Opportunities in Mining Remanufacturing Components Market

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 $5.0 billion by 2027 from $3.8 billion in 2019.

Lower cost of remanufactured mining components and inventory issues of parts at the OEM's end are the key growth drivers for remanufacturing components for mining equipment.

Some of the key players in the global 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).

Opportunities:

1. Growing Demand for Metals and Commodities Around the Globe

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

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 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.

The demand for remanufactured components is projected to be highest in hydraulic excavators over the forecast period

The hydraulic excavator is heavy mining equipment which is used to dig out soil from the ground or to move large objects. It tremendously enhances the productivity of any mining work. These excavators are available in a wide range of sizes and capacities ranging from 20 metric tons (MT) to 77 metric ton (MT) payload capacity, depending on the magnitude of the work to be done. Excavators consist of a chassis, boom, and bucket. It is used commonly for the transportation of large amounts of materials, such as minerals.

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

The Americas and Asia Oceania together account for the highest population of hydraulic excavators. According to the Indian Construction Equipment Manufacturer Association (ICEMA), the demand for earth moving & mining equipment during FY 2017-18 was significant, recording an increase of 23%, with a growth of 24% for hydraulic excavators. The rising demand for the equipment indicates an increase in the application and usage of mining equipment, creating a positive outlook for the global market.

Mine/Haul Truck is estimated to showcase the largest demand for remanufactured components in the 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 mining exploration.

View Full TOC @ https://www.marketsandmarkets.com/Market-Reports/mining-remanufacturing-components-market-44140438.html

Contact:
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.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge store" connects over 200,000 markets and entire value chains for a deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.