The electric mining equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Mining Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric mining equipment market size has grown exponentially in recent years. It will grow from $2.46 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%. The growth in the historic period can be attributed to increased government incentives, increased corporate social responsibility (CSR), resource scarcity, operational efficiency.
The electric mining equipment market size is expected to see rapid growth in the next few years. It will grow to $5.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to increasing environmental regulations, increasing energy transition, increasing market demand for minerals, increasing health and safety regulations. Major trends in the forecast period include digitalization and data analytics, product innovations, partnerships, investments.
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Scope Of Electric Mining Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Mining Equipment Market Overview
Market Drivers –
The growing mining industry is expected to propel the growth of the electric mining equipment market going forward. The mining industry refers to the sector encompassing activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth’s crust. It arises due to a confluence of factors, including the global population and expanding economies, that drive up the demand for minerals, metals, and fossil fuels. Electric mining equipment is utilized across various stages of the mining process, from excavation and loading to material handling and support tasks, to improve efficiency, reduce emissions, and enhance safety. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, in 2022, US mines generated roughly $98.2 billion in nonfuel mineral commodities, up $3.6 billion (~3.8%) from the projected total of $94.6 billion for 2021. Therefore, the growing mining industry is driving the growth of the electric mining equipment receiver market.
Market Trends –
Major companies operating in the electric mining equipment market are concentrating on new innovative products, such as the XES35, a next-generation super 35m³ electric shovel excavator for open pit mining to leverage advancements and address market demands. This excavator, also known as a power shovel, is an excavator equipped with a shovel bucket that is attached to a hinged boom and is drawn backward to move earth. It is used for excavating and loading earth or fragmented rock in various mining and construction applications. For instance, in July 2023, Xuzhou Construction Machinery Group Co. Ltd., a China-based construction machinery company, introduced the XES35, a next-generation super 35m³ electric shovel excavator for open pit mining. This electric shovel excavator is designed to excel in efficiency, sustainability, and safety, making it suitable for large-scale open-pit mining operations. It comes with a 35-m³ shovel bucket that can load about 65 tons of ore each time, and it is designed to be deployed for mining. Additionally, it provides advantages, including intelligent operation, sustainability and green operation, reliability and high availability, operational comfort and safety, and low comprehensive use costs.
The electric mining equipment market covered in this report is segmented –
1) By Type: Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment, Mining drills And Breakers, Crushing Pulverizing And Screening Equipment, Other Types
2) By Solution: Products, Services
3) By Application: Coal Mining, Gas And Oil Extraction, Metal Ore Mining, Non-Metal Mining
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Regional Insights –
Asia-Pacific was the largest region in the electric mining equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric mining equipment market are BYD Company Limited, Caterpillar Inc., Volvo Construction Equipment AB, Xuzhou Construction Machinery Group Co. Ltd., Sandvik Group, SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Epiroc AB, J.C. Bamford Excavators Limited, Kirkland Lake Gold, Wacker Neuson SE, Komatsu Ltd., Doosan Infracore Co. Ltd., MacLean Engineering, Normet Group, Ampcontrol, Kress Corporation, AARD Mining Equipment, Miller Technology Inc., Liebherr-International Deutschland GmbH, Artisan Vehicle Systems Inc., Rokion, Rock Technology, Soletrac Inc., Belarusian Autoworks
Table of Contents
1. Executive Summary
2. Electric Mining Equipment Market Report Structure
3. Electric Mining Equipment Market Trends And Strategies
4. Electric Mining Equipment Market – Macro Economic Scenario
5. Electric Mining Equipment Market Size And Growth
…..
27. Electric Mining Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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