Electric Rope Shovel Market
Electric Rope Shovel Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Electric Rope Shovel Market is segmented by Type, Application, and by Region. KDMI analyst foresees market revenue to cross USD 21.26 Billion by 2032 by growing with a CAGR of 8.1% during 2024-2032.
Electric Rope Shovel Market Highlights
The global electric rope shovel market is expected to cross a value of USD 21.26 billion by the end of 2032. The market was valued at USD 11.35 billion in 2023 and is expected to expand at a CAGR of 8.1% between 2024-2032.
- Over the mid-term, the growing adoption of efficient machineries by mining companies is the primary factor anticipated to drive the global electric rope shovel market.
- The high cost of the equipment is a major factor to challenge the market growth.
- The Asia Pacific electric rope shovel market is projected to dominate the global market.
Electric Rope Shovel Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 11.35 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 21.26 Billion |
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CAGR Value |
8.1% |
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Electric Rope Shovel Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Electric Rope Shovel Market Segmentation |
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Electric Rope Shovel Market Key Players |
Komatsu Germany GmbH, Caterpillar, Heavy Engineering Corporation Ltd., L&H Industrial, IZ –KARTEX, PC Mining, ABB, Taiyuan Heavy Industry Co., Ltd., SANY GROUP, BEML Limited, and others. |
Electric Rope Shovel Market Outlook
A heavy-duty excavation equipment that is used in surface mining operations to handle large volumes of material, such as overburden, ore, and other minerals in open-pit mines, is known as an electric rope shovel.
According to our experts at KD Market Insights, one of the primary factors expected to drive the growth of the electric rope shovel market is the growing adoption of efficient machineries by mining companies globally. With the rapid infusion of Industry 4.0 worldwide and organizations shifting towards Industry 5.0, businesses of any kind are increasingly working on to adopt solutions that can increase their operational efficiency, productivity, and lower their operational costs. On a similar note, mining companies from around the globe, are adopting electric rope shovels as these shovels provide numerous advantages over the traditional excavation equipment, such as faster cycle times, higher digging capacities, and lower maintenance requirements. Komatsu Germany GmbH, Caterpillar, Heavy Engineering Corporation Ltd. are some of the significant parties in the global market for electric rope shovel.
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Electric Rope Shovel Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global electric rope shovel market are:
- Increasing Demand for Metals and Minerals: Our researchers have reported that world mining production has reached near to 18 billion metric tons in the year 2021, up from around 11 billion metric tons in the year 2000. With this growing demand for metals and minerals globally, mining companies from around the globe are focusing on raising their production. This, in particular, has raised the need for adopting advanced machineries, such as electric rope shovel that offers high productivity, reliability and efficiency in material handling and excavation tasks.
- Rising Number of Mining Projects: Mining companies worldwide are exploring several untapped mineral reserves. These companies are investing in new projects and expanding their operations to meet the increasing demand for metals and minerals worldwide. As the number of mining projects increases, the demand for electric rope shovels is also expected to increase, in turn, contributing to the market growth during the forecast period.
Which Probable Factors Could Hamper the Growing Electric Rope Shovel Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of electric rope shovel are:
- High Cost of Equipment: Due to the complex manufacturing process of electric rope shovels, the manufacturing cost of the equipment also increases, thereby impacting the final price of the product. Such a factor is therefore expected to limit the market growth during the forecast period.
- Scarcity of Qualified Operators: Electric rope shovels require qualified operators who have specialized skills and training in operating this equipment. The lack of availability of such trained professionals limits the adoption of the equipment amongst the mining companies, which is also projected to refrain the market growth in the coming years.
How is the Global Electric Rope Shovel Market Segmented?
Our experts at KD Market Insights have segmented the global electric rope shovel market as:
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By Type |
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By Application |
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By Region |
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What are the Probable Factors Influencing the Asia Pacific Electric Rope Shovel Market Forecast?
The Asia Pacific electric rope shovel market is majorly driven by the presence of numerous mining companies in the region, amongst whom the demand for these advanced machineries are usually very high. The region also recorded the highest share of production of mining metals and minerals in the year 2021, approximately 60%, as per our experts at KD Market Insights. Moreover, mining production rates in the Asia Pacific (excluding Australia) witnessed growth by about 113% in the year 2021 from 2000, while in Australia, it witnessed close to 137% growth rate. The increase in mining activities in the region is therefore expected to drive the demand for electric rope shovels, and contribute to the market growth.
As per our analysts at KD Market Insights, the following five players lead the Asia pacific electric rope shovel market growth:
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd.
- Caterpillar Inc.
- XCMG Group
- Liebherr Group
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Key Countries to Watch for in Asia Pacific Electric Rope Shovel Market |
Key Insights |
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China Electric Rope Shovel Market to Register the Largest Regional Market Share in 2032 |
USD 2.56 Billion |
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Australia Electric Rope Shovel Market to Grow with the Highest CAGR During 2024-2032 |
8.4% |
Which Key Players Top the Global Electric Rope Shovel Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global electric rope shovel market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with electric rope shovel market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global electric rope shovel market share:
- Komatsu Germany GmbH
- Caterpillar
- Heavy Engineering Corporation Ltd.
- L&H Industrial
- IZ–KARTEX
- PC Mining
- ABB
- Taiyuan Heavy Industry Co., Ltd.
- SANY GROUP
- BEML Limited
What are the Recent Developments Observed in the Electric Rope Shovel Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global electric rope shovel market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Komatsu stated that it has introduced a new electric rope shovel known as Komatsu super-large electric rope shovel, designed especially for open-pit copper mining.
Further, Capstone Copper reported that they have received two Komatsu P&H 4100XPC electric rope shovels for its Mantoverde operation in Chile.
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- Publication date: 8th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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