ensuring structural integrity and safety in underground mining operations. Lastly, mining shearers, specialized equipment used in longwall mining operations, facilitate the extraction of coal or other minerals from underground seams. Each product type serves a specific function in underground mining operations, collectively contributing to the efficiency and productivity of mining activities across North America.

By Mining Technique:

The North America underground mining equipment market can also be segmented based on mining technique, distinguishing between soft rock mining and hard rock mining. Soft rock mining involves extracting minerals from relatively softer materials such as coal, salt, and potash, utilizing techniques suitable for less abrasive underground environments. In contrast, hard rock mining entails extracting minerals from solid rock formations, necessitating robust equipment capable of withstanding high levels of abrasion and impact. Both soft rock and hard rock mining techniques present unique challenges and requirements, influencing the selection and utilization of underground mining equipment tailored to specific geological conditions and operational needs. Understanding these segments enables mining companies and equipment manufacturers to align their offerings with the diverse demands of the North America underground mining market, ensuring optimal performance and operational efficiency in underground mining operations.

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Segments:

Based on Product Type

  • Mining Loaders
  • Mining Trucks
  • Mining Drills
  • Mining Bolters
  • Mining Shearer

Based on Mining Technique

  • Soft Rock Mining
  • Hard Rock Mining

Based on End-user

  • Mining Operators
  • Rental Service Provider

Based on the Geography:

  • US.
  • Canada
  • Mexico

Regional Analysis

U.S.

The United States accounts for a significant share of the North American market, estimated at around 65%. This region is rich in mineral resources, including coal, copper, gold, and various industrial minerals. The well-established mining industry, coupled with stringent safety regulations and environmental concerns, drives the demand for advanced and technologically sophisticated underground mining equipment. Additionally, the emphasis on increasing domestic mineral production to support the manufacturing and construction sectors further fuels the need for efficient mining equipment.

Canada

Canada holds a market share of approximately 35% in the North American underground mining equipment market. This region is endowed with abundant mineral resources, including gold, copper, nickel, and diamonds. The Canadian mining industry is renowned for its strong focus on sustainability, worker safety, and environmental stewardship. This has led to a high demand for innovative underground mining equipment that incorporates advanced technologies, such as automation, remote monitoring, and optimized energy efficiency. Additionally, the vast and remote mining operations in Canada necessitate the deployment of robust and reliable equipment capable of withstanding harsh environmental conditions.

Key Player Analysis

  1. AB Volvo (Volvo Construction Equipment)
  2. Caterpillar Inc.
  3. Deere & Company
  4. Doosan Corporation
  5. Atlas Copco AB (Epiroc AB)
  6. Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.)
  7. Komatsu Ltd
  8. Liebherr-International AG
  9. Metso Corporation
  10. Sandvik AB

Competitive Analysis

In the competitive landscape of the North America underground mining equipment market, several leading players vie for market dominance by leveraging their extensive product portfolios, technological innovation, and global presence. Caterpillar Inc., a prominent player in the industry, offers a diverse range of underground mining equipment known for its reliability and performance. Komatsu Ltd., another key player, distinguishes itself through its innovative equipment solutions designed to enhance productivity and safety in underground mining environments. Sandvik AB, renowned for its cutting-edge technologies and comprehensive solutions, maintains significant market presence by catering to evolving industry needs. Additionally, Epiroc AB, Hitachi Construction Machinery Co., Ltd., and Volvo Group bolster market competition through their commitment to delivering high-quality underground mining equipment and providing exceptional customer support services. As competition intensifies, these leading players continually strive to differentiate themselves through product innovation, strategic partnerships, and customer-centric approaches to maintain their competitive edge in the North America underground mining equipment market.

Recent Developments

In June 2023, 3D-P became powered by Epiroc, reflecting the integration of the two companies. The new logotype removed the tagline of Technology Connected and intensified the collaboration and communication with consumers. 3D-P excels in the South America region in terms of presence.

In March 2023, Volvo Trucks partnered with Boliden, the Swedish mining group, to introduce battery electric trucks for heavy underground transport in Boliden’s Kankberg mine, aiming to reduce CO2 emissions by over 25% and contribute to a more sustainable mining industry.

In December 2022, Sandvik Mining and Rock Solutions, a subsidiary of Sandvik AB launched new DD322i drill for underground mining application. It is highly compact, automated, and twin boom drill for underground development, and smart tunneling. This type of drill is used in tunneling and mining applications. Also, it requires a cheap cost as compared to other systems.

In November 2022, Miller Technology Incorporated based in Canada, introduced a new electric grader for performing in underground mining applications. It is retrofit by HBM Novas 110 M, and it is powered by Ionic drive systems.

In August 2022, Volvo Trucks partnered with Boliden, the Swedish mining group, to introduce battery electric trucks for heavy underground transport in Boliden’s Kankberg mine, aiming to reduce CO2 emissions by over 25% and contribute to a more sustainable mining industry.

Market Concentration & Characteristics

The North America underground mining equipment market exhibits characteristics of moderate market concentration, with a few key players dominating a significant portion of the market share. Leading manufacturers such as Caterpillar Inc., Komatsu Ltd., and Sandvik AB hold prominent positions, leveraging their extensive product portfolios and technological expertise. This concentration is accentuated by high barriers to entry, including substantial capital requirements and stringent regulatory compliance standards, which limit the entry of new competitors. Customer preferences for reputable brands and proven equipment reliability further contribute to market consolidation. Additionally, the market is characterized by continuous innovation and technological advancements aimed at enhancing equipment efficiency, safety, and environmental sustainability. As a result, market participants focus on strategic differentiation through product innovation, superior customer service, and strategic partnerships to maintain their competitive edge and meet the evolving demands of the North America underground mining equipment market.

Report Coverage

The research report offers an in-depth analysis based on Product Type, Mining Technique, End-user and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. Continued Growth: The North America underground mining equipment market is expected to witness steady growth driven by ongoing demand for minerals and metals.
  2. Technological Advancements: Ongoing innovations in underground mining equipment, including automation and digitalization, will enhance operational efficiency and safety.
  3. Sustainability Initiatives: Rising environmental awareness will drive the adoption of eco-friendly equipment to reduce emissions and support sustainability goals.
  4. Infrastructure Development: Investments in infrastructure projects will fuel demand for underground mining equipment, particularly in regions with extensive construction and industrial development.
  5. Market Expansion: Expansion of mining activities into untapped regions and exploration of new mineral reserves will broaden the market scope for underground mining equipment.
  6. Regulatory Compliance: Stricter regulations pertaining to safety and environmental protection will influence equipment design and operational practices.
  7. Focus on Efficiency: Mining companies will prioritize equipment solutions that offer higher productivity, lower operating costs, and improved energy efficiency.
  8. Digitalization: Increased integration of digital technologies, such as data analytics and predictive maintenance, will optimize equipment performance and minimize downtime.
  9. Rental Market Growth: The rise of equipment rental services will offer flexibility to mining companies, reducing upfront investment requirements.
  10. Economic Factors: Economic stability and geopolitical developments will continue to impact market dynamics, influencing investment decisions and market expansion strategies.

CHAPTER NO. 1 : INTRODUCTION 15

1.1.1. Report Description 15

Purpose of the Report 15

USP & Key Offerings 15

1.1.2. Key Benefits for Stakeholders 15

1.1.3. Target Audience 16

1.1.4. Report Scope 16

CHAPTER NO. 2 : EXECUTIVE SUMMARY 17

2.1. Underground Mining Equipment Market Snapshot 17

2.1.1. North America Underground Mining Equipment Market, 2018 – 2032 (Units) (USD Million) 18

2.2. Insights from Primary Respondents 19

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 20

3.1. Russia-Ukraine and Israel-Palestine War Impacts 20

CHAPTER NO. 4 : UNDERGROUND MINING EQUIPMENT MARKET – INDUSTRY ANALYSIS 21

4.1. Introduction 21

4.2. Market Drivers 22

4.2.1. Driving Factor 1 Analysis 22

4.2.2. Driving Factor 2 Analysis 23

4.3. Market Restraints 24

4.3.1. Restraining Factor Analysis 24

4.4. Market Opportunities 25

4.4.1. Market Opportunity Analysis 25

4.5. Porter’s Five Forces Analysis 26

CHAPTER NO. 5 : ANALYSIS COMPETITIVE LANDSCAPE 27

5.1. Company Market Share Analysis – 2023 27

5.1.1. North America Underground Mining Equipment Market: Company Market Share, by Volume, 2023 27

5.1.2. North America Underground Mining Equipment Market: Company Market Share, by Revenue, 2023 28

5.1.3. North America Underground Mining Equipment Market: Top 6 Company Market Share, by Revenue, 2023 28

5.1.4. North America Underground Mining Equipment Market: Top 3 Company Market Share, by Revenue, 2023 29

5.2. North America Underground Mining Equipment Market Company Volume Market Share, 2023 30

5.3. North America Underground Mining Equipment Market Company Revenue Market Share, 2023 31

5.4. Company Assessment Metrics, 2023 32

5.4.1. Stars 32

5.4.2. Emerging Leaders 32

5.4.3. Pervasive Players 32

5.4.4. Participants 32

5.5. Start-ups /SMEs Assessment Metrics, 2023 32

5.5.1. Progressive Companies 32

5.5.2. Responsive Companies 32

5.5.3. Dynamic Companies 32

5.5.4. Starting Blocks 32

5.6. Strategic Developments 33

5.6.1. Acquisitions & Mergers 33

New Product Launch 33

Regional Expansion 33

5.7. Key Players Product Matrix 34

CHAPTER NO. 6 : PESTEL & ADJACENT MARKET ANALYSIS 35

6.1. PESTEL 35

6.1.1. Political Factors 35

6.1.2. Economic Factors 35

6.1.3. Social Factors 35

6.1.4. Technological Factors 35

6.1.5. Environmental Factors 35

6.1.6. Legal Factors 35

6.2. Adjacent Market Analysis 35

CHAPTER NO. 7 : UNDERGROUND MINING EQUIPMENT MARKET – BY PRODUCT TYPE SEGMENT ANALYSIS 36

7.1. Underground Mining Equipment Market Overview, by Product Type Segment 36

7.1.1. Underground Mining Equipment Market Volume Share, By Product Type, 2023 & 2032 37

7.1.2. Underground Mining Equipment Market Revenue Share, By Product Type, 2023 & 2032 37

7.1.3. Underground Mining Equipment Market Attractiveness Analysis, By Product Type 38

7.1.4. Incremental Revenue Growth Opportunity, by Product Type, 2024 – 2032 38

7.1.5. Underground Mining Equipment Market Revenue, By Product Type, 2018, 2023, 2027 & 2032 39

7.2. Mining Loaders 40

7.3. Mining Trucks 41

7.4. Mining Drills 42

7.5. Mining Bolters 43

7.6. Mining Shearer 44

CHAPTER NO. 8 : UNDERGROUND MINING EQUIPMENT MARKET – BY MINING TECHNIQUE SEGMENT ANALYSIS 45

8.1. Underground Mining Equipment Market Overview, by Mining Technique Segment 45

8.1.1. Underground Mining Equipment Market Volume Share, By Mining Technique, 2023 & 2032 46

8.1.2. Underground Mining Equipment Market Revenue Share, By Mining Technique, 2023 & 2032 46

8.1.3. Underground Mining Equipment Market Attractiveness Analysis, By Mining Technique 47

8.1.4. Incremental Revenue Growth Opportunity, by Mining Technique, 2024 – 2032 47

8.1.5. Underground Mining Equipment Market Revenue, By Mining Technique, 2018, 2023, 2027 & 2032 48

8.2. Soft Rock Mining 49

8.3. Hard Rock Mining 50

CHAPTER NO. 9 : UNDERGROUND MINING EQUIPMENT MARKET – BY END-USER SEGMENT ANALYSIS 51

9.1. Underground Mining Equipment Market Overview, by End-user Segment 51

9.1.1. Underground Mining Equipment Market Volume Share, By End-user, 2023 & 2032 52

9.1.2. Underground Mining Equipment Market Revenue Share, By End-user, 2023 & 2032 52

9.1.3. Underground Mining Equipment Market Attractiveness Analysis, By End-user 53

9.1.4. Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032 53

9.1.5. Underground Mining Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 54

9.2. Mining Operators 55

9.3. Rental Service Provider 56

CHAPTER NO. 10 : UNDERGROUND MINING EQUIPMENT MARKET – NORTH AMERICA 57

10.1. North America 57

10.1.1. Key Highlights 57

10.1.2. North America Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 58

10.1.3. North America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 59

10.1.4. North America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 60

10.1.5. North America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 61

10.1.6. North America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 62

10.1.7. North America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 63

10.1.8. North America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 64

10.1.9. North America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 65

10.2. U.S 66

10.3. Canada 66

10.4. Mexico 66

CHAPTER NO. 11 : COMPANY PROFILES 67

11.1. Caterpillar Inc. 67

11.1.1. Company Overview 67

11.1.2. Product Portfolio 67

11.1.3. Swot Analysis 67

11.1.4. Business Strategy 67

11.1.5. Financial Overview 68

11.2. Sandvik AB 69

11.3. Epiroc AB 69

11.4. Komatsu Ltd. 69

11.5. Boart Longyear Ltd. 69

11.6. Hitachi Construction Machinery 69

11.7. Liebherr Group 69

11.8. Sany Heavy Industry Co. Ltd. 69

11.9. Volvo Construction Equipment 69

11.10. Astec Industries Inc. 69

11.11. J.C. Bamford Excavators Ltd. (JCB) 69

11.12. Normet 69

11.13. Maclean Engineering and Marketing Co. 69

11.14. J.H. Fletcher and Co. 69

11.15. Hermann Paus Maschienfabrik GmbH 69

11.16. Timberland Equipment 69

11.17. Getman Corporation 69

11.18. Kovatera Inc. 69

11.19. Maccaferri Inc. 69

CHAPTER NO. 12 : RESEARCH METHODOLOGY 70

12.1. Research Methodology 70

12.1.1. Phase I – Secondary Research 71

12.1.2. Phase II – Data Modeling 71

Company Share Analysis Model 72

Revenue Based Modeling 72

12.1.3. Phase III – Primary Research 73

12.1.4. Research Limitations 74

Assumptions 74

List of Figures

FIG NO. 1. North America Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 18

FIG NO. 2. Porter’s Five Forces Analysis for North America Underground Mining Equipment Market 26

FIG NO. 3. Company Share Analysis, 2023 27

FIG NO. 4. Company Share Analysis, 2023 28

FIG NO. 5. Company Share Analysis, 2023 28

FIG NO. 6. Company Share Analysis, 2023 29

FIG NO. 7. Underground Mining Equipment Market – Company Volume  Market Share, 2023 30

FIG NO. 8. Underground Mining Equipment Market – Company Revenue Market Share, 2023 31

FIG NO. 9. Underground Mining Equipment Market Volume Share, By Product Type, 2023 & 2032 37

FIG NO. 10. Underground Mining Equipment Market Revenue Share, By Product Type, 2023 & 2032 37

FIG NO. 11. Market Attractiveness Analysis, By Product Type 38

FIG NO. 12. Incremental Revenue Growth Opportunity by Product Type, 2024 – 2032 38

FIG NO. 13. Underground Mining Equipment Market Revenue, By Product Type, 2018, 2023, 2027 & 2032 39

FIG NO. 14. North America Underground Mining Equipment Market for Mining Loaders, Volume & Revenue (Units) (USD Million) 2018 – 2032 40

FIG NO. 15. North America Underground Mining Equipment Market for Mining Trucks, Volume & Revenue (Units) (USD Million) 2018 – 2032 41

FIG NO. 16. North America Underground Mining Equipment Market for Mining Drills, Volume & Revenue (Units) (USD Million) 2018 – 2032 42

FIG NO. 17. North America Underground Mining Equipment Market for Mining Bolters, Volume & Revenue (Units) (USD Million) 2018 – 2032 43

FIG NO. 18. North America Underground Mining Equipment Market for Mining Shearer, Volume & Revenue (Units) (USD Million) 2018 – 2032 44

FIG NO. 19. Underground Mining Equipment Market Volume Share, By Mining Technique, 2023 & 2032 46

FIG NO. 20. Underground Mining Equipment Market Revenue Share, By Mining Technique, 2023 & 2032 46

FIG NO. 21. Market Attractiveness Analysis, By Mining Technique 47

FIG NO. 22. Incremental Revenue Growth Opportunity by Mining Technique, 2024 – 2032 47

FIG NO. 23. Underground Mining Equipment Market Revenue, By Mining Technique, 2018, 2023, 2027 & 2032 48

FIG NO. 24. North America Underground Mining Equipment Market for Soft Rock Mining, Volume & Revenue (Units) (USD Million) 2018 – 2032 49

FIG NO. 25. North America Underground Mining Equipment Market for Hard Rock Mining, Volume & Revenue (Units) (USD Million) 2018 – 2032 50

FIG NO. 26. Underground Mining Equipment Market Volume Share, By End-user, 2023 & 2032 52

FIG NO. 27. Underground Mining Equipment Market Revenue Share, By End-user, 2023 & 2032 52

FIG NO. 28. Market Attractiveness Analysis, By End-user 53

FIG NO. 29. Incremental Revenue Growth Opportunity by End-user, 2024 – 2032 53

FIG NO. 30. Underground Mining Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 54

FIG NO. 31. North America Underground Mining Equipment Market for Mining Operators, Volume & Revenue (Units) (USD Million) 2018 – 2032 55

FIG NO. 32. North America Underground Mining Equipment Market for Rental Service Provider, Volume & Revenue (Units) (USD Million) 2018 – 2032 56

FIG NO. 33. North America Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 57

FIG NO. 34. Research Methodology – Detailed View 70

FIG NO. 35. Research Methodology 71

 

List of Tables

TABLE NO. 1. : North America Underground Mining Equipment Market: Snapshot 17

TABLE NO. 2. : Drivers for the Underground Mining Equipment Market: Impact Analysis 22

TABLE NO. 3. : Restraints for the Underground Mining Equipment Market: Impact Analysis 24

TABLE NO. 4. : North America Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 58

TABLE NO. 5. : North America Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 58

TABLE NO. 6. : North America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 59

TABLE NO. 7. : North America Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 59

TABLE NO. 8. : North America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 60

TABLE NO. 9. : North America Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 60

TABLE NO. 10. : North America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 61

TABLE NO. 11. : North America Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 61

TABLE NO. 12. : North America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 62

TABLE NO. 13. : North America Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 62

TABLE NO. 14. : North America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 63

TABLE NO. 15. : North America Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 63

TABLE NO. 16. : North America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 64

TABLE NO. 17. : North America Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 64

TABLE NO. 18. : North America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 65

TABLE NO. 19. : North America Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 65

Frequently Asked Questions:

What is the current size of the North America Underground Mining Equipment Market?

The North America underground mining equipment market is projected to witness substantial growth, with market value expected to increase from USD 9,215.63 million in 2023 to USD 13,116.72 million by 2032, reflecting a compound annual growth rate of 4.00%.

What factors are driving the growth of the North America Underground Mining Equipment Market?

The growth of the North America underground mining equipment market is primarily driven by rising demand for minerals and metals, technological advancements such as automation and remote monitoring, increasing emphasis on sustainability, and stringent regulations governing environmental protection.

What are the key segments within the North America Underground Mining Equipment Market?

The key segments within the North America underground mining equipment market include product type segments such as mining loaders, mining trucks, mining drills, mining bolters, and mining shearers, as well as mining technique segments such as soft rock mining and hard rock mining.

What are some challenges faced by the North America Underground Mining Equipment Market?

Challenges faced by the North America underground mining equipment market include high initial investment costs, skilled labor shortage, fluctuating commodity prices, stringent regulations, competition from low-cost producers, and the maturing nature of the market.

Who are the major players in the North America Underground Mining Equipment Market?

Major players in the North America underground mining equipment market include Caterpillar Inc., Komatsu Ltd., Sandvik AB, AB Volvo (Volvo Construction Equipment), Deere & Company, Doosan Corporation, Atlas Copco AB (Epiroc AB), Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.), Liebherr-International AG, and Metso Corporation.

Which segment is leading the market share?

The mining loaders segment is leading the market share within the North America underground mining equipment market, followed by mining trucks, mining drills, mining bolters, and mining shearers.

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Automotive Braking System Market

Published:
Report ID: 3176

India Logistics Market

Published:
Report ID: 39458

France Tyre Market

Published:
Report ID: 39266

South Korea Tyre Market

Published:
Report ID: 39259

UK Underground Mining Equipment Market

Published:
Report ID: 39142

U.S. Underground Mining Equipment Market

Published:
Report ID: 39139

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