Underground Mining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

The underground mining market is expected to accelerate as more mining stakeholders show interest in large-scale application of flying drones in mining operations. The demand for contractual mining services is also anticipated to drive market expansion. Furthermore, the introduction of equipment inspection solutions will support the growth of the market in the near future. According to a recent study by the analyst, the reliability and safety of underground mining operations will improve with the integration of technology in mining infrastructure, equipment, and services. Coal, minerals, and metals will continue to be the key areas driving the prospects of underground mining, with coal mining projected to offer the most significant revenue generation opportunity. Stoping will remain the preferred underground mining method.

Rise in Global Metal Yield Contributes to Market Growth

The mining industry has witnessed a remarkable resurgence following the impact of COVID-19, resulting in a favorable year for the sector in terms of annual revenue in 2020. Post-2020, investments in mining activities have continued to increase. This is further fueled by the growing demand for metals, especially precious metals like gold, platinum, silver, and titanium. This increased demand for metals is expected to be a significant driver for underground mining. There is also a growing need for efficient underground mining of sought-after metals such as copper, zinc, nickel, and iron ore. The sustained growth in global metal production is likely to benefit the underground mining market.

LATAM, Africa, and Australia as Key Contributors to Underground Mining

Currently, underground mining accounts for approximately 12% of the total run-of-mine (ROM) production, with the Latin American (LATAM) region leading in terms of volume, followed closely by Oceania. LATAM will continue to be a key driving region for the underground mining market, while Africa and Australia will also play important roles. Australia, in particular, is expected to be a critical revenue generator in the Asian subcontinent. Investigation activities in countries like Australia, China, Brazil, India, and Africa are expected to support the expansion of underground mining. The report will provide insightful analysis of dense underground mining locations in Australia, including Western Australia, South Australia, New South Wales (NSW), Queensland, Northern Territory, and Tasmania.

Leading Players in the Underground Mining Market

The report will offer a comprehensive view of the competition landscape in the global underground mining market. Key companies to be profiled in the competition analysis include Sandvik AB, Rio Tinto, Vale S.A., Caterpillar, Atlas Copco, Sany Group, Anglo American Plc, Thyssen Mining, Amur Minerals Corporation, BHP, OZ Minerals, Implats Platinum Limited, Norilsk Nickel Group, Glencore plc, Coal India Ltd, China Shenhua Energy Company Limited, Barminco, GBF Underground Mining Company, The Redpath Group, CIMIC Group Limited, and Alcoa Corporation.