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Global Underground Mining Equipment Market By Application (Coal Mining, Metal Mining and Minerals Mining) By Based on Product Type (Mining Loaders, Mining Trucks, Mining Drills, Mining Bolters Mining Shearer) By Based on Mining Technique (Soft Rock Mining, Hard Rock Mining, Based on End-user, Mining Operators, Rental Service Provider)– Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 10970 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Underground Mining Equipment Market Size 2023 USD 28,761.02 million
Underground Mining Equipment Market, CAGR 4.30%
Underground Mining Equipment Market Size 2032 USD 42,011.00 million

Market Overview

The Global Underground Mining Equipment Market is projected to grow from USD 28,761.02 million in 2023 to USD 42,011.00 million by 2032, at a compound annual growth rate (CAGR) of 4.30%.

The Global Underground Mining Equipment Market is driven by increasing demand for minerals and metals, advancements in mining technologies, and the growing adoption of automation and IoT in mining operations. Additionally, rising investments in mining activities, particularly in emerging economies, and stringent regulations on surface mining are promoting underground mining. Trends such as the development of eco-friendly and energy-efficient equipment, integration of AI and machine learning for predictive maintenance, and the shift towards electric and battery-powered machinery are shaping the market’s future. These factors collectively contribute to the market’s steady growth and technological evolution.

The Global Underground Mining Equipment Market is geographically dominated by North America and Asia-Pacific due to extensive mining activities and significant investments in advanced mining technologies. Key players in the market include Caterpillar Inc., Sandvik AB, Komatsu Ltd., and Epiroc AB, which lead through innovation, comprehensive product offerings, and strategic partnerships. Europe also shows strong market presence, driven by stringent environmental regulations promoting sustainable mining practices. Meanwhile, Latin America and Africa are emerging markets, experiencing rapid growth due to increased exploration activities and investments in mining infrastructure. These regions collectively shape the competitive landscape of the market.

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Market Drivers

Rising Demand for Minerals and Metals

The growing demand for minerals and metals such as copper, gold, iron ore, and coal is a major driver of the underground mining equipment market. For instance, the global economy’s appetite for materials has quadrupled since 1970, faster than the population, which only doubled. On average, each human uses more than 13 metric tons of materials per year. In 2017, it’s estimated that humans consumed 100.6B metric tons of material in total. As demand for metals and minerals such as lithium, nickel, cobalt, graphite, copper, aluminium, and rare earth elements soar, this interactive tool makes quantitative data and projections on these critical materials available to the public and policymakers. These materials are essential for various industries, including construction, electronics, and transportation. As these sectors expand and the demand for their products increases, there is a corresponding need for efficient and reliable equipment to extract minerals from underground mines. This growing demand directly translates into higher investments in underground mining equipment, propelling market growth.

Increasing Investment in Mining Projects

There is a notable trend of increasing investments in mining projects worldwide, driven by the depletion of easily accessible mineral resources and the necessity to explore new sources of minerals and metals. For instance, the global mining industry has seen a 5% increase in investment year-over-year, reaching an estimated $1.3 trillion in 2023. This is in response to the depletion of surface mineral resources, which has declined by approximately 40% over the past decade. Consequently, companies are investing an average of $200 million into each new mining project, with a focus on advanced technologies that enable operations at depths exceeding 2,000 meters, where traditional equipment is no longer viable. Moreover, the demand for metals like copper and lithium, essential for electric vehicles and renewable energy technologies, has risen by 10% annually. This has led to a 30% increase in the sales of underground mining equipment, with a market value projected to reach $30 billion by 2025. These investments not only reflect the industry’s growth but also its commitment to sustainable and efficient resource extraction. Companies are channeling substantial funds into developing new mining sites and enhancing existing operations to meet the rising global demand for raw materials. This surge in investment is significantly boosting the demand for advanced underground mining equipment capable of operating efficiently in challenging environments and extracting resources from deeper deposits.

Technological Advancements

Technological advancements are playing a crucial role in the evolution of the underground mining equipment market. The Equinix Mining Technology Report 2021-22 revealed that mining companies invest heavily in connectivity, telecommunications, automation, and data technology. A survey carried out as part of the report found that 93% are increasing overall spending on technology, and 44% reported they are significantly increasing investment. Technological advancements in mining have the potential to deliver more than $425bn to the industry and its stakeholders by 2025. This is equivalent to 3-4% of total industry revenue during the same period. Additionally, the integration of artificial intelligence and machine learning for predictive maintenance and operational optimization is making mining equipment more efficient and reliable. These technological improvements are driving mining companies to upgrade their equipment, further fueling market growth.

Stringent Environmental Regulations

Stringent environmental regulations are compelling mining companies to adopt more sustainable and eco-friendly mining practices. Governments and regulatory bodies worldwide are imposing stricter controls on emissions and waste generated by mining activities. As a result, there is an increasing demand for underground mining equipment designed to minimize environmental impact. Equipment that reduces emissions, enhances energy efficiency, and decreases waste generation is becoming essential for compliance with these regulations, thereby driving market demand.

Market Trends

Growth in Automation and Robotics

The underground mining equipment market is experiencing a significant shift towards automation and robotics, driven by the need to enhance safety and productivity. For instance, McKinsey and Company estimate that up to 30% of manual mining tasks will be fully automated by 2030. Safety concerns, particularly in hazardous underground environments, are prompting mining companies to adopt autonomous equipment that can operate with minimal human intervention. This includes advanced autonomous loaders, haul trucks, and drilling rigs, which are capable of performing complex tasks with precision and reliability. The implementation of robotic systems not only reduces the risk to human workers but also boosts operational efficiency by enabling continuous, round-the-clock mining operations. This trend is supported by the integration of sophisticated sensors and control systems, which allow for real-time monitoring and adjustment of mining processes, further enhancing safety and productivity. As mining companies seek to optimize their operations and reduce labor costs, the demand for automated and robotic underground mining equipment is expected to grow significantly. In fact, in the last three years alone, there have been over 62,000 patents filed and granted in the mining industry.

Focus on Electric and Battery-Powered Equipment

In response to stricter environmental regulations and the increasing emphasis on sustainability, the underground mining equipment market is witnessing a surge in the development and adoption of electric and battery-powered machinery. For instance, as per the Mine-Site Technology Adoption Survey, 39% of mines are likely to invest in battery electric vehicles (BEVs) in the next two years. Traditional diesel-powered equipment is being gradually replaced by electric alternatives, which offer substantial benefits in terms of reducing emissions and improving air quality in underground mines. This shift not only aligns with global environmental goals but also addresses the health concerns of mine workers who are exposed to diesel exhaust fumes. In fact, a miner’s personal exposure to diesel particulate matter must not exceed 160 micrograms per cubic meter (μg/m3) of total carbon (TC) when measured as an 8-hour time-weighted average. Electric and battery-powered equipment, such as electric loaders and haul trucks, significantly lower the environmental footprint of mining operations by cutting down greenhouse gas emissions and energy consumption. Additionally, advancements in battery technology are enhancing the performance and operational lifespan of these machines, making them more viable and attractive for mining companies. Recent advancements in battery capabilities and charging systems have facilitated the swift rise of electrification over the last five years. At the end of 2022, mine operators had already deployed approximately 352 trucks with battery or hybrid technologies.

Market Challenges Analysis

High Initial Cost and Skilled Labor Shortage

One of the primary challenges facing the underground mining equipment market is the high initial cost associated with purchasing and maintaining this machinery. Advanced underground mining equipment can be prohibitively expensive, posing a significant barrier for small and medium-sized mining companies that may lack the financial resources to invest in such capital-intensive assets. The high cost of acquisition is compounded by ongoing maintenance expenses, which can further strain financial resources. This economic hurdle often discourages investment in new and innovative technologies, potentially stalling advancements in the industry. Additionally, the mining sector faces a persistent shortage of skilled labor, which exacerbates the difficulty of operating and maintaining complex underground equipment. The lack of trained personnel can lead to inefficiencies and increased downtime, further driving up operational costs. The combined impact of high initial costs and a skilled labor shortage poses a substantial challenge, limiting the ability of mining companies to fully leverage advanced underground mining technologies.

Fluctuating Commodity Prices and Stringent Safety Regulations

The underground mining equipment market is also heavily influenced by fluctuating commodity prices. The profitability of mining operations is closely tied to the market prices of minerals and metals. When commodity prices are low, mining companies often reduce their expenditures, leading to decreased demand for new underground mining equipment. This volatility creates an unpredictable business environment, making it difficult for manufacturers to forecast demand and plan production. In addition to economic volatility, the industry is subject to stringent safety regulations. These regulations, while essential for protecting worker safety, add to the cost and complexity of developing and manufacturing underground mining equipment. Compliance with diverse safety standards across different regions requires significant investment in research, design, and testing, which can increase production costs and slow down the introduction of new products to the market. Moreover, the lack of standardized regulations and equipment specifications globally creates additional hurdles for manufacturers aiming to export their products, complicating international trade and market expansion. These regulatory challenges, coupled with economic uncertainties, create a complex landscape for the underground mining equipment market, necessitating careful navigation by industry stakeholders.

Market Segmentation Analysis:

By Product Type:

The Global Underground Mining Equipment Market is segmented by product type into mining loaders, mining trucks, mining drills, mining bolters, and mining shearers. Mining loaders, essential for loading and transporting extracted materials, hold a significant market share due to their versatility and efficiency in various mining operations. Mining trucks, designed for heavy-duty transportation of mined materials, are also critical, particularly in large-scale mining projects. Mining drills, pivotal for creating boreholes to access underground minerals, are in high demand, driven by advancements in drilling technologies that enhance precision and efficiency. Mining bolters, used to stabilize underground mines, are crucial for ensuring safety and structural integrity, thus gaining traction in safety-conscious markets. Lastly, mining shearers, primarily used in coal mining, play a vital role in cutting and extracting material. Each of these product types addresses specific needs within the mining process, contributing to a diverse and dynamic market landscape.

By Mining Technique:

The underground mining equipment market is also segmented based on mining techniques into soft rock mining and hard rock mining. Soft rock mining, which includes the extraction of minerals like coal and potash, relies heavily on specialized equipment such as continuous miners and shearers. This segment benefits from the rising demand for energy resources and agricultural minerals, driving consistent growth. In contrast, hard rock mining, which involves the extraction of precious metals and minerals like gold, silver, and copper, demands robust and technologically advanced equipment such as drills, bolters, and loaders. This segment is propelled by the increasing demand for precious and industrial metals, essential for various industries including electronics, construction, and automotive. The distinct requirements of soft rock and hard rock mining techniques necessitate specific equipment and technologies, fostering innovation and specialization within the underground mining equipment market. Each technique’s unique challenges and opportunities shape the market dynamics, promoting diverse growth avenues.

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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:

  • North America
  • Asia-Pacific
  • South America
  • Europe
  • Middle East and Africa

Regional Analysis

North America

North America holds a substantial market share, propelled by the presence of established mining operations and a robust infrastructure. The region accounts for approximately 28% of the global market, with the United States and Canada being major contributors.

Asia-Pacific

Asia-Pacific emerges as a dominant force, capturing a market share of around 35%. This region’s prominence stems from the escalating demand for minerals and metals to fuel industrial growth, particularly in countries like China, India, and Australia. The presence of vast mineral reserves and favourable government policies supporting mining activities have further fueled market expansion in Asia-Pacific.

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

The Global Underground Mining Equipment Market is highly competitive, with key players such as Caterpillar Inc., Sandvik AB, and Komatsu Ltd. leading the market. Caterpillar Inc. is renowned for its comprehensive product portfolio and innovative solutions, focusing on automation and technology integration to enhance productivity and safety. Sandvik AB excels in mining automation and offers advanced drilling and loading equipment, leveraging its strong R&D capabilities to maintain a competitive edge. Komatsu Ltd. is notable for its robust mining trucks and loaders, emphasizing sustainability with electric and hybrid equipment options. Epiroc AB, a spin-off from Atlas Copco, is a leader in drilling and rock excavation technology, focusing on energy efficiency and digitalization. Hitachi Construction Machinery and Liebherr-International AG also play significant roles, offering diverse and technologically advanced equipment. These companies compete on technological innovation, product reliability, and customer support, driving continuous improvements and advancements in the 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 Global Underground Mining Equipment Market exhibits a moderate to high market concentration, dominated by a few key players such as Caterpillar Inc., Sandvik AB, Komatsu Ltd., and Epiroc AB. These companies command significant market shares due to their extensive product portfolios, technological advancements, and robust distribution networks. The market is characterized by high entry barriers, including substantial capital requirements and the need for specialized expertise, which limit the entry of new competitors. Innovation, particularly in automation, electrification, and IoT integration, is a crucial characteristic, driving continuous product development and differentiation. Additionally, the market is influenced by stringent safety and environmental regulations, necessitating compliance and adaptation by manufacturers. The emphasis on sustainability and efficiency further shapes the market dynamics, compelling leading players to focus on eco-friendly and energy-efficient solutions. This concentration and these characteristics create a competitive environment where established companies leverage their strengths to maintain market leadership and drive industry advancements.

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. The market is expected to witness steady growth driven by increasing demand for minerals and metals.
  2. Advancements in automation and robotics will enhance operational efficiency and safety.
  3. The adoption of electric and battery-powered equipment will rise due to stricter environmental regulations.
  4. Integration of IoT and AI technologies will optimize mining operations and predictive maintenance.
  5. Emerging markets in Latin America and Africa will offer significant growth opportunities.
  6. Refurbished and rental equipment will gain popularity as cost-effective alternatives.
  7. Investment in research and development will lead to innovative and sustainable mining solutions.
  8. Fluctuating commodity prices will continue to impact market dynamics.
  9. Stringent safety regulations will drive the development of advanced safety features in equipment.
  10. Strategic collaborations and partnerships among key players will shape the competitive landscape.

CHAPTER NO. 1 : INTRODUCTION 25

1.1.1. Report Description 25

Purpose of the Report 25

USP & Key Offerings 25

1.1.2. Key Benefits for Stakeholders 25

1.1.3. Target Audience 26

1.1.4. Report Scope 26

1.1.5. Regional Scope 27

CHAPTER NO. 2 : EXECUTIVE SUMMARY 28

2.1. Underground Mining Equipment Market Snapshot 28

2.1.1. Global Underground Mining Equipment Market, 2018 – 2032 (Units) (USD Million) 30

2.2. Insights from Primary Respondents 31

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 32

3.1. Russia-Ukraine and Israel-Palestine War Impacts 32

CHAPTER NO. 4 : UNDERGROUND MINING EQUIPMENT MARKET – INDUSTRY ANALYSIS 33

4.1. Introduction 33

4.2. Market Drivers 34

4.2.1. Driving Factor 1 Analysis 34

4.2.2. Driving Factor 2 Analysis 35

4.3. Market Restraints 36

4.3.1. Restraining Factor Analysis 36

4.4. Market Opportunities 37

4.4.1. Market Opportunity Analysis 37

4.5. Porter’s Five Forces Analysis 38

CHAPTER NO. 5 : ANALYSIS COMPETITIVE LANDSCAPE 39

5.1. Company Market Share Analysis – 2023 39

5.1.1. Global Underground Mining Equipment Market: Company Market Share, by Volume, 2023 39

5.1.2. Global Underground Mining Equipment Market: Company Market Share, by Revenue, 2023 40

5.1.3. Global Underground Mining Equipment Market: Top 6 Company Market Share, by Revenue, 2023 40

5.1.4. Global Underground Mining Equipment Market: Top 3 Company Market Share, by Revenue, 2023 40

5.2. Global Underground Mining Equipment Market Company Volume Market Share, 2023 42

5.3. Global Underground Mining Equipment Market Company Revenue Market Share, 2023 43

5.4. Company Assessment Metrics, 2023 44

5.4.1. Stars 44

5.4.2. Emerging Leaders 44

5.4.3. Pervasive Players 44

5.4.4. Participants 44

5.5. Start-ups /SMEs Assessment Metrics, 2023 44

5.5.1. Progressive Companies 44

5.5.2. Responsive Companies 44

5.5.3. Dynamic Companies 44

5.5.4. Starting Blocks 44

5.6. Strategic Developments 45

5.6.1. Acquisitions & Mergers 45

New Product Launch 45

Regional Expansion 45

5.7. Key Players Product Matrix 46

CHAPTER NO. 6 : PESTEL & ADJACENT MARKET ANALYSIS 47

6.1. PESTEL 47

6.1.1. Political Factors 47

6.1.2. Economic Factors 47

6.1.3. Social Factors 47

6.1.4. Technological Factors 47

6.1.5. Environmental Factors 47

6.1.6. Legal Factors 47

6.2. Adjacent Market Analysis 47

CHAPTER NO. 7 : UNDERGROUND MINING EQUIPMENT MARKET – BY PRODUCT TYPE SEGMENT ANALYSIS 48

7.1. Underground Mining Equipment Market Overview, by Product Type Segment 48

7.1.1. Underground Mining Equipment Market Volume Share, By Product Type, 2023 & 2032 49

7.1.2. Underground Mining Equipment Market Revenue Share, By Product Type, 2023 & 2032 49

7.1.3. Underground Mining Equipment Market Attractiveness Analysis, By Product Type 50

7.1.4. Incremental Revenue Growth Opportunity, by Product Type, 2024 – 2032 50

7.1.5. Underground Mining Equipment Market Revenue, By Product Type, 2018, 2023, 2027 & 2032 51

7.2. Mining Loaders 52

7.2.1. Global Mining Loaders Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 53

7.2.2. Global Mining Loaders Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 53

7.3. Mining Trucks 55

7.3.1. Global Mining Trucks Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 56

7.3.2. Global Mining Trucks Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 56

7.4. Mining Drills 58

7.4.1. Global Mining Drills Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 59

7.4.2. Global Mining Drills Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 59

7.5. Mining Bolters 61

7.5.1. Global Mining Bolters Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 62

7.5.2. Global Mining Bolters Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 62

7.6. Mining Shearer 64

7.6.1. Global Mining Shearer Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 65

7.6.2. Global Mining Shearer Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 65

CHAPTER NO. 8 : UNDERGROUND MINING EQUIPMENT MARKET – BY MINING TECHNIQUE SEGMENT ANALYSIS 66

8.1. Underground Mining Equipment Market Overview, by Mining Technique Segment 66

8.1.1. Underground Mining Equipment Market Volume Share, By Mining Technique, 2023 & 2032 67

8.1.2. Underground Mining Equipment Market Revenue Share, By Mining Technique, 2023 & 2032 67

8.1.3. Underground Mining Equipment Market Attractiveness Analysis, By Mining Technique 68

8.1.4. Incremental Revenue Growth Opportunity, by Mining Technique, 2024 – 2032 68

8.1.5. Underground Mining Equipment Market Revenue, By Mining Technique, 2018, 2023, 2027 & 2032 69

8.2. Soft Rock Mining 70

8.2.1. Global Soft Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 71

8.2.2. Global Soft Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 71

8.3. Hard Rock Mining 72

8.3.1. Global Hard Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 73

8.3.2. Global Hard Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 73

CHAPTER NO. 9 : UNDERGROUND MINING EQUIPMENT MARKET – BY END-USER SEGMENT ANALYSIS 74

9.1. Underground Mining Equipment Market Overview, by End-user Segment 74

9.1.1. Underground Mining Equipment Market Volume Share, By End-user, 2023 & 2032 75

9.1.2. Underground Mining Equipment Market Revenue Share, By End-user, 2023 & 2032 75

9.1.3. Underground Mining Equipment Market Attractiveness Analysis, By End-user 76

9.1.4. Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032 76

9.1.5. Underground Mining Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 77

9.2. Mining Operators 78

9.2.1. Global Mining Operators Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 79

9.2.2. Global Mining Operators Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 79

9.3. Rental Service Provider 81

9.3.1. Global Rental Service Provider Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 82

9.3.2. Global Rental Service Provider Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 82

CHAPTER NO. 10 : UNDERGROUND MINING EQUIPMENT MARKET – REGIONAL ANALYSIS 83

10.1. Underground Mining Equipment Market Overview, by Regional Segments 83

10.2. Region 84

10.2.1. Global Underground Mining Equipment Market Volume Share, By Region, 2023 & 2032 84

10.2.2. Global Underground Mining Equipment Market Revenue Share, By Region, 2023 & 2032 84

10.2.3. Underground Mining Equipment Market Attractiveness Analysis, By Region 85

10.2.4. Incremental Revenue Growth Opportunity, by Region, 2024 – 2032 85

10.2.5. Underground Mining Equipment Market Revenue, By Region, 2018, 2023, 2027 & 2032 86

10.2.6. Global Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 87

10.2.7. Global Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 87

10.3. Product Type 88

10.3.1. Global Underground Mining Equipment Market Volume & Revenue, By Product Type, 2018 – 2023 (Units) (USD Million) 88

10.4. Global Underground Mining Equipment Market Volume & Revenue, By Product Type, 2024 – 2032 (Units) (USD Million) 88

10.5. Mining Technique 89

10.5.1. Global Underground Mining Equipment Market Volume & Revenue, By Mining Technique, 2018 – 2023 (Units) (USD Million) 89

10.5.2. Global Underground Mining Equipment Market Volume & Revenue, By Mining Technique, 2024 – 2032 (Units) (USD Million) 90

10.6. End-user 91

10.6.1. Global Underground Mining Equipment Market Volume & Revenue, By End-user, 2018 – 2023 (Units) (USD Million) 91

10.6.2. Global Underground Mining Equipment Market Volume & Revenue, By End-user, 2024 – 2032 (Units) (USD Million) 92

CHAPTER NO. 11 : UNDERGROUND MINING EQUIPMENT MARKET – NORTH AMERICA 93

11.1. North America 93

11.1.1. Key Highlights 93

11.1.2. North America Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 94

11.1.3. North America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 95

11.1.4. North America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 96

11.1.5. North America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 97

11.1.6. North America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 98

11.1.7. North America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 99

11.1.8. North America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 100

11.1.9. North America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 101

11.2. U.S. 102

11.3. Canada 102

11.4. Mexico 102

CHAPTER NO. 12 : UNDERGROUND MINING EQUIPMENT MARKET – EUROPE 103

12.1. Europe 103

12.1.1. Key Highlights 103

12.1.2. Europe Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 104

12.1.3. Europe Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 105

12.1.4. Europe Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 106

12.1.5. Europe Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 107

12.1.6. Europe Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 108

12.1.7. Europe Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 109

12.1.8. Europe Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 110

12.1.9. Europe Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 111

12.2. UK 112

12.3. France 112

12.4. Germany 112

12.5. Italy 112

12.6. Spain 112

12.7. Russia 112

12.8. Belgium 112

12.9. Netherland 112

12.10. Austria 112

12.11. Sweden 112

12.12. Poland 112

12.13. Denmark 112

12.14. Switzerland 112

12.15. Rest of Europe 112

CHAPTER NO. 13 : UNDERGROUND MINING EQUIPMENT MARKET – ASIA PACIFIC 113

13.1. Asia Pacific 113

13.1.1. Key Highlights 113

13.1.2. Asia Pacific Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 114

13.1.3. Asia Pacific Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 115

13.1.4. Asia Pacific Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 116

13.1.5. Asia Pacific Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 117

13.1.6. Asia Pacific Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 118

13.1.7. Asia Pacific Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 119

13.1.8. Asia Pacific Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 120

13.1.9. Asia Pacific Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 121

13.2. China 122

13.3. Japan 122

13.4. South Korea 122

13.5. India 122

13.6. Australia 122

13.7. Thailand 122

13.8. Indonesia 122

13.9. Vietnam 122

13.10. Malaysia 122

13.11. Philippines 122

13.12. Taiwan 122

13.13. Rest of Asia Pacific 122

CHAPTER NO. 14 : UNDERGROUND MINING EQUIPMENT MARKET – LATIN AMERICA 123

14.1. Latin America 123

14.1.1. Key Highlights 123

14.1.2. Latin America Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 124

14.1.3. Latin America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 125

14.1.4. Latin America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 126

14.1.5. Latin America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 127

14.1.6. Latin America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 128

14.1.7. Latin America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 129

14.1.8. Latin America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 130

14.1.9. Latin America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 131

14.2. Brazil 132

14.3. Argentina 132

14.4. Peru 132

14.5. Chile 132

14.6. Colombia 132

14.7. Rest of Latin America 132

CHAPTER NO. 15 : UNDERGROUND MINING EQUIPMENT MARKET – MIDDLE EAST 133

15.1. Middle East 133

15.1.1. Key Highlights 133

15.1.2. Middle East Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 134

15.1.3. Middle East Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 135

15.1.4. Middle East Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 136

15.1.5. Middle East Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 137

15.1.6. Middle East Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 138

15.1.7. Middle East Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 139

15.1.8. Middle East Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 140

15.1.9. Middle East Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 141

15.2. UAE 142

15.3. KSA 142

15.4. Israel 142

15.5. Turkey 142

15.6. Iran 142

15.7. Rest of Middle East 142

CHAPTER NO. 16 : UNDERGROUND MINING EQUIPMENT MARKET – AFRICA 143

16.1. Africa 143

16.1.1. Key Highlights 143

16.1.2. Africa Underground Mining Equipment Market Volume, By Country, 2018 – 2032 (Units) 144

16.1.3. Africa Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 145

16.1.4. Africa Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 146

16.1.5. Africa Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 147

16.1.6. Africa Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 148

16.1.7. Africa Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 149

16.1.8. Africa Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 150

16.1.9. Africa Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 151

16.2. Egypt 151

16.3. Nigeria 151

16.4. Algeria 151

16.5. Morocco 151

16.6. Rest of Africa 151

CHAPTER NO. 17 : COMPANY PROFILES 153

17.1. AB VOLVO (VOLVO CONSTRUCTION EQUIPMENT) 153

17.1.1. Company Overview 153

17.1.2. Product Portfolio 153

17.1.3. Swot Analysis 153

17.1.4. Business Strategy 153

17.1.5. Financial Overview 154

17.2. CATERPILLAR INC. 155

17.3. DEERE & COMPANY 155

17.4. DOOSAN CORPORATION 155

17.5. Atlas Copco AB (Epiroc AB) 155

17.6. HITACHI, LTD. (HITACHI CONSTRUCTION MACHINERY CO., LTD.), 155

17.7. KOMATSU LTD 155

17.8. LIEBHERR-INTERNATIONAL AG 155

17.9. METSO CORPORATION 155

17.10. SANDVIK AB 155

 

CHAPTER NO. 18 : RESEARCH METHODOLOGY 156

18.1. Research Methodology 156

18.1.1. Phase I – Secondary Research 157

18.1.2. Phase II – Data Modeling 157

Company Share Analysis Model 158

Revenue Based Modeling 158

18.1.3. Phase III – Primary Research 159

18.1.4. Research Limitations 160

Assumptions 160

List of Figures

FIG NO. 1. Global Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 35

FIG NO. 2. Porter’s Five Forces Analysis for Global Underground Mining Equipment Market 43

FIG NO. 3. Company Share Analysis, 2023 44

FIG NO. 4. Company Share Analysis, 2023 45

FIG NO. 5. Company Share Analysis, 2023 45

FIG NO. 6. Company Share Analysis, 2023 45

FIG NO. 7. Underground Mining Equipment Market – Company Volume  Market Share, 2023 47

FIG NO. 8. Underground Mining Equipment Market – Company Revenue Market Share, 2023 48

FIG NO. 9. Underground Mining Equipment Market Volume Share, By Product Type, 2023 & 2032 54

FIG NO. 10. Underground Mining Equipment Market Revenue Share, By Product Type, 2023 & 2032 54

FIG NO. 11. Market Attractiveness Analysis, By Product Type 55

FIG NO. 12. Incremental Revenue Growth Opportunity by Product Type, 2024 – 2032 55

FIG NO. 13. Underground Mining Equipment Market Revenue, By Product Type, 2018, 2023, 2027 & 2032 56

FIG NO. 14. Global Underground Mining Equipment Market for Mining Loaders, Volume & Revenue (Units) (USD Million) 2018 – 2032 57

FIG NO. 15. Global Underground Mining Equipment Market for Mining Trucks, Volume & Revenue (Units) (USD Million) 2018 – 2032 60

FIG NO. 16. Global Underground Mining Equipment Market for Mining Drills, Volume & Revenue (Units) (USD Million) 2018 – 2032 63

FIG NO. 17. Global Underground Mining Equipment Market for Mining Bolters, Volume & Revenue (Units) (USD Million) 2018 – 2032 66

FIG NO. 18. Global Underground Mining Equipment Market for Mining Shearer, Volume & Revenue (Units) (USD Million) 2018 – 2032 69

FIG NO. 19. Underground Mining Equipment Market Volume Share, By Mining Technique, 2023 & 2032 72

FIG NO. 20. Underground Mining Equipment Market Revenue Share, By Mining Technique, 2023 & 2032 72

FIG NO. 21. Market Attractiveness Analysis, By Mining Technique 73

FIG NO. 22. Incremental Revenue Growth Opportunity by Mining Technique, 2024 – 2032 73

FIG NO. 23. Underground Mining Equipment Market Revenue, By Mining Technique, 2018, 2023, 2027 & 2032 74

FIG NO. 24. Global Underground Mining Equipment Market for Soft Rock Mining, Volume & Revenue (Units) (USD Million) 2018 – 2032 75

FIG NO. 25. Global Underground Mining Equipment Market for Hard Rock Mining, Volume & Revenue (Units) (USD Million) 2018 – 2032 77

FIG NO. 26. Underground Mining Equipment Market Volume Share, By End-user, 2023 & 2032 80

FIG NO. 27. Underground Mining Equipment Market Revenue Share, By End-user, 2023 & 2032 80

FIG NO. 28. Market Attractiveness Analysis, By End-user 81

FIG NO. 29. Incremental Revenue Growth Opportunity by End-user, 2024 – 2032 81

FIG NO. 30. Underground Mining Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 82

FIG NO. 31. Global Underground Mining Equipment Market for Mining Operators, Volume & Revenue (Units) (USD Million) 2018 – 2032 83

FIG NO. 32. Global Underground Mining Equipment Market for Rental Service Provider, Volume & Revenue (Units) (USD Million) 2018 – 2032 86

FIG NO. 33. Global Underground Mining Equipment Market Volume Share, By Region, 2023 & 2032 89

FIG NO. 34. Global Underground Mining Equipment Market Revenue Share, By Region, 2023 & 2032 89

FIG NO. 35. Market Attractiveness Analysis, By Region 90

FIG NO. 36. Incremental Revenue Growth Opportunity by Region, 2024 – 2032 90

FIG NO. 37. Underground Mining Equipment Market Revenue, By Region, 2018, 2023, 2027 & 2032 91

FIG NO. 38. North America Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 98

FIG NO. 39. Europe Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 108

FIG NO. 40. Asia Pacific Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 118

FIG NO. 41. Latin America Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 128

FIG NO. 42. Middle East Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 138

FIG NO. 43. Africa Underground Mining Equipment Market Volume & Revenue, 2018 – 2032 (Units) (USD Million) 148

FIG NO. 44. Research Methodology – Detailed View 161

FIG NO. 45. Research Methodology 162

List of Tables

TABLE NO. 1. : Global Underground Mining Equipment Market: Snapshot 34

TABLE NO. 2. : Drivers for the Underground Mining Equipment Market: Impact Analysis 40

TABLE NO. 3. : Restraints for the Underground Mining Equipment Market: Impact Analysis 42

TABLE NO. 4. : Global Mining Loaders Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 59

TABLE NO. 5. : Global Mining Loaders Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 59

TABLE NO. 6. : Global Mining Trucks Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 62

TABLE NO. 7. : Global Mining Trucks Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 62

TABLE NO. 8. : Global Mining Drills Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 65

TABLE NO. 9. : Global Mining Drills Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 65

TABLE NO. 10. : Global Mining Bolters Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 68

TABLE NO. 11. : Global Mining Bolters Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 68

TABLE NO. 12. : Global Mining Shearer Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 71

TABLE NO. 13. : Global Mining Shearer Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 71

TABLE NO. 14. : Global Soft Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 77

TABLE NO. 15. : Global Soft Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 77

TABLE NO. 16. : Global Hard Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 79

TABLE NO. 17. : Global Hard Rock Mining Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 79

TABLE NO. 18. : Global Mining Operators Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 85

TABLE NO. 19. : Global Mining Operators Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 85

TABLE NO. 20. : Global Rental Service Provider Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 88

TABLE NO. 21. : Global Rental Service Provider Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 88

TABLE NO. 22. : Global Underground Mining Equipment Market Volume & Revenue, By Region, 2018 – 2023 (Units) (USD Million) 93

TABLE NO. 23. : Global Underground Mining Equipment Market Volume & Revenue, By Region, 2024 – 2032 (Units) (USD Million) 93

TABLE NO. 24. : Global Underground Mining Equipment Market Volume & Revenue, By Product Type, 2018 – 2023 (Units) (USD Million) 94

TABLE NO. 25. : Global Underground Mining Equipment Market Volume & Revenue, By Product Type, 2024 – 2032 (Units) (USD Million) 94

TABLE NO. 26. : Global Underground Mining Equipment Market Volume & Revenue, By Mining Technique, 2018 – 2023 (Units) (USD Million) 95

TABLE NO. 27. : Global Underground Mining Equipment Market Volume & Revenue, By Mining Technique, 2024 – 2032 (Units) (USD Million) 96

TABLE NO. 28. : Global Underground Mining Equipment Market Volume & Revenue, By End-user, 2018 – 2023 (Units) (USD Million) 97

TABLE NO. 29. : Global Underground Mining Equipment Market Volume & Revenue, By End-user, 2024 – 2032 (Units) (USD Million) 98

TABLE NO. 30. : North America Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 100

TABLE NO. 31. : North America Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 100

TABLE NO. 32. : North America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 101

TABLE NO. 33. : North America Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 101

TABLE NO. 34. : North America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 102

TABLE NO. 35. : North America Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 102

TABLE NO. 36. : North America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 103

TABLE NO. 37. : North America Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 103

TABLE NO. 38. : North America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 104

TABLE NO. 39. : North America Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 104

TABLE NO. 40. : North America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 105

TABLE NO. 41. : North America Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 105

TABLE NO. 42. : North America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 106

TABLE NO. 43. : North America Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 106

TABLE NO. 44. : North America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 107

TABLE NO. 45. : North America Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 107

TABLE NO. 46. : Europe Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 110

TABLE NO. 47. : Europe Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 110

TABLE NO. 48. : Europe Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 111

TABLE NO. 49. : Europe Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 111

TABLE NO. 50. : Europe Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 112

TABLE NO. 51. : Europe Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 112

TABLE NO. 52. : Europe Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 113

TABLE NO. 53. : Europe Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 113

TABLE NO. 54. : Europe Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 114

TABLE NO. 55. : Europe Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 114

TABLE NO. 56. : Europe Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 115

TABLE NO. 57. : Europe Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 115

TABLE NO. 58. : Europe Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 116

TABLE NO. 59. : Europe Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 116

TABLE NO. 60. : Europe Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 117

TABLE NO. 61. : Europe Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 117

TABLE NO. 62. : Asia Pacific Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 120

TABLE NO. 63. : Asia Pacific Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 120

TABLE NO. 64. : Asia Pacific Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 121

TABLE NO. 65. : Asia Pacific Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 121

TABLE NO. 66. : Asia Pacific Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 122

TABLE NO. 67. : Asia Pacific Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 122

TABLE NO. 68. : Asia Pacific Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 123

TABLE NO. 69. : Asia Pacific Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 123

TABLE NO. 70. : Asia Pacific Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 124

TABLE NO. 71. : Asia Pacific Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 124

TABLE NO. 72. : Asia Pacific Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 125

TABLE NO. 73. : Asia Pacific Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 125

TABLE NO. 74. : Asia Pacific Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 126

TABLE NO. 75. : Asia Pacific Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 126

TABLE NO. 76. : Asia Pacific Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 127

TABLE NO. 77. : Asia Pacific Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 127

TABLE NO. 78. : Latin America Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 130

TABLE NO. 79. : Latin America Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 130

TABLE NO. 80. : Latin America Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 131

TABLE NO. 81. : Latin America Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 131

TABLE NO. 82. : Latin America Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 132

TABLE NO. 83. : Latin America Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 132

TABLE NO. 84. : Latin America Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 133

TABLE NO. 85. : Latin America Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 133

TABLE NO. 86. : Latin America Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 134

TABLE NO. 87. : Latin America Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 134

TABLE NO. 88. : Latin America Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 135

TABLE NO. 89. : Latin America Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 135

TABLE NO. 90. : Latin America Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 136

TABLE NO. 91. : Latin America Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 136

TABLE NO. 92. : Latin America Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 137

TABLE NO. 93. : Latin America Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 137

TABLE NO. 94. : Middle East Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 140

TABLE NO. 95. : Middle East Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 140

TABLE NO. 96. : Middle East Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 141

TABLE NO. 97. : Middle East Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 141

TABLE NO. 98. : Middle East Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 142

TABLE NO. 99. : Middle East Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 142

TABLE NO. 100. : Middle East Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 143

TABLE NO. 101. : Middle East Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 143

TABLE NO. 102. : Middle East Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 144

TABLE NO. 103. : Middle East Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 144

TABLE NO. 104. : Middle East Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 145

TABLE NO. 105. : Middle East Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 145

TABLE NO. 106. : Middle East Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 146

TABLE NO. 107. : Middle East Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 146

TABLE NO. 108. : Middle East Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 147

TABLE NO. 109. : Middle East Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 147

TABLE NO. 110. : Africa Underground Mining Equipment Market Volume, By Country, 2018 – 2023 (Units) 150

TABLE NO. 111. : Africa Underground Mining Equipment Market Volume, By Country, 2024 – 2032 (Units) 150

TABLE NO. 112. : Africa Underground Mining Equipment Market Revenue, By Country, 2018 – 2023 (USD Million) 151

TABLE NO. 113. : Africa Underground Mining Equipment Market Revenue, By Country, 2024 – 2032 (USD Million) 151

TABLE NO. 114. : Africa Underground Mining Equipment Market Volume, By Product Type, 2018 – 2023 (Units) 152

TABLE NO. 115. : Africa Underground Mining Equipment Market Volume, By Product Type, 2024 – 2032 (Units) 152

TABLE NO. 116. : Africa Underground Mining Equipment Market Revenue, By Product Type, 2018 – 2023 (USD Million) 153

TABLE NO. 117. : Africa Underground Mining Equipment Market Revenue, By Product Type, 2024 – 2032 (USD Million) 153

TABLE NO. 118. : Africa Underground Mining Equipment Market Volume, By Mining Technique, 2018 – 2023 (Units) 154

TABLE NO. 119. : Africa Underground Mining Equipment Market Volume, By Mining Technique, 2024 – 2032 (Units) 154

TABLE NO. 120. : Africa Underground Mining Equipment Market Revenue, By Mining Technique, 2018 – 2023 (USD Million) 155

TABLE NO. 121. : Africa Underground Mining Equipment Market Revenue, By Mining Technique, 2024 – 2032 (USD Million) 155

TABLE NO. 122. : Africa Underground Mining Equipment Market Volume, By End-user, 2018 – 2023 (Units) 156

TABLE NO. 123. : Africa Underground Mining Equipment Market Volume, By End-user, 2024 – 2032 (Units) 156

TABLE NO. 124. : Africa Underground Mining Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 157

TABLE NO. 125. : Africa Underground Mining Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 157

Frequently Asked Questions:

What is the current size of the Global Underground Mining Equipment Market?

The Global Underground Mining Equipment Market is projected to grow from USD 28,761.02 million in 2023 to USD 42,011.00 million by 2032, at a compound annual growth rate (CAGR) of 4.30%.

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

The market is driven by increasing demand for minerals and metals, advancements in mining technologies, and the growing adoption of automation and IoT in mining operations. Additionally, rising investments in mining activities, particularly in emerging economies, and stringent regulations on surface mining are promoting underground mining.

What are the key segments within the Global Underground Mining Equipment Market?

The market is segmented by product type into mining loaders, mining trucks, mining drills, mining bolters, and mining shearers. It is also segmented by mining technique into soft rock mining and hard rock mining. Further segmentation includes end-users such as mining operators and rental service providers, and by geography into North America, Asia-Pacific, South America, Europe, and the Middle East and Africa.

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

The market faces challenges such as high initial costs associated with purchasing and maintaining equipment, a shortage of skilled labor, fluctuating commodity prices, stringent safety regulations, and the lack of standardized regulations and equipment specifications across different regions.

Who are the major players in the Global Underground Mining Equipment Market?

Major players in the market include Caterpillar Inc., Sandvik AB, Komatsu Ltd., Epiroc AB, Hitachi Construction Machinery Co., Ltd., Liebherr-International AG, and Metso Corporation.

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