In 2022, it is predicted that the market for mining shovels would be worth US$7.8 billion. Mining shovels are expected to be in high demand throughout the assessment period. This is a result of the expanded mining operations, which are expected to generate US$ 10.4 billion in 2033, with a 2.7% CAGR between 2023 and 2033. In 2023, the market is anticipated to generate US$ 8.0 billion.
Elevated demand for the introduction of technologically advanced mining shovels such as telematics-integrated mining shovels is fostering a positive market environment for the mining shovel market during the forecast period.
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Mining shovels are used for digging, loading, and excavating enormous quantities of rock and soil in surface or strip mining operations. These shovels are bucket-equipped electrically-powered machines of immense size. These machines are gradually gaining traction in the mining sector because of their ability to dig and excavate huge quantities of earth minerals while working in harsh and difficult circumstances.
Mining shovels further assist in moving soil and rock at a rapid pace and at affordable prices per ton. The rising application of mining shovels in the extraction of metals like iron ore, gold, copper, bauxite, and many others is boosting the demand for the target product in the global market.
With rapid industrialization and urbanization, there’s been a notable rise in building and construction activities. Emerging economies like Brazil, India, China, Australia, and others are witnessing tremendous growth in the building and construction sector. Due to the advancing construction sector, governments in these countries, too, are increasing investment in the urbanization of rural areas.
Escalating infrastructure and construction activities result in heightened demand for metals like iron, steel, and many others. Consequently, major players in the mining sector are increasing their mining activities which leads to a surge in the mining shovel market.
“Mining shovels’ ability to work in harsh mining conditions while excavating and moving huge quantities of soil and rock is likely to promote the market growth of the product over the forecast period,” says an FMI analyst.
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.
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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
More Insights into the Mining Shovel Market Report
In its latest report, FMI offers an unbiased analysis of the global mining shovel market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on payload capacity (20-30 metric tons, 30-40 metric tons, 40-50 metric tons, more than 50 metric tons), mineral type (coal, iron ore, non-ferrous metals, industrial minerals, precious metals, others), and region.
According to the latest FMI reports, based on region, the Asia Pacific excluding Japan mining shovel market is predicted to continue dominating the global space over the forecast period. The increasing demand for coal from the power generation sector is the primary market driver for mining shovels.
An upsurge in the need for power all over the region pushes the expanding demand for coal. In addition to this, the emergence of advanced clean coal technologies is likely to promote the market growth of mining shovels in this region.
The mining shovel market in North America is expected to reflect remarkable growth over the assessment period. As per FMI, North America will account for a substantial portion of the overall market share by the end of 2032.
This growth is attributed to elevated demand for minerals and metals like copper, iron ore, steel, and gold among others. As a result, the region has witnessed a surge in mining activities, especially in the U.S. and Canada. Major market players are, thus, focusing on capitalizing on these market opportunities and increase their product release as well as their production capacities.
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