Wilmington, Delaware, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Underground Mining Market by Product (Supported, Unsupported and Caving), Operator (Contract Mining and Operator Mining), Application (Coal Mining, Metal Mining, Mineral Mining and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the underground mining market was valued at $23.1 billion in 2023, and is estimated to reach $28.5 billion by 2033, growing at a CAGR of 2.1% from 2024 to 2033.
Prime determinants of growth
Increasing demand for metals and minerals and rising industrial sector drive the market growth. However, growing demand for renewable energy sources and safety concerns associated with mines restrain the market growth. On the other hand, growing demand for electrical and electronic products including batteries is anticipated to positively affect the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $23.1 billion |
| Market Size in 2032 | $28.4 billion |
| CAGR | 2.1% |
| No. of Pages in Report | 207 |
| Segments Covered | Type, Operator, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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Segmental Overview
By type, the supported mining segment held the highest market share in the underground mining market in 2023. Supported mining methods involve the use of artificial supports to maintain the stability of the mine workings. This can include timber supports, rock bolts, steel arches, and other structural reinforcements. Supported mining methods have a significant market share due to their versatility and applicability in various geological conditions. However, the caving mining segment is expected to grow with a higher CAGR, driven by advancements in technology and the increasing need to exploit deeper ore bodies efficiently.
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By operator type, the contract mining segment held the highest market share in terms of revenue in 2023, driven by increasing outsourcing trends, technological advancements in mining services, and the global trend towards operational efficiency and cost optimization. The same segment is also expected to grow at the highest CAGR during the forecast period.
By application, the coal mining held a significant market share in 2023, due to its critical role in energy production and industrial applications. However, the metal mining is expected to grow with a higher CAGR, driven by increasing demand for metals in construction, technology, and renewable energy sectors.
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific is expected to maintain its leadership in the underground mining market through 2033 due to several compelling factors. Rich in diverse mineral resources such as coal, metals, and industrial minerals, the region continues to meet significant global demand for commodities essential to industrialization, construction, and technological advancement. Rapid economic growth, particularly in countries like China, India, and Australia, fuels the ongoing expansion of mining activities. Moreover, Asia-Pacific's adoption of advanced mining technologies enhances operational efficiency and safety while meeting stringent environmental standards. Strategic investments in infrastructure projects further boost demand for minerals and metals, supporting robust mining operations. Stable regulatory frameworks and political environments encourage sustained investments in mining ventures, ensuring continued growth. With a focus on sustainable practices and corporate responsibility, the region aligns with global standards, reinforcing its pivotal role in the global underground mining landscape.
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Players
- BHP
- Anglo American Plc
- Rio Tinto
- Vale
- Implats Platinum Limited
- Norilsk Nickel
- Amur Minerals Corporation
- Alcoa Corporation
- The Redpath Group
- GBF Underground Mining Company.
The report provides a detailed analysis of these key players in the global underground mining market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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