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PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1767697

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PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1767697

Underground Mining Market, By Type, By Underground Mining Method, By Equipment Type, By Application, By Geography

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Underground Mining Market is estimated to be valued at USD 17.28 Bn in 2025 and is expected to reach USD 25.64 Bn by 2032, growing at a compound annual growth rate (CAGR) of 5.8% from 2025 to 2032.

Report Coverage Report Details
Base Year: 2024 Market Size in 2025: USD 17.28 Bn
Historical Data for: 2020 To 2024 Forecast Period: 2025 To 2032
Forecast Period 2025 to 2032 CAGR: 5.80% 2032 Value Projection: USD 25.64 Bn

The global underground mining market has witnessed significant growth in recent years, driven by the increasing demand for minerals and metals across various industries. Underground mining involves the extraction of valuable resources from beneath the Earth's surface, utilizing sophisticated technologies and equipment. This market encompasses a wide range of commodities including coal, metals, and precious stones. As the world's population continues to grow and industrialization expands, the demand for underground mining is expected to rise, presenting both challenges and opportunities for industry players. This introduction aims to provide an overview of the global underground mining market, highlighting its importance, key drivers, and future prospects.

Market Dynamics

The global underground mining market is influenced by several factors that shape its growth trajectory. One of the primary drivers is the increasing demand for minerals and metals from various end-use industries such as construction, automotive, electronics, and energy. As these industries continue to expand, particularly in emerging economies, the need for underground mining activities intensifies. Additionally, the depletion of surface mineral reserves has led to a shift towards underground mining, as companies seek to access deeper deposits. However, the market also faces restraints such as stringent environmental regulations and the high costs associated with underground mining operations. Safety concerns and the need for advanced technologies also pose challenges for industry players. Despite these restraints, the market presents significant opportunities for growth. Technological advancements, such as automation and digitalization, are revolutionizing underground mining, improving efficiency, productivity, and safety. Moreover, the rising demand for sustainable mining practices and the adoption of renewable energy sources in mining operations are creating new avenues for innovation and investment.

Key Features of the Study

  • This report provides in-depth analysis of the global underground mining market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025-2032), considering 2024 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global underground mining market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Caterpillar Inc., Komatsu Ltd., Sandvik AB, Hitachi Construction Machinery, Epiroc AB, Joy Global Inc. (now part of Komatsu), Atlas Copco, Metso Outotec, Terex Corporation, Bucyrus International (acquired by Caterpillar), FLSmidth, Thyssenkrupp AG, ABB Ltd., Schneider Electric, and Siemens AG
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global underground mining market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global underground mining market

Market Segmentation

  • Type Insights (Revenue, USD Bn, 2020 - 2032)
    • Metal Mining
    • Coal Mining
    • Mineral Mining
  • Underground Mining Methods Insights (Revenue, USD Bn, 2020 - 2032)
    • Room and Pillar
    • Sublevel Stoping
    • Cut and Fill Stoping
    • Sublevel Caving
    • Others
  • Equipment Type Insights (Revenue, USD Bn, 2020 - 2032)
    • Excavators
    • Loaders
    • Drills
    • Haul Trucks
    • Others
  • Application Insights (Revenue, USD Bn, 2020 - 2032)
    • Mining Operations
    • Mineral Processing
    • Infrastructure Development
  • Regional Insights (Revenue, USD Bn, 2020 - 2032)
    • North America
    • U.S.
    • Canada
    • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
    • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
    • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
    • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
    • Africa
    • South Africa
    • North Africa
    • Central Africa
  • Key Players Insights
    • Caterpillar Inc.
    • Komatsu Ltd.
    • Sandvik AB
    • Hitachi Construction Machinery
    • Epiroc AB
    • Joy Global Inc. (now part of Komatsu)
    • Atlas Copco
    • Metso Outotec
    • Terex Corporation
    • Bucyrus International (acquired by Caterpillar)
    • FLSmidth
    • Thyssenkrupp AG
    • ABB Ltd.
    • Schneider Electric
    • Siemens AG
Product Code: CMI8126

Table of Contents

1. Research Objectives and Assumptions

  • Research Objectives
  • Assumptions
  • Abbreviations

2. Market Purview

  • Report Description
    • Market Definition and Scope
  • Executive Summary
    • Global Underground Mining Market, By Type
    • Global Underground Mining Market, By Underground Mining Methods
    • Global Underground Mining Market, By Equipment Type
    • Global Underground Mining Market, By Application
    • Global Underground Mining Market, By Region

3. Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
  • Impact Analysis
  • Key Highlights
  • Regulatory Scenario
  • Product Launches/Approvals
  • PEST Analysis
  • PORTER's Analysis
  • Market Opportunities
  • Regulatory Scenario
  • Key Developments
  • Industry Trends

4. Global Underground Mining Market, By Type, 2020-2032, (USD Bn)

  • Introduction
    • Market Share Analysis, 2025 and 2032 (%)
    • Y-o-Y Growth Analysis, 2021 - 2032
    • Segment Trends
  • Metal Mining
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Coal Mining
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Mineral Mining
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

5. Global Underground Mining Market, By Underground Mining Methods, 2020-2032, (USD Bn)

  • Introduction
    • Market Share Analysis, 2025 and 2032 (%)
    • Y-o-Y Growth Analysis, 2021 - 2032
    • Segment Trends
  • Room and Pillar
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Sublevel Stoping
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Cut and Fill Stoping
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Sublevel Caving
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Others
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

6. Global Underground Mining Market, By Equipment Type, 2020-2032, (USD Bn)

  • Introduction
    • Market Share Analysis, 2025 and 2032 (%)
    • Y-o-Y Growth Analysis, 2021 - 2032
    • Segment Trends
  • Excavators
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Loaders
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Drills
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Haul Trucks
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Others
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

7. Global Underground Mining Market, By Application, 2020-2032, (USD Bn)

  • Introduction
    • Market Share Analysis, 2025 and 2032 (%)
    • Y-o-Y Growth Analysis, 2021 - 2032
    • Segment Trends
  • Mining Operations
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Mineral Processing
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
  • Infrastructure Development
    • Introduction
    • Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

8. Global Underground Mining Market, By Region, 2020 - 2032, Value (USD Bn)

  • Introduction
    • Market Share (%) Analysis, 2025, 2028 & 2032, Value (USD Bn)
    • Market Y-o-Y Growth Analysis (%), 2021 - 2032, Value (USD Bn)
    • Regional Trends
  • North America
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
      • U.S.
      • Canada
  • Latin America
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
  • Europe
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
  • Asia Pacific
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
      • GCC Countries
      • Israel
      • Rest of Middle East
  • Africa
    • Introduction
    • Market Size and Forecast, By Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Underground Mining Methods, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Equipment Type, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
    • Market Size and Forecast, By Country/Region, 2020 - 2032, Value (USD Bn)
      • South Africa
      • North Africa
      • Central Africa

9. Competitive Landscape

  • Caterpillar Inc.
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Komatsu Ltd.
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Sandvik AB
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Hitachi Construction Machinery
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Epiroc AB
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Joy Global Inc. (now part of Komatsu)
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Atlas Copco
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Metso Outotec
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Terex Corporation
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Bucyrus International (acquired by Caterpillar)
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • FLSmidth
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Thyssenkrupp AG
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • ABB Ltd.
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Schneider Electric
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies
  • Siemens AG
    • Company Highlights
    • Product Portfolio
    • Key Developments
    • Financial Performance
    • Strategies

10. Analyst Recommendations

  • Wheel of Fortune
  • Analyst View
  • Coherent Opportunity Map

11. References and Research Methodology

  • References
  • Research Methodology
  • About us
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