Mining Shovel Market Is Estimated To Create An Absolute Dollar Opportunity Of Over US$ 10 Bn By The End Of 2032

The global mining shovel market is estimated to create an absolute dollar opportunity of over US$ 10 Bn by the end of 2032. The sales of mining shovels are expected to reach around US$ 7.8 Bn by 2022, exhibiting growth at 2% to 3% CAGR during the forecast period 2022-2032. Increasing emphasis on the development and introduction of advanced mining shovels with innovative technologies such as telematics is anticipated to facilitate the growth in the market.

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.

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Mining Shovel Market: Regional Outlook

Globally, the mining shovel market is projected to be led by the Asia Pacific region, owing to its prominent share in the mining industry across the globe. Asia Pacific, led by China, is anticipated to account for the sales of a large number of mining shovels. Asia Pacific accounts for more than 3/5 of the global minerals production across the globe. Asia Pacific is expected to be followed by Latin America in the global mining shovel market, owing to the increasing copper mining across Brazil, Chile, Peru, etc. Latin America is anticipated to be followed by North America in the global mining shovel market over the forecast period. The North America mining shovel market is projected to be followed by Europe over the forecast years. The Middle East & Africa is expected to account for a small share in the global mining shovel market, owing to the comparatively low rate of mining activities in the region

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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.