What Has Been The Evolution of the Electric Mining Equipment Market in Recent Years?
The electric mining equipment market has seen considerable growth due to a variety of factors.
• The size of the electric mining equipment market has seen a tremendous increase in the past few years. The market growth is projected to rise from $2.97 billion in 2024 to $3.59 billion in 2025, marking a compound annual growth rate (CAGR) of 20.7%.
The expansion during the historical period is a consequence of amplified government support, heightened corporate social responsibility (CSR), resource deficiencies, and operational efficiency.
What Are the Future Growth Projections for the Electric Mining Equipment Market?
The electric mining equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market size for electric mining equipment is poised for rapid expansion. It's projected that by 2029, this market will have grown to $6.63 billion, with a compound annual growth rate (CAGR) of 16.6%.
Factors contributing to this growth in the forecast period include heightened environmental regulations, increasing energy transition, growing demand for minerals, and stricter health and safety regulations. Key trends to watch during this forecast period encompass digitalization and data analytics, product innovations, partnerships, and investments.
What Are The Core Factors Supporting Growth In The Electric Mining Equipment Market?
The electric mining equipment market is anticipated to ride the wave of the expanding mining industry. The mining sector is a compilation of activities that involve discovery, extraction, treatment, and transport of valuable minerals, metals, and other geological substances from beneath the earth's surface. The escalating demand for these resources is fueled by the growing global population and burgeoning economies. Electric mining tools play a crucial role across various stages of the mining procedure - from digging and loading to managing materials and rendering support tasks, thereby boosting efficiency, minimizing emissions and augmenting safety measures. For example, a report by the United States Geological Survey, a government entity in the United States, stated that, in 2022, mines in the US produced approximately $98.2 billion from nonfuel mineral commodities, this being a $3.6 billion increase (~3.8%) from the estimated total of $94.6 billion in 2021. Therefore, it's clear that the blooming mining industry is powering the growth of the electric mining equipment receiver market.
What Are The Major Segments Within The Global Electric Mining Equipment Market?
The electric mining equipment market covered in this report is segmented –
1) By Type: Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment, Mining Drills And Breakers, Crushing Pulverizing And Screening Equipment, Other Types
2) By Solution: Products, Services
3) By Application: Coal Mining, Gas And Oil Extraction, Metal Ore Mining, Non-Metal Mining
Subsegments:
1) By Mineral Processing Equipment: Electric Conveyors, Electric Flotation Machines, Electric Grinding Mills
2) By Surface Mining Equipment: Electric Excavators, Electric Dump Trucks, Electric Loaders
3) By Underground Mining Equipment: Electric Shuttle Cars, Electric LHDs (Load-Haul-Dump), Electric Rock Bolters
4) By Mining Drills And Breakers: Electric Drilling Machines, Electric Breakers And Hydraulic Hammers
5) By Crushing, Pulverizing, And Screening Equipment: Electric Crushers, Electric Screeners, Electric Pulverizers
6) By Other Types: Electric Haul Trucks, Electric Blasting Equipment, Electric Support Equipment
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What Trends Are Shaping The Electric Mining Equipment Market?
Major firms active in the electric mining equipment market are focusing on the creation of innovative items like the XES35, a next-generation super 35m³ electric shovel excavator for open-pit mining. This innovation aims to utilize advancements and cater to market needs. Also referred to as a power shovel, this excavator with an attached shovel bucket on a hinged boom is used for earth movement operations. It is efficient in excavation and loading of earth or broken rocks in diverse mining and construction purposes. For example, Xuzhou Construction Machinery Group Co. Ltd., a company based in China specializing in construction machinery, launched the XES35, a next-gen super 35m³ electric shovel excavator for open pit mining, in July 2023. Built to excel in efficiency, sustainability and safety, the electric shovel excavator is ideal for large-scale open-pit mining projects. It is equipped with a 35m³ shovel bucket capable of loading roughly 65 tons of ore in one go and is intended mainly for mining. It also offers benefits such as smart operation, sustainable and green functioning, reliability, high availability, operational comfort and safety, and low overall usage costs.
Who Are the Key Players In The Electric Mining Equipment Market?
Major companies operating in the electric mining equipment market are:
• BYD Company Limited
• Caterpillar Inc.
• Volvo Construction Equipment AB
• Xuzhou Construction Machinery Group Co. Ltd.
• Sandvik Group
• SANY Group Co. Ltd.
• Sandvik AB
• Hitachi Construction Machinery Co. Ltd.
• Epiroc AB
• J.C. Bamford Excavators Limited
• Kirkland Lake Gold
• Wacker Neuson SE
• Komatsu Ltd.
• Doosan Infracore Co. Ltd.
• MacLean Engineering
• Normet Group
• Ampcontrol
• Kress Corporation
• AARD Mining Equipment
• Miller Technology Inc.
• Liebherr-International Deutschland GmbH
• Artisan Vehicle Systems Inc.
• Rokion
• Rock Technology
• Soletrac Inc.
• Belarusian Autoworks
What Is The Most Dominant Region In The Electric Mining Equipment Market?
Asia-Pacific was the largest region in the electric mining equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
