The global mining shovel market is projected to create an absolute dollar opportunity exceeding USD 10.4 billion by 2033, with sales expected to reach around USD 8.0 billion by 2023, growing at a CAGR of 2.7% during the forecast period from 2023 to 2033. Market growth is being fueled by the increasing demand for advanced mining shovels equipped with innovative technologies like telematics.
Mining shovels, which are large, electrically-powered machines equipped with buckets, are essential for digging, loading, and excavating massive amounts of rock and soil in surface mining operations. Their ability to operate in harsh conditions while efficiently moving vast quantities of earth minerals is making them indispensable in the mining industry.
These machines also offer cost-effective solutions for moving soil and rock, driving demand for mining shovels used to extract metals such as iron ore, gold, copper, and bauxite. The surge in construction activities, driven by rapid industrialization and urbanization in countries like Brazil, India, China, and Australia, is further boosting the market.
As infrastructure and construction projects expand, demand for metals like iron and steel rises, pushing mining companies to increase their operations. This growing need for raw materials is contributing to the expansion of the global 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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