The global mining shovel market is projected to generate an absolute dollar opportunity exceeding USD 10.4 billion by the end of 2033. Sales of mining shovels are expected to reach approximately USD 8.0 billion by 2023, with a growth rate of 2.7% CAGR during the forecast period from 2023 to 2033. The increasing focus on developing advanced mining shovels equipped with innovative technologies, such as telematics, is likely to drive market growth.
The increasing demand for technologically advanced mining shovels, such as those equipped with telematics, is creating a favorable environment for market growth during this period.
Mining shovels are large, bucket-equipped, electrically-powered machines used for digging, loading, and excavating substantial amounts of rock and soil in surface or strip mining operations. Their ability to handle vast quantities of earth minerals in harsh conditions is making them increasingly popular in the mining industry.
These machines also facilitate the rapid movement of soil and rock at a cost-effective rate per ton. The growing use of mining shovels for extracting metals like iron ore, gold, copper, and bauxite is driving demand in the global market.
With rapid industrialization and urbanization, construction activities have surged, particularly in emerging economies such as Brazil, India, China, and Australia. This growth in the construction sector has led governments in these countries to invest more in urbanizing rural areas.
As infrastructure and construction projects expand, the demand for metals such as iron and steel increases. In response, major mining companies are ramping up their operations, contributing to the growth of the mining shovel market.
Key Takeaways:
- Surging construction and infrastructure activities to propel market growth.
- Mechanical complexity and high maintenance costs deter market development.
- The Asia Pacific excluding Japan is expected to present multiple profitable opportunities.
- North America will likely exhibit considerable market growth over the forecast period.
Competitive Landscape
JCB Ltd., Volvo Construction Equipment, Caterpillar Inc., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Metso Corporation, Komatsu Limited, Boart Longyear Ltd., and China National Coal Mining Equipment Co. Ltd., and others are some of the major players in the mining shovel market that are profiled in the full version of the report.
An extensive number of market participants has made for high competition. Therefore, major players in the mining shovel market are keen on expanding their production capacities along with increasing their product releases.
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:
- Coal
- Iron Ore
- Non-ferrous Metals
- Industrial Minerals
- Precious Metals
- Others
Report Preview: https://www.futuremarketinsights.com/reports/mining-shovel-market
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