North America Underground Mining Equipment Market, By Product Type (Mining Trucks, Diggers, Mining Bottlers, Mining Shearer, Mining Drills, Continuous Miners, Mining Equipment’s, Crushing, Pulverizing and Screening Equipment’s, Others), Technique (Soft Rock Mining, Hard Rock Mining), Power Output (Less Than 500 Hp, 500-2000 Hp, Greater Than 2000 Hp), Mining Method (Longwall Mining, Room and Pillar, Barehole Mining, Block Caving, Shrinkage Stopping, Sublevel Caving, Cut and Fill Mining, Others), Movement Based (Wheeled, Crawler), Drive Type (Human Drivers, Autonomous), Application (Metal Mining, Coal Mining, Non-Metal Mining), Purchase Mode (Rented/Leased, New Purchas) , Operating Weight (More Than 14,000kg, Less Than 14,000kg), Propulsion Typediesel, Electric, CNG/LNG/RNG), End User (Mining Operations, Rental Service Provider) - Industry Trends and Forecast to 2030.
North America Underground Mining Equipment Market Analysis and Size
Some of the equipment used in underground mining includes heavy-duty trucks, large dozers, hydraulic mining shovels, electric rope shovels, motor graders, drillers, and loaders. the coming years, it is anticipated that the mining industry will transform into a climate-smart industry. Insight of this, mining companies are now eager to transition from using conventional fuels like diesel to electrification. The primary forces behind market expansion are trends in global industrialization and urbanization. Mineral consumption has increased as a result of the recent dramatic increase in population. The sharp rise in demand has also been supported by an increase in household incomes.
Data Bridge Market Research analyses that the North America underground mining equipment market, valued at USD 4,890.73 million in 2022, will reach USD 7,795.08 million by 2030, growing at a CAGR of 6% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
North America Underground Mining Equipment Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Mining Trucks, Diggers, Mining Bottlers, Mining Shearer, Mining Drills, Continuous Miners, Mining Equipment’s, Crushing, Pulverizing and Screening Equipment’s, Others), Technique (Soft Rock Mining, Hard Rock Mining), Power Output (Less Than 500 Hp, 500-2000 Hp, Greater Than 2000 Hp), Mining Method (Longwall Mining, Room and Pillar, Barehole Mining, Block Caving, Shrinkage Stopping, Sublevel Caving, Cut and Fill Mining, Others), Movement Based (Wheeled, Crawler), Drive Type (Human Drivers, Autonomous), Application (Metal Mining, Coal Mining, Non-Metal Mining), Purchase Mode (Rented/Leased, New Purchas) , Operating Weight (More Than 14,000kg, Less Than 14,000kg), Propulsion Typediesel, Electric, CNG/LNG/RNG), End User (Mining Operations, Rental Service Provider)
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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AARD Mining Equipment (South Africa), AB Volvo (Sweden), BELAZ (Belarus), Boart Longyear. (U.S.), Epiroc AB (Sweden), FLSmidth (Denmark), Hitachi Construction Machinery Co., Ltd (Japan), Hyundai Doosan Infracore (South Korea), Komatsu Mining Corp (Japan), Liebherr-International Deutschland GmbH (Switzerland), Liugong Machinery Co., Ltd. (China), Metso (Finland), minemaster.eu. (Złotoryja.), RDH -Scharf (Canada), Sandvik AB (Sweden), SANY Groups (China), Terex Corporation (U.S.), XCMG Group (China), Caterpillar (U.S.), Hager Electro-India (India)
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Market Opportunities
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Market Definition
Utilizing various subsurface techniques, underground mining is the process of removing resources from below the surface. Sending heavy machinery underground to break up the rocks and deposit them in a tank or vat is a typical mining procedure. Underground mining is used in various industries, including coal mining, oil exploration, and mining for limestone, slate, iron ore, gold panning, etc.
North America Underground Mining Equipment Market Dynamics
Drivers
- Growing need for environmentally friendly equipment
There is an increase in the equipment population through the rising demand for mining tools, including surface mining tools, crushers, drills, and breakers. Environmentally friendly mining equipment and highly dependable machines that don't harm the environment are the primary focus of manufacturers. In order to embrace sustainability, developing countries are also modifying hybrid technology to manufacture mining equipment. Which will support the environmentally friendly equipment’s and will further drive the market
- Rising disposable incomes allows growth in m market
The stable economic growth in both developed and developing regions, rising levels of disposable income, and an increase in the number of middle-class people have all contributed to a significant rise in demand for a variety of minerals, including iron, gold, copper, coal, lead, aluminum, and silver. As a result, there is a rise in demand for underground mining machinery.
Opportunities
- Technological developments produce profitable growth opportunities
Safety is crucial in lowering the risks to accidents and health posed by various mining operations. By utilizing cutting-edge methods, market participants aim to ensure the safety and security of employees. The increasing demand for metals and minerals from various end-use industries necessitates the development of new technology, machinery, and safety apparatus. AI and machine learning used in mining operations is growing, creating lucrative opportunities. Through the growing adoption of digitalization, IoT penetration, and automation in the mining industries, the market is anticipated to grow during the forecast period. The benefits of technological development have simplified and made mining safer.
- Growing urban and industrial population creates the expansion
Mineral consumption has increased as a result of the recent, dramatic population growth. The rise in household incomes, which is suitable for the market's expansion, is another factor boosting mineral demand. The demand for affordable, energy-efficient renewable energy sources like solar energy is growing due to the finite supply of fossil fuels and stringent government regulations on reducing carbon emissions. This is what drives the market's expansion. The global mining equipment market is expanding as a result of a rise in urbanization and industrialization in developing nations like Germany, France, and the United States. For instance, between 2017 and 2019, the rate of urbanization in the United States increased by 0.4%.
Restraints/Challenges
- The export of used mining machinery can limit the market growth
Investments in the mining sector, which depend on the economic environment, are the foundation of new mining. Used equipment is frequently chosen by developing nations like South Africa, Argentina, and Peru because, when maintained adequately, it has a dependable life cycle. Compared to purchasing new mining equipment, this equipment is exported to developing countries at a discount. Consequently, it is anticipated to impede market expansion.
- Lack of knowledge and training impede the market growth
To prevent incidents caused by human error, equipment misuse, inattention, and poor maintenance, employees must receive the proper training and education on the safe handling and use of equipment. Additionally, routine maintenance checks make sure the mining machinery is in good working order. Market expansion may also be constrained by a lack of knowledge and training.
This North America underground mining equipment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the North America underground mining equipment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2022, Komatsu announced the acquisition of the German company Gelsenkirchen GGH Group to expand its underground mining equipment business. The company's presence in the mining industries of Europe, South Africa, and India will grow as a result of this acquisition.
- In 2022, a strategic agreement was signed between Epiroc and AARD Mining Equipment, a leading productivity and sustainability partner for mining and infrastructure development. AARD Mining Equipment is a South African manufacturer of mining equipment.
- In 2021, to deliver next-generation mine automation, Liebherr teams up with Hexagon. Liebherr proves the interoperability of its autonomous offering with this agreement. By combining the strength of Hexagon's technologies with Liebherr's cutting-edge autonomous solutions, higher levels of on-board intelligence are achieved with less reliance on centralized supervisory systems and site infrastructure. The company benefited from this partnership by expanding its selection of automation systems-related products—machine learning and artificial intelligence improvements.
- In 2021, At World of Concrete 2021, Hyundai Doosan Infracore unveiled the DL380-7, one of its new -7 Series wheel loaders. The DL350-5 is being replaced by the Doosan DL380-7, the brand's next-generation wheel loader. The DL380-7'sstandardbucket has a 7% bigger capacity than the DL350-5's. The business will be able to provide the loader with increased rear visibility and productivity.
North America Underground Mining Equipment Market Scope
The North America underground mining equipment market is segmented on the basis of product type, technique, power output, mining method, movement based, drive type, application, purchase mode, operating weight, propulsion type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product type
- Mining Trucks
- Diggers
- Mining Bottlers
- Mining Shearer
- Mining Drills
- Drills
- Breakers
- Continuous Miners
- Mining Excavators and Shovels
- Mining Scalers
- Mining Equipment’s
- Hydraulic Excavators
- Mining Dozers/Loaders
- Underground Mining Haulers
- Crushing, Pulverizing and Screening Equipment’s
- Others
Technique
- Soft Rock Mining
- Hard Rock Mining
Power Output
- Less Than 500 hp
- 500-2000 hp
- Greater Than 2000 hp
Mining Method
- Longwall Mining
- Room and Pillar
- Barehole Mining
- Block Caving
- Shrinkage Stoping
- Sublevel Caving
- Cut and Fill Mining
- Others
Movement Based
- Wheeled
- Crawler
Drive Type
- Human Drivers
- Autonomous
Application
- Metal Mining
- Coal Mining
- Non-Metal Mining
- Mineral mining
Purchase Mode
- Rented/Leased
- New Purchase
Operating Weight
- More Than 14,000kg
- Less Than 14,000kg
Propulsion Type
- Diesel
- Electric
- CNG/LNG/RNG
End user
- Mining operations
- Rental service provider
North America Underground Mining Equipment Market Regional Analysis/Insights
The North America underground mining equipment market is analysed and market size insights and trends are provided by country, product type, technique, power output, mining method, movement based, drive type, application, purchase mode, operating weight, propulsion type, end user as referenced above.
The countries covered in the North America underground mining equipment market report are U.S., Canada and Mexico in North America.
U.S. dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factor attributable to the region’s dominance are growing demand due to the significant manufacturers in the country. Further, Canada dominates with mineral reserves such as potash, cadmium, and cobalt. While, Mexico has the presence of high resources of silver.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Underground Mining Equipment Market Share Analysis
The North America underground mining equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to North America underground mining equipment.
Some of the major players operating in the North America underground mining equipment market are:
- AARD Mining Equipment (South Africa)
- AB Volvo (Sweden)
- BELAZ (Belarus)
- Boart Longyear. (U.S.)
- Epiroc AB (Sweden)
- FLSmidth (Denmark)
- Hitachi Construction Machinery Co., Ltd (Japan)
- Hyundai Doosan Infracore (South Korea)
- Komatsu Mining Corp (Japan)
- Liebherr-International Deutschland GmbH (Switzerland)
- Liugong Machinery Co., Ltd. (China)
- Metso (Finland)
- minemaster.eu. (Złotoryja.)
- RDH -Scharf (Canada)
- Sandvik AB (Sweden)
- SANY Group (China)
- Terex Corporation (U.S.)
- XCMG Group (China)
- Caterpillar (U.S.)
- Hager Electro-India (India)
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