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Underground Mining Equipment Market is expected to reach US$ 20.5 Billion, registering a CAGR of 2.3% from 2023 to 2033 | Future Market Insights, Inc.
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NEWARK, Del, April 25, 2023 (GLOBE NEWSWIRE) — NEWARK, Del: Between 2023 and 2033, the underground mining equipment market is expected to grow at a low CAGR of 2.3%. The market is expected to be valued at US$ 16.37 billion in 2023, with a market share of US$ 20.55 billion by 2033.
The expanding mining operations around the world due to the rising population are transforming mining methods. The use of autonomous machines and vehicles along with advanced sensory technology is flourishing the sales of underground mining equipment.
- The integration of smart technologies like artificial intelligence, big data, IoT deployment, and machine learning is making this equipment more capable. This increases the overall productivity and efficiency of the mining plant.
- The application of autonomous vehicles for digging has reduced the chance of accidents, making it more human-friendly. Alongside this, the coal mine backfilling operations around the world have fueled the demand for the latest machinery
- The higher threat of underground mining on earth has led market vendors to experiment with the equipment to reduce the damage value while mining. The advanced sensory technology with operational memory is making the mining activity easy and fast.
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Key Points
- The United States market leads the underground mining equipment market in terms of market share in North America. The North American region held a market share of 10.0% in 2022. The growth in this region is attributed to the increased number of coal mines along with the mining companies working alongside the government.
- The United Kingdom’s underground mining equipment market is another significant market in the European region. The market thrives at a CAGR of 2.1% between 2023 and 2033. The growth is attributed to the stringent government safety norms and the major integration of AI and ML in mining equipment such as smart vehicles.
- The Chinese underground mining equipment market is anticipated to thrive at an average CAGR of 3.2% during the forecast period. The growth is attributed to larger ore reserves including lead and silver.
- The mining loaders lead the product type segment as it holds a market share of 10.3% in 2023. The growth is attributed to the enhanced safety proposition and operational efficiency.
- Based on the mining technique type, the hard rock mining segment leads as it holds a major global share of 69.5% in 2023. The growth is attributed to higher effective results along with easy digging methods.
Competitive Landscape
The key vendors work on weaponizing their equipment with the latest smart technologies along with new product launches like autonomous vehicles. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Developments
- Hitachi Construction Machinery and Wenco International Mining Systems have developed the “ConSite Mine” that is expected to resolve issues at mine sites through a monitoring mining machine on a 24/7 basis.
- Boart Longyear Ltd has created a Veracio entity that takes orebody data AI to another level as it empowers miners to dig deeper with the help of sensory data.
Key Players
- Caterpillar Inc.
- Sandvik AB
- Epiroc AB
- Komatsu Ltd
- Boart Longyear Ltd
- Hitachi Construction Machinery
- Liebherr Group
- Sany Heavy Industry Co., Ltd.
- Xuzhou Construction Machinery Group Co. Ltd
- Volvo Construction Equipment
- Schmidt, Kranz & Co. Gmbh
- J.C. Bamford Excavators Limited
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Underground Mining Equipment Market: Segmentation
Product Type:
- Mining Loaders
- Mining Trucks
- Mining Drills
- Mining Bolters
- Mining Shearer
Continuous Miners:
- Mining Excavators & Shovels
- Mining Scalers
- Mining Technique:
- Soft Rock Mining
- Hard Rock Mining
End Users:
- Mining Operators
- Rental Service Provider
Key Regions Covered:
- North America
- UNITED STATES
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- APEJ
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- MEA
- GCC Countries
- Israel
- South Africa
- Rest of Middle East Asia (MEA)
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Table of Content
1. Executive Summary | Underground Mining Equipment Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mining Technique
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Mining Technique, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Mining Technique, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Mining Technique, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Mining Technique, 2023 to 2033
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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Old Source: Underground Mining Equipment Market to Reach US$ 18.8 Bn in 2031 – Comprehensive Research Report by FMI
Artificial Intelligence
Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors
BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.
The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development.
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference.
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
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Artificial Intelligence
CGTN: China honors individuals with highest awards in celebration of 75th National Day
BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.
The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
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China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.
The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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