The global mining shovel market size is likely to be valued at US$ 8.0 billion in 2023. The increasing demand for infrastructural development and construction activity is driving market growth. The market is estimated to garner US$ 10.4 billion in 2033, recording a CAGR of 2.7% from 2023 to 2033.
The increasing application in various industries including construction, energy, manufacturing, and infrastructure development, is expected to drive the mining shovel market growth. Increased mining operations and the replacement of aging equipment in developing regions are expected to boost the demand for mining shovels. With the increasing demand for minerals, mining companies are expanding their operations to meet this demand. This expansion includes the opening of new mines, exploration of untapped resources, and the development of new mining projects. These activities drive the demand for mining shovels as essential equipment for material excavation and loading.
Manufacturers are integrating advanced technologies into mining shovels to enhance their performance, productivity, and safety. Examples include the use of automation, remote control systems, advanced monitoring, and data analytics to optimize shovel operation and reduce human error. This technological advances in mining shovels are expected to spur market demand during the forecast period.
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North America is expected to account for a significant share of the mining shovel market, the growth of the market in the region is attributed to the presence of established mining companies and technological advancements. Favorable mining regulations and the presence of abundant mineral reserves, including coal, copper, gold, and iron ore, in countries like the United States and Canada drive the mining shovel market growth in the region.
Europe has diverse mineral resources, including coal, iron ore, copper, and potash, which require mining shovels for extraction. The focus on sustainable mining practices, adherence to strict environmental regulations, and the presence of advanced mining technologies drive market growth in this region.
Key Takeaways from the Market Study
- From 2018 to 2022, the mining shovel market demand expanded at a CAGR of 2.5%
- Based on payload capacity, the 30 -40 metric ton segment accounts for a CAGR of 2.6%
- By mineral type, the coal segment is expected to expand at a CAGR of 5% during the forecast period
- North America to emerge as a promising mining shovel market, capturing a CAGR of 2.5%
- The mining shovel industry in the United Kingdom is predicted to reach US$ 2 billion by 2033
- South Asia and the Pacific to be an opportunistic mining shovel market, expected to capture a CAGR of 2.3% during the forecast period.
Competitive Landscape
The global mining shovel market is fragmented with the presence of several large and medium-scale players. The leading players in the mining shovel market are investing in strategic agreements in order to capture market share. Prominent players in the mining shovel market are:
- JCB Ltd.
- Volvo Construction Equipment
- Caterpillar Inc.
- Sandvik AB
- Hitachi Construction Machinery Co. Ltd.
- Metso Corporation
- Komatsu Limited
- Boart Longyear Ltd.
- China National Coal Mining Equipment Co. Ltd
- Liebherr Group
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Key market developments are as follows:
- Volvo has been focusing on improving the fuel efficiency and sustainability of its mining shovels. Their machines feature advanced engine technology and optimized hydraulics for reduced fuel consumption and emissions. The company has also invested in telematics and connectivity solutions for its mining shovels. These technologies provide real-time data and analytics for remote monitoring, diagnostics, and performance optimization.
- Hitachi has been investing in the development of electric mining shovels to meet the demand for eco-friendly solutions. Their AC-driven electric mining shovels offer higher efficiency, reduced maintenance, and lower operating costs. The company has also focused on improving the reliability and durability of its mining shovels. Their EX-7 series of mining shovels feature advanced technologies for increased productivity and reduced downtime.
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