Electric Mining Equipment Market 2024-2033) | Insights, Industry Outlook, Growing Trends And Top Key Players

electric mining equipment market analysis

Overview and Scope

Electric mining equipment refers to machinery and tools used in mining operations that are powered by electricity rather than traditional fossil fuels such as diesel or gasoline. It is used for various tasks in the mining industry for the extraction, processing, and transportation of minerals and ores, offering benefits such as reduced environmental impact, improved operational efficiency, and enhanced safety.

Sizing and Forecast

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.

To access more details regarding this report, visit the link:

https://www.thebusinessresearchcompany.com/report/electric-mining-equipment-global-market-report

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

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.

Intrigued to explore the contents? Secure your hands-on sample copy of the report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=14094&type=smp

Major Driver Impacting Market Growth

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.

Key Industry Players

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

The electric mining equipment market report table of contents includes: