Underground Mining - Global Strategic Business Report

The global market for Underground Mining was valued at US$21.4 Billion in 2024 and is projected to reach US$23.1 Billion by 2030, growing at a CAGR of 1.3% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Underground Mining market.

Global Underground Mining Market - Key Trends & Drivers Summarized

Why Is Underground Mining Experiencing a Strategic Revival in the Global Minerals Sector?

Underground mining, long considered the more complex and capital-intensive counterpart to surface mining, is gaining renewed strategic importance as surface reserves become increasingly depleted and environmental scrutiny intensifies. As demand surges for critical minerals such as lithium, copper, nickel, and rare earth elements - all essential for green technologies and energy transition - mining companies are turning to deeper ore bodies that can only be accessed via underground methods. In densely populated or environmentally protected regions, underground mining is often the only feasible extraction method due to its smaller surface footprint and reduced ecological disruption. Furthermore, underground operations are increasingly favored for their potential to extend the life of existing mines, especially where open-pit operations have become uneconomical. While initial capital investments are higher, the long-term returns, especially in high-grade ore zones, make underground mining financially attractive. These evolving resource and regulatory dynamics are positioning underground mining as an indispensable strategy for meeting global mineral supply demands in a more sustainable, socially acceptable manner.

How Are Advanced Technologies Revolutionizing Underground Mining Efficiency and Safety?

A wave of technological transformation is reshaping underground mining operations, drastically improving both productivity and worker safety. Automation of drilling, hauling, and loading processes - through remotely operated or autonomous equipment - is reducing human exposure to hazardous underground conditions while simultaneously increasing output. Real-time data analytics, enabled by sensors and IoT devices embedded in mine infrastructure, is providing actionable insights into ventilation control, ground stability, and equipment performance. AI and machine learning models are also being used to predict equipment failures and optimize ore extraction routes. Underground drone mapping, LiDAR surveying, and digital twin simulations are making geological exploration and tunnel planning faster and more precise. Electrification of underground fleets, particularly through battery-electric loaders and trucks, is reducing diesel emissions, improving air quality, and lowering operational costs associated with ventilation. These advancements are not only enhancing the operational viability of underground mining but are also setting new benchmarks in environmental, health, and safety (EHS) performance - key factors in obtaining community and regulatory approval for mine development.

What Are the Regulatory and Market Forces Shaping Underground Mining Investment Strategies?

Rising regulatory demands and global ESG (Environmental, Social, Governance) pressures are forcing mining companies to reconfigure their operational models, particularly for underground projects. Governments are increasingly enforcing stricter environmental controls, mine closure policies, and water management guidelines, making compliance more complex yet unavoidable. At the same time, public opposition to open-pit mines - due to deforestation, displacement, and visible degradation - is pushing policymakers to favor underground alternatives. Global investment interest is shifting toward companies that demonstrate responsible mining practices, use renewable energy, and disclose transparent sustainability metrics. Additionally, increased demand for ethical sourcing of minerals - particularly from electric vehicle and consumer electronics manufacturers - is encouraging mining operations to adopt underground methods that offer improved environmental performance. Labor market pressures, especially the difficulty of sourcing skilled underground mining personnel, are also influencing decisions to invest in automation and remote operation technologies. These multifaceted drivers are redefining the competitive dynamics of the mining sector, prompting a strategic pivot toward smarter, deeper, and more sustainable underground extraction methods.

What Is Driving Growth in the Global Underground Mining Market?

The growth in the underground mining market is driven by several factors, including the depletion of shallow mineral reserves, rising demand for high-value metals and minerals used in green technologies, and increasing investment in digital and automated mining solutions. The global transition to electric vehicles, renewable energy infrastructure, and energy storage systems is fueling demand for copper, lithium, cobalt, and nickel - many of which are found in deposits requiring underground access. Technological innovation in mining equipment, ventilation systems, and digital monitoring tools is making underground operations more efficient and commercially viable, even in geologically challenging environments. End-user behavior, particularly among global manufacturers and supply chain stakeholders, is shifting toward ethically and sustainably sourced materials, which favors underground mining due to its lower surface impact. Furthermore, government incentives, exploration grants, and public-private partnerships in mineral-rich regions such as Africa, Australia, and Latin America are boosting new project development. These dynamics, combined with geopolitical competition over critical mineral security, are ensuring a robust outlook for the underground mining industry worldwide.

Report Scope

The report analyzes the Underground Mining market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments: Type (Supported Mining, Unsupported Mining, Caving Mining); Operator (Contract Mining, Owner Mining); Application (Coal Mining, Metal Mining, Mineral Mining, Other Applications).

Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Supported Mining segment, which is expected to reach US$14.7 Billion by 2030 with a CAGR of a 1.6%. The Unsupported Mining segment is also set to grow at 0.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at $5.8 Billion in 2024, and China, forecasted to grow at an impressive 2.6% CAGR to reach $4.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Underground Mining Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Underground Mining Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Underground Mining Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Agnico Eagle Mines Limited, Anglo American plc, Barrick Gold Corporation, BHP Group, Boliden AB and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 48 companies featured in this Underground Mining market report include:

• Agnico Eagle Mines Limited
• Anglo American plc
• Barrick Gold Corporation
• BHP Group
• Boliden AB
• China Shenhua Energy Company
• Codelco
• Epiroc AB
• Freeport-McMoRan Inc.
• Glencore plc
• Hecla Mining Company
• JCHX Mining Management Co., Ltd.
• Komatsu Ltd.
• Newmont Corporation
• Orica Limited
• Rio Tinto Group
• Sandvik AB
• South32 Limited
• Teck Resources Limited
• Vale S.A.

Tariff Impact Analysis: Key Insights for 2025

Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.

The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.

What's Included in This Edition:

• Tariff-adjusted market forecasts by region and segment
• Analysis of cost and supply chain implications by sourcing and trade exposure
• Strategic insights into geographic shifts

Buyers receive a free July 2025 update with:

• Finalized tariff impacts and new trade agreement effects
• Updated projections reflecting global sourcing and cost shifts
• Expanded country-specific coverage across the industry