Underground Mining Market Forecasts to 2030 - Global Analysis By Product (Supported, Unsupported, Caving and Other Products), Mineral Type (Coal, Gold, Copper, Iron , Salt, Gypsum, Potash and Other Mineral Types), Mining Method (Room and Pillar Mining, Longwall Mining, Block Caving, Cut and Fill Mining, Sublevel Caving, Contract Mining, Operator Mining and Other Mining Methods), Application and By Geography
Estimated Year Value (2023)
US $22.72 BN
Projected Year Value (2030)
US $28.92 BN
CAGR (2023 - 2030)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Underground Mining Market is accounted for $22.72 billion in 2023 and is expected to reach $28.92 billion by 2030 growing at a CAGR of 3.5% during the forecast period. Underground mining is the process of removing valuable minerals, metals, and other resources from deep within the earth. It includes different mining techniques like cut-and-fill mining, longwall mining, block caving, and room-and-pillar mining. Moreover, mining companies can now access deeper and richer deposits that are inaccessible through surface mining to these methods. In order to meet the demand for minerals and fuels around the world, underground mining is essential.
According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%.
Rising needs for metals and minerals
The demand for minerals and metals has increased across numerous industries, including construction, manufacturing, and infrastructure development, as a result of the growing global population and urbanization. Surface mining is difficult to access, and underground mining provides access to deeper and richer ore deposits, allowing for the extraction of valuable resources. However, the market for underground mining is expanding primarily due to the rising demand for these resources.
High initial capital expenditure
The global Underground Mining market expected to hinder growth during the forecast period. For infrastructure development, specialized equipment acquisition, and safety measure implementation, underground mining requires a sizable upfront capital investment. The expense of building tunnels, sinking shafts, and installing ventilation and drainage systems can be a major deterrent for new mining projects, especially for smaller mining firms. Moreover, potential investors may be discouraged by the high initial capital requirements, which may also restrict the entry of new players into the underground mining market.
Rise in automation and technological advances
The global Underground Mining market expected to drive growth during the forecast period. For the underground mining industry, ongoing developments in technologies like automation, robotics, and artificial intelligence present significant opportunities. Automation can increase productivity, increase operational effectiveness, and improve safety by limiting human exposure to potentially dangerous environments. Mining equipment that is autonomous or remotely controlled can access difficult terrain and improve the ore extraction process. Additionally, cutting-edge technology implementation can result in lower costs, quicker ore recovery, and better resource management.
Regulations and environmental issues
The global Underground Mining market expected to hamper growth during the forecast period. Groundwater contamination, habitat disruption, and soil erosion are just a few of the negative environmental effects of mining operations, including underground mining. Mining companies are obligated to use ethical mining procedures, make investments in environmental monitoring and remediation projects, and comply with strict environmental regulations and rising public awareness of sustainability.
Due to travel bans and quarantine regulations during the COVID-19 pandemic, mining companies experienced a labor shortage that caused delays and operational disruptions. Production schedules were also impacted by supply chain interruptions and restricted access to tools and materials. The profitability of underground mining operations was further impacted by fluctuating commodity prices and a drop in demand for metals and minerals. The sector accelerated the adoption of digital technologies for remote monitoring and management and put a strong emphasis on ensuring business continuity in order to navigate the crisis. The trajectory of the global economic recovery, ongoing health concerns, and the industry's capacity to adapt to new operational norms in a post-pandemic world will all determine the pandemic's long-term effects on the underground mining market.
The Coal segment is expected to be the largest during the forecast period
The Coal segment is expected to be the largest share during the forecast period. A valuable fossil fuel, coal is essential to supplying the world's energy requirements, especially for the production of electricity and industrial processes. Coal continues to be a significant resource, especially in nations that heavily rely on it for power generation and industrial applications, despite growing worries about its effects on the environment and the shift toward cleaner energy sources. Moreover, the mining of coal continues to be a vital component of the energy mix in many regions, promoting economic growth and energy security despite challenges posed by tightening environmental regulations and the global push toward renewable energy.
The Metal Mining segment is expected to have the highest CAGR during the forecast period
The Metal Mining segment is anticipated to witness the fastest CAGR growth during the forecast period. In the metal mining segment, valuable metals like gold, copper, iron, aluminum, and others are extracted for use in a variety of sectors, including manufacturing, electronics, and construction. Additionally, this industry has grown at a faster rate than the mining of non-metallic minerals and coal. The need for metals in consumer goods, industrial applications, and infrastructure development has been a major growth driver in the metal mining sector.
Region with largest share:
The underground mining market is expected to have the largest share during the forecast period in the Asia-Pacific region. The presence of mineral-rich nations like China, Australia, and India, which are significant producers of coal, gold, copper, and other minerals, is one of many factors that contribute to the region's dominance. Additionally, the quick development of infrastructure, urbanization, and industrialization in nations like China and India has increased demand for raw materials and boosted underground mining operations. The Asia-Pacific region holds a prominent position in the global underground mining market due to its robust mining infrastructure, skilled workforce, and supportive government policies.
Region with highest CAGR:
During the anticipated period, the underground mining market is anticipated to grow at the highest CAGR in the North American region. The region has experienced rapid growth, which can be attributed to a number of variables, including technological developments, increased exploration efforts, and the existence of sizable mining reserves. Additionally, the growth of underground mining operations in North America has been aided by supportive government regulations, a developed infrastructure, and a knowledgeable workforce.
Key players in the market
Some of the key players in Underground Mining market include AB Volvo, Alcoa Corporation, Amur Minerals Corporation, Anglo American Plc, Atlas Copco, Barrick Gold Corporation, BHP Group, Boart Longyear, Coal India Ltd., Evolution Mining Limited, GBF Underground Mining Company, Hitachi Construction Machinery Co., Ltd., Implats Platinum Limited, Komatsu Ltd., Liebherr-International Deutschland GmbH, Metso Corporation, Newmont Corporation, Sandvik AB, Teck Resources Limited and The Redpath Group.
In March 2023, Sandvik launched the Tor LH518iB with AutoMine, an automation-ready battery-electric underground loader that is comparable with the AutoMine automation system.
In March 2023, Rajant Corporation, the developer of Kinetic Mesh wireless networks, collaborated with Swedish OEM Sandvik, on a trial of wireless communication system that can be used with tele-remote and autonomous vehicles destined for the De Beers Venetia diamond mine.
In May 2022, Anglo American unveiled the world’s largest hydrogen powered mine haul truck at Mogalakwena PGM Mine in northeast South Africa. The project, which is expected to be fully implemented by 2026, is a first step in making eight of the company’s mines carbon neutral by 2040.
• Other Products
Mineral Types Covered:
• Other Mineral Types
Mining Methods Covered:
• Room and Pillar mining
• Longwall Mining
• Block Caving
• Cut and Fill Mining
• Sublevel Caving
• Contract Mining
• Operator Mining
• Other Mining Methods
Equipment Types Covered:
• Drills and breakers
• Loaders and trucks
• Overhead Loaders
• Front End Loaders
• Gathering-Arm Loaders
• Ventilation Systems
• Other Equipment Types
• Coal Mining
• Metal Mining
• Non-Metallic Mineral Mining
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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All the customers of this report will be entitled to receive one of the following free customization options:
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Underground Mining Market, By Product
5.2.1 Cut-and-Fill Stoping
5.2.2 Stull Stoping
5.2.3 Square Set Stoping
5.3.1 Shrinkage Stoping
5.3.2 Sublevel Stoping
5.4.1 Longwall Mining
5.4.2 Sublevel Caving
5.4.3 Block Caving
5.5 Other Products
6 Global Underground Mining Market, By Mineral Type
6.9 Other Mineral Types
7 Global Underground Mining Market, By Mining Method
7.2 Room and Pillar Mining
7.3 Longwall Mining
7.4 Block Caving
7.5 Cut and Fill Mining
7.6 Sublevel Caving
7.7 Contract Mining
7.8 Operator Mining
7.9 Other Mining Methods
8 Global Underground Mining Market, By Equipment Type
8.2 Drills and Breakers
8.3 Loaders and Trucks
8.4 Overhead Loaders
8.6 Front End Loaders
8.7 Gathering-Arm Loaders
8.9 Ventilation Systems
8.10 Other Equipment Types
9 Global Underground Mining Market, By Application
9.2 Coal Mining
9.3 Metal Mining
9.4 Non-Metallic Mineral Mining
9.5 Other Applications
10 Global Underground Mining Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 AB Volvo
12.2 Alcoa Corporation
12.3 Amur Minerals Corporation
12.4 Anglo American Plc
12.5 Atlas Copco
12.6 Barrick Gold Corporation
12.7 BHP Group
12.8 Boart Longyear
12.9 Coal India Ltd.
12.10 Evolution Mining Limited
12.11 GBF Underground Mining Company
12.12 Hitachi Construction Machinery Co., Ltd.
12.13 Implats Platinum Limited
12.14 Komatsu Ltd.
12.15 Liebherr-International Deutschland GmbH
12.16 Metso Corporation
12.17 Newmont Corporation
12.18 Sandvik AB
12.19 Teck Resources Limited
12.20 The Redpath Group
List of Tables
1 Global Underground Mining Market Outlook, By Region (2021-2030) ($MN)
2 Global Underground Mining Market Outlook, By Product (2021-2030) ($MN)
3 Global Underground Mining Market Outlook, By Supported (2021-2030) ($MN)
4 Global Underground Mining Market Outlook, By Cut-and-Fill Stoping (2021-2030) ($MN)
5 Global Underground Mining Market Outlook, By Stull Stoping (2021-2030) ($MN)
6 Global Underground Mining Market Outlook, By Square Set Stoping (2021-2030) ($MN)
7 Global Underground Mining Market Outlook, By Unsupported (2021-2030) ($MN)
8 Global Underground Mining Market Outlook, By Shrinkage Stoping (2021-2030) ($MN)
9 Global Underground Mining Market Outlook, By Sublevel Stoping (2021-2030) ($MN)
10 Global Underground Mining Market Outlook, By Caving (2021-2030) ($MN)
11 Global Underground Mining Market Outlook, By Longwall Mining (2021-2030) ($MN)
12 Global Underground Mining Market Outlook, By Sublevel Caving (2021-2030) ($MN)
13 Global Underground Mining Market Outlook, By Block Caving (2021-2030) ($MN)
14 Global Underground Mining Market Outlook, By Other Products (2021-2030) ($MN)
15 Global Underground Mining Market Outlook, By Mineral Type (2021-2030) ($MN)
16 Global Underground Mining Market Outlook, By Coal (2021-2030) ($MN)
17 Global Underground Mining Market Outlook, By Gold (2021-2030) ($MN)
18 Global Underground Mining Market Outlook, By Copper (2021-2030) ($MN)
19 Global Underground Mining Market Outlook, By Iron (2021-2030) ($MN)
20 Global Underground Mining Market Outlook, By Salt (2021-2030) ($MN)
21 Global Underground Mining Market Outlook, By Gypsum (2021-2030) ($MN)
22 Global Underground Mining Market Outlook, By Potash (2021-2030) ($MN)
23 Global Underground Mining Market Outlook, By Other Mineral Types (2021-2030) ($MN)
24 Global Underground Mining Market Outlook, By Mining Method (2021-2030) ($MN)
25 Global Underground Mining Market Outlook, By Room and Pillar Mining (2021-2030) ($MN)
26 Global Underground Mining Market Outlook, By Longwall Mining (2021-2030) ($MN)
27 Global Underground Mining Market Outlook, By Block Caving (2021-2030) ($MN)
28 Global Underground Mining Market Outlook, By Cut and Fill Mining (2021-2030) ($MN)
29 Global Underground Mining Market Outlook, By Sublevel Caving (2021-2030) ($MN)
30 Global Underground Mining Market Outlook, By Contract Mining (2021-2030) ($MN)
31 Global Underground Mining Market Outlook, By Operator Mining (2021-2030) ($MN)
32 Global Underground Mining Market Outlook, By Other Mining Methods (2021-2030) ($MN)
33 Global Underground Mining Market Outlook, By Equipment Type (2021-2030) ($MN)
34 Global Underground Mining Market Outlook, By Drills and Breakers (2021-2030) ($MN)
35 Global Underground Mining Market Outlook, By Loaders and Trucks (2021-2030) ($MN)
36 Global Underground Mining Market Outlook, By Overhead Loaders (2021-2030) ($MN)
37 Global Underground Mining Market Outlook, By Draglines (2021-2030) ($MN)
38 Global Underground Mining Market Outlook, By Front End Loaders (2021-2030) ($MN)
39 Global Underground Mining Market Outlook, By Gathering-Arm Loaders (2021-2030) ($MN)
40 Global Underground Mining Market Outlook, By Conveyors (2021-2030) ($MN)
41 Global Underground Mining Market Outlook, By Ventilation Systems (2021-2030) ($MN)
42 Global Underground Mining Market Outlook, By Other Equipment Types (2021-2030) ($MN)
43 Global Underground Mining Market Outlook, By Application (2021-2030) ($MN)
44 Global Underground Mining Market Outlook, By Coal Mining (2021-2030) ($MN)
45 Global Underground Mining Market Outlook, By Metal Mining (2021-2030) ($MN)
46 Global Underground Mining Market Outlook, By Non-Metallic Mineral Mining (2021-2030) ($MN)
47 Global Underground Mining Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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