By the end of 2032, the global mining shovel market is anticipated to have an absolute dollar potential of over US$ 10 Bn. By 2022, sales of mining shovels are anticipated to reach around US$ 7.8 billion, growing at a CAGR of 2% to 3% from 2022 to 2032. It is projected that placing more attention on the creation and introduction of modern mining shovels equipped with cutting-edge technology like telematics will promote market expansion.
Mining shovels are mostly electric powered, and are primarily utilized for digging and loading earth, and for the extraction of minerals. Mining shovels are utilized in the surface mining of gold, copper, coal, and other commodities across the globe. Mining shovels are available in a wide range of payload capacities all over the world. They are designed and built to help mining sites move more quantities of material at lower cost per ton. Mining shovels are very difficult to operate owing to their mechanical complexity.
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Due to the rapid industrialization of emerging economies, particularly China and India, there has been significant growth in the demand for mined resources such as coal, iron ore, etc. Thus, it is anticipated that the demand for mining shovels will increase in the near future.
Mining Shovel Market: Dynamics
Globally, the mining industry is cyclic in nature and depends upon the performance of numerous end-use sectors. However, the mining industry in Latin America and North America, primarily in countries such as Peru and Chile, is anticipated to return to its steady phase in the near future, creating opportunities for mining shovel manufacturers across the world, and, in turn, assisting the growth of the global mining shovel market.
Owing to the very high prices of mining equipment such as mining shovels, various end users are opting for rental solutions. This, in turn, is anticipated to hinder the sales of new mining shovels across the globe, and, in turn, acts as a restraint for the mining shovel market.
Prominent manufacturers in the global mining shovel market are found to be involved in merger and acquisition activities in order to enhance their presence in the mining business across the globe. For instance, recently, Komatsu America Corp. completed the acquisition of Joy Global Inc.
Some manufacturers are focussed on the introduction of electric drive mining shovels that feature an advanced zero-emission electric drive motor, in order to provide higher productivity and low cost of ownership through reliability, efficiency, and durability.
Mining Shovel Market: Market Participants
Some of the important companies involved in the mining shovel market include Deere & Company and Hitachi Construction Machinery Co., Ltd., Caterpillar, L&H Industrial, Komatsu Ltd., IZ-KARTEX, and Taiyuan Heavy Machinery Group Co., Ltd., besides others.
Globally, the mining shovel market is projected to be consolidated in nature, due to the presence of a small number of players. A few global players are expected to hold prominent shares in this market.
The research report presents a comprehensive assessment of the mining shovel market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The mining shovel research report provides analysis and information according to market segments such as geography, payload capacity, and mineral type.
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Mining Shovel Market: Segmentation
The global mining shovel market can be segmented on the basis of payload capacity and mineral type.
Based on payload capacity (metric ton), the global mining shovel market can be segmented into:
- More than 50
Based on mineral type, the global mining shovel market can be segmented into:
- Iron Ore
- Non-Ferrous Metals
- Industrial Minerals
- Precious Metals
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected Mining Shovel market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Mining Shovel market performance
- Must-have information for Mining Shovel market players to sustain and enhance their market footprint.
Key Segments Profiled in the Mining Shovel Market Survey
By Payload Capacity:
- 20-30 Metric Tons
- 30-40 Metric Tons
- 40-50 Metric Tons
- More than 50 Metric Tons
By Mineral Type:
- Iron Ore
- Non-ferrous Metals
- Industrial Minerals
- Precious Metals
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
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