Global Mining Remanufacturing Components Market Size By Component, By Equipment, By Industry, By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Mining Remanufacturing Components Market Size By Component, By Equipment, By Industry, By Geographic Scope And Forecast
Mining Remanufacturing Components Market Size And Forecast
Mining Remanufacturing Components Market size was valued at USD 5.7 Billion in 2023 and is projected to reach USD 7.0 Billion by 2030, growing at a CAGR of 4.5% during the forecast period 2024-2030.
Global Mining Remanufacturing Components Market Drivers
The market drivers for the Mining Remanufacturing Components Market can be influenced by various factors. These may include
Cost-Efficiency Remanufacturing components is more affordable than buying new ones. Remanufactured parts can offer an affordable alternative in the mining sector, where substantial expenditures are incurred for equipment replacement and maintenance, spurring market expansion.
Environmental Sustainability As environmental sustainability becomes more and more important, mining companies are using remanufactured components to cut waste and lessen the environmental effect of their operations. This environmentally friendly strategy is one of the main factors propelling the mining industry’s remanufacturing market’s expansion.
Technological Developments Remanufactured components are now more dependable and of higher quality, which appeals to mining businesses. This is due to advancements in remanufacturing technologies. Advanced diagnostics, refurbishment methods, and quality control procedures are examples of enhanced processes that support the market expansion by supplying OEM-quality components that meet or beyond criteria.
Regulatory Pressures Governments and regulatory agencies enforce strict emission norms and laws, which force mining businesses to adopt sustainable methods, such as using remanufactured components. In the mining industry, the adoption of remanufacturing technologies is driven by compliance with these standards.
Supply Chain Resilience By providing substitutes for new parts that can experience supply chain interruptions, remanufactured components help mining firms’ supply chains be more resilient. Remanufactured components demand is further driven by periods of economic uncertainty and challenges to the global supply chain, when this resilience becomes even more crucial.
Global Mining Remanufacturing Components Market Restraints
Several factors can act as restraints or challenges for the Mining Remanufacturing Components Market. These may include
Limited Knowledge and Perception Despite the advantages, mining businesses might not be aware of the dependability and quality of remanufactured parts. Some businesses could be reluctant to embrace remanufactured parts because they believe they are inferior to fresh ones.
Complexity of Remanufacturing Processes Remanufacturing mining equipment components calls for specialised knowledge and a number of complex procedures. Some businesses may be discouraged from investing in remanufacturing capabilities due to the intricacy of these processes, which can provide difficulties and significant upfront equipment and training expenses.
Original Equipment Manufacturers (OEMs) provide competition for remanufactured alternatives by offering warranties and support services for new components. Mining businesses may be reluctant to move to remanufactured parts because of worries about OEM goods’ perceived dependability and warranty coverage.
Customisation Requirements Mining equipment frequently needs components that are made to order to meet certain operational and environmental requirements. Certain applications and sectors may find remanufactured components less suitable than new ones due to the potential for reduced customisation.
Logistics Difficulties and Lead Times Compared to buying new parts straight from OEMs, obtaining remanufactured components may require longer lead times. Furthermore, logistical issues like inventory control and transportation logistics could come up, especially for mining operations that are situated in isolated or difficult-to-reach places.
Global Mining Remanufacturing Components Market Segmentation Analysis
The Global Mining Remanufacturing Components Market is Segmented on the basis of Component, Equipment, Industry, And Geography.
Mining Remanufacturing Components Market, By Component
Engine
Hydraulic Cylinder
Axle
Differential
Transmission
Torque Converter
Final Drive
Based on Component, the market is segmented into Engine, Hydraulic Cylinder, Axle, Differential, Transmission, Torque Converter, And Final Drive. Hydraulic Cylinder is expected to record the highest market share during the forecast period. These are used for various activities such as lifting, digging, and pushing. Cost saving and reliability are the key offerings of hydraulic cylinders.
Mining Remanufacturing Components Market, By Equipment
Hydraulic Excavator
Mine/Haul Truck
Wheel Loader
Wheel Dozer
Crawler Dozers
Based on Equipment, the market is segmented into, Hydraulic Excavator, Mine/Haul Truck, Wheel Loader, Wheel Dozer, And Crawler Dozers. the demand for hydraulic excavators is projected to be the highest during the projected period. These are heavy equipment which help in digging out of the soil and from the land and moving the large objects. A wide range of sizes and capacities are available for these excavators. It is generally used for moving bulky amounts of solids such as minerals.
Mining Remanufacturing Components Market, By Industry
Coal
Metal
Other Minerals
Based on industry, the market is segmented into Coal, Metal, And Other Minerals and the Coal industry is expected to register the largest market share during the period. The number of equipment used in the coal industry is greater than the number in the metal and other mineral industries.
Mining Remanufacturing Components Market, By Geography
North America
Europe
Asia-Pacific
Rest of the World
On the basis of Regional Analysis, Global Mining Remanufacturing Components Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Due to cheap financing rates, a large demand for commodities, and investments made there, North America dominates the market for mining remanufacturing components. Asia Pacific is anticipated to have tremendous growth from 2022 to 2030 as a result of the region’s large deposits and rising commodity prices.
Key Players
The major players in the Mining Remanufacturing Components Market are
Caterpillar
Liebherr-International Deutschland GmbH
Hitachi Construction Machinery Co, Ltd.
Komatsu Germany GmbH
Epiroc Mining India Limited
Atlas Copco AB
Volvo
SRC HOLDINGS CORPORATION
Swanson Industries
Deere & Company
Liebherr Group
Sandvik AB
John Deere
Mitsubishi Heavy Industries Ltd.
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Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Caterpillar, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery Co, Ltd., Komatsu Germany GmbH, Epiroc Mining India Limited, Atlas Copco AB.
SEGMENTS COVERED
By Component, By Equipment, By Industry, By Geography
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