The global underground mining equipment market size was estimated at USD 43.19 billion in 2024 and is projected to grow at a CAGR of 5.1% from 2025 to 2030. The market growth is being driven by several key factors, beginning with the increasing global demand for minerals and metals, particularly in emerging economies where infrastructure and industrialization are rapidly expanding. As the demand for coal, precious metals, and rare earth elements grows, mining companies are focusing on exploring deeper and more challenging underground deposits, thus increasing the need for advanced mining equipment that can operate safely and efficiently in these environments.
Technological advancements in automation, artificial intelligence (AI), and remote-controlled machinery are also playing a crucial role in driving the industry’s growth. These innovations improve the efficiency, safety, and productivity of underground mining operations, allowing miners to access difficult-to-reach resources while reducing the risks associated with manual labor. Hybrid Mining Truck
The global underground mining equipment industry is characterized by a fragmented competitive landscape, with a diverse range of players catering to various mining sectors, including coal, metal, and non-metal mining. As the demand for minerals and metals continues to rise, particularly in emerging economies, mining companies are increasingly focusing on enhancing operational efficiency, safety, and environmental sustainability, driving the adoption of advanced underground mining equipment. Technologies such as automation, electric-powered equipment, and autonomous vehicles are gaining traction, addressing the need for improved productivity and reduced labor costs in challenging underground environments.
The market is marked by significant product differentiation, with manufacturers continually investing in the development of innovative mining equipment that offers better performance, durability, and adaptability to different mining conditions. For instance, electric and hybrid mining equipment is becoming more popular due to its ability to reduce emissions and lower operational costs, aligning with growing environmental regulations and sustainability goals. In addition, companies are integrating digital technologies such as Internet of Things (IoT) sensors and predictive maintenance systems to enhance operational efficiency and minimize downtime.
Despite the fragmentation, competition in the underground mining equipment industry is intensifying, as key players strive to deliver specialized solutions that meet the evolving needs of mining companies. These innovations are aimed at improving safety, efficiency, and environmental sustainability, creating new growth opportunities across various mining sectors. Regulatory bodies, such as the U.S. Mine Safety and Health Administration (MSHA) and European mining authorities, enforce strict safety and environmental standards that manufacturers must adhere to. Compliance with these regulations is essential for ensuring the safety and performance of mining equipment in hazardous underground environments. Moreover, the growing emphasis on environmental responsibility is prompting manufacturers to invest in the development of eco-friendly materials and technologies that reduce the environmental impact of mining operations. As the demand for sustainable and high-performance mining equipment rises, manufacturers must navigate these regulations to maintain market access and drive long-term growth in the underground mining sector.
The growing emphasis on safety in mining operations is pushing companies to invest in more advanced equipment, including ventilation systems, monitoring technologies, and autonomous vehicles, which can reduce the risk of accidents and improve overall operational safety. Furthermore, the rising cost of labor and the need to lower operational costs are encouraging mining firms to automate more processes, which in turn drives demand for high-tech underground mining solutions.
The underground mining equipment industry faces several challenges that could hinder its growth. One of the primary restraints is the high initial capital investment required for advanced mining equipment, particularly for automation and electrification technologies. Smaller mining companies may struggle to afford these expensive technologies, limiting their adoption.
Technological advancements in electrification and hybrid mining equipment also offer opportunities for reducing the environmental impact of underground operations, meeting stricter emissions regulations, and aligning with the global push for sustainability.
Based on equipment, the load haul trucks segment led the market with the largest revenue share of 27.4% in 2024. The demand for Load Haul Dump (LHD) trucks in underground mining is on the rise, driven by the need for efficient material transport in increasingly deeper and more challenging mine sites. As mining operations expand and become more complex, LHD trucks are crucial for safely and effectively moving ore and waste materials in confined spaces, boosting productivity and reducing operational costs
The drill segment is expected to expand at a considerable CAGR of 5.8% over the forecast period. The demand for underground drilling equipment is growing as mining operations shift to deeper, more complex deposits. Advanced drills are essential for efficient exploration, tunneling, and blasting in confined underground spaces. With the need for higher productivity and precision in drilling operations, the adoption of more powerful, automated, and reliable drilling technologies is increasing, driving market growth in the sector
Based on mining technique, the room and pillar segment led the market with the largest revenue share of 40.0% in 2024. Longwall mining is favored for its ability to extract large volumes of coal or metal with minimal surface disruption. The driving factors for its adoption are the growing demand for high-efficiency and high-recovery techniques, especially in deep mining operations where other methods might be too costly or less productive.
Room and pillar mining, a widely used method in underground coal and metal mining, is driven by its cost-effectiveness and relatively simple operational requirements. It is particularly popular in coal mining due to its ability to create large, flat mining areas while leaving behind supporting pillars of material to prevent collapses.
Based on application, the coal mining segment led the market with the largest revenue share of 43.5% in 2024, driven by the global demand for energy, particularly in countries with significant coal reserves. Although facing environmental challenges, coal remains a dominant fuel source for power generation and industrial use.
The metal mining segment is anticipated to grow at a considerable CAGR of 5.9% from 2025 to 2030. Metal mining, including the extraction of precious and base metals such as gold, copper, and zinc, is fueled by rising demand for metals in various industries, from electronics to construction. The shift toward deeper and more complex underground mining operations is driving the need for specialized equipment capable of handling more challenging mining environments.
The North America underground mining equipment market growth is driven by increased demand for minerals, deeper resource exploration, and the shift toward automation and energy-efficient technologies. Stringent safety and environmental regulations further promote the adoption of advanced mining equipment.
The U.S. underground mining equipment market accounted for the largest market share of 42.8% of North America in 2024. The U.S. market is driven by strong demand for metals like gold, copper, and coal, as well as the shift toward automation and energy-efficient mining technologies. Technological advancements in safety, equipment performance, and sustainability are further boosting the market, particularly in deep mining operations.
Asia-Pacific underground mining equipment market dominated the with the largest revenue share of 39.4% in 2024, due to rapid industrialization, urbanization, and high demand for coal, metals, and rare earth minerals. Investments in automation, safety, and energy-efficient equipment are further boosting the market, particularly for resources needed in electronics and EV manufacturing.
The Indonesia underground mining equipment marketis expected to expand at the fastest CAGR of 9.1% over the forecast period. Indonesia's underground mining equipment industry is expanding due to the country's abundant reserves of coal, copper, and gold. Increased demand for these minerals, along with growing investments in mining technology and safety improvements, are driving the adoption of advanced mining equipment, particularly in deeper mines.
The China underground mining equipment market accounted for the largest market share of 47.8%% in Asia Pacific in 2024, driven by high demand for coal, rare earth metals, and other minerals. The country is investing heavily in modernizing its mining sector, adopting automation, and focusing on safety and sustainability to meet both domestic and international demand for raw materials.
The underground mining equipment market in Europe is expected to decline, with the exception of a few countries in the region, due to a decrease in coal mining activities and the shift toward surface mining for many minerals. In addition, stringent environmental regulations and the region's focus on renewable energy are reducing the demand for traditional underground mining operations.
The Germany underground mining equipment market is anticipated to grow at the fastest CAGR during the forecast period. The market growth is driven by the demand for base metals and coal. The market is expected to see limited expansion due to the country's transition away from coal mining and a shift toward renewable energy sources. Growth will primarily be driven by technological upgrades and modernization in existing operations.
The underground mining equipment market in Russia accounted for the largest market share of 24.9% in Europe in 2024. The country’s market is expected to grow, but at a slower pace, as it is expected to be constrained by environmental regulations and economic factors that limit large-scale investments in new mining technologies. However, as the country continues to focus on extracting valuable minerals like gold and coal, it indicates notable growth potential.
The market in the Middle East and Africa is driven by resource exploration, particularly for precious and base metals, and the need for more advanced underground mining equipment. Sustainable mining practices and regulatory pressures are also promoting the adoption of energy-efficient, high-performance equipment.
The underground mining equipment market in Latin America growth is driven by abundant natural resources, particularly copper and gold, and the shift toward deeper underground mining operations. Increasing demand for metals, coupled with enhanced safety standards and automation, is fueling equipment adoption.
Some of the key players operating in the market include Caterpillar Inc. and XCMG Group among others.
Caterpillar Inc. offers an extensive portfolio of advanced machinery, including continuous miners, longwall systems, shuttle cars, and battery-powered loaders. The company leverages cutting-edge technologies, such as automation and digital solutions, to enhance safety, efficiency, and productivity in underground mining operations.
XCMG Group offers a comprehensive range of underground mining equipment, including load-haul-dump (LHD) machines, underground mining trucks, drilling rigs, and utility vehicles designed for efficiency and safety in demanding mining environments. The company emphasizes technological advancements and sustainable solutions, aligning with global industry needs.
The following are the leading companies in the underground mining equipment market. These companies collectively hold the largest market share and dictate industry trends.
In December 2023, Caterpillar Inc. unveiled its first battery-electric underground mining truck. The prototype was showcased in collaboration with Newmont Corporation, one of the world's most prominent gold producers, as part of a shared vision to develop a fully automated, zero-emission mining ecosystem.
In November 2023, Sandvik AB introduced AutoMine for Underground Drills, marking a significant step in mining automation. This system integrates underground drilling operations under a unified automation platform, enhancing safety, productivity, and efficiency.
Revenue in USD million/billion and CAGR from 2025 to 2030
Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends
Equipment, mining technique, application, region
North America; Europe; Asia Pacific; Latin America; and Middle East & Africa
U.S.; Canada; Mexico; Russia; Poland; Sweden; Germany; France; Spain; China; India; Japan; Indonesia; Australia; South Korea; Taiwan; Brazil; Argentina; South Africa; Saudi Arabia; and UAE
Caterpillar Inc; Getman Corporation; Sandvik AB; Komatsu; Sany Group; XCMG Group; Boart Longyear; Epiroc AB ; J.H. Fletcher & Co.; SMT Scharf GmbH; Schmidt; Kranz & Co. GmbH; Zibo God Rock Mining Machinery Co., Ltd
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This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global underground mining equipment market report based on the equipment, mining technique, application, and region:
Equipment Outlook (Revenue, USD Million, 2018 - 2030)
Mining Technique Outlook (Revenue, USD Million, 2018 - 2030)
Application Outlook (Revenue, USD Million, 2018 - 2030)
Regional Outlook (Revenue, USD Million, 2018 - 2030)
b. The global underground mining equipment size was estimated at USD 43.19 billion in 2024 and is expected to reach USD 45.2 billion in 2025.
b. The underground mining equipment, in terms of revenue, is expected to grow at a compound annual growth rate of 5.1% from 2025 to 2030 to reach USD 58.2 billion by 2030.
b. The coal mining segment dominated the market in 2024 accounting for 43.5% of the market share. The growth of the coal mining segment is driven by the continued global need for coal in power generation and industrial applications, particularly in developing countries.
b. Some of the key players operating in the underground mining equipment Caterpillar Inc, Getman Corporation, Sandvik AB, Komatsu, Sany Group, XCMG Group, Boart Longyear, Epiroc AB , J.H. Fletcher & Co., SMT Scharf GmbH, Schmidt, Kranz & Co. GmbH, and Zibo God Rock Mining Machinery Co., Ltd
b. Key factors driving the underground mining equipment market include the increasing demand for minerals like gold, copper, and coal, and the shift towards automation and energy-efficient technologies to enhance safety, productivity, and sustainability in mining operations. Additionally, stricter environmental regulations are pushing for cleaner, more efficient equipment.
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