Mining Remanufacturing Components Market Projected to Reach $5.0 billion by 2027

The report "Mining Remanufacturing Components Market By Component (Engine, Hydraulic Cylinder, Axle, Transmission, Differential, Torque Convertor, Final Drive), Equipment (Excavator, Mine Truck, Wheel Loader, Dozer), Industry, Region - Global Forecast to 2027" The Mining Remanufacturing Components Market is projected to grow at a CAGR of 3.5% during the forecast period, to reach a market size of USD 5.0 billion by 2027 from USD 3.8 billion in 2019.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/mining-remanufacturing-components-market-44140438.html

Some prominent players in the mining remanufacturing components market are Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), Epiroc (Sweden), Atlas Copco (Sweden), JCB (UK), Volvo Construction Equipment (Sweden), SRC Holdings Corporation (US), and Swanson Industries (US).

The engine is estimated as the fastest growing remanufactured component for mining equipment

The engine is the most critical and high-value component of any mining equipment. The technology in engines is changing rapidly, primarily as a response to increasing stringency in emissions regulations. The reduced emission limits have also increased the engine complexity with advanced technology, which, in turn, has increased the pricing. The average life of an engine for the mining equipment is in the range of 19,000- 20,500 operating hours. A remanufactured engine offers several advantages such as lower cost, superior quality, and similar product warranty terms as the new one. Therefore, in the case of an engine breakdown, most of the end-users will go for remanufacturing rather than purchasing a new engine. Hydraulic excavators and mine/haul trucks are expected to have more demand for remanufactured engines, as this equipment are used at the mine site and have to face harsh environment and continuous mining operations typically.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=44140438

Mine/Haul Truck is the estimated to showcase the largest demand for remanufactured components in coming years

Mine/Haul trucks are used extensively for surface mining activities. It contributes the maximum to the overall mining equipment parc globally. This equipment is used for carrying heavy loads over long distances in extreme condition and provide better traction on rough terrains. Therefore, the possibility of wear and tear is more for mine/haul truck as compared to other equipment. Therefore, mine/haul truck is expected to have a promising growth in the mining exploration.

Mining equipment is projected to experience the fastest demand for remanufactured components in Asia Oceania

The Asia Oceania region is expected to be the fastest growing market for the mining remanufacturing components. This region has emerged as a huge business opportunity for the mining industry. For instance, Asia Oceania held the second largest share within the mining remanufacturing components market in 2018. The key factor driving the Asia Oceania market is increasing mining activities, which have increased the sale of mining equipment, resulting in the growth of mining equipment parc. For instance, Vale, the world’s largest iron ore mining company, has been increasing its presence in China. In India, 30 new coal mining sites have been identified by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add 100 million ton to India’s coal output. With this, there is an increase in average work hours per annum, which in turn has resulted in increased component/system replacements in the region. The major industry players in Asia Oceania are Komatsu (Japan), Hitachi Construction Machinery (Japan), and BEML (India).

Request for Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=44140438

Key Questions addressed by the report:

*What would be the regional demand for remanufactured components in the mining industry during the next seven years?

*Existing and upcoming market trends in remanufactured components demand by equipment type next few years?

*What would be the Industry-wise demand for remanufactured components in mining equipment in coming years?

*Insights about trends in average working hours of mining equipment; and hence, the average life of component replacement.

*Future electrification trends in the mining equipment industry, and how would it impact the remanufactured components market in the coming years?

*Competitive leadership mapping of key players represented in a four-quadrant box representing the visionary leaders as well as dynamic differentiators

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

This release was published on openPR.