Electric Rope Shovel Market
Electric Rope Shovel Market 2022 - By Type , By Application & Global Region - Market Size, Trends, Opportunity, Forecast 2027Request Sample Request Discount
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The global electric rope shovel size was estimated at USD 845.1 million in 2021 and is expected to reach USD 1,146.7 million by 2027, growing with a CAGR of 6.3% over the forecasted period, 2022 to 2027. Electric rope shovels are utilized in large surface mining operations for the loading and digging of material. According to Caterpillar, one of the important factors for obtaining maximum productivity is a well-trained operator. Moreover, the electric rope shovel includes swing, hoist, crowd, and propel. The shovel operating cycle involves swinging, digging, returning, and positioning. Furthermore, these parts of the operation are operationally independent, the coordination and skill of an operator is needed for a smooth cycle.
Improvement in technology has increased efficiency in this market. Moreover, these improvements consist of automation of rope shovel operators and technologies that provided operators with feedback on the machinery's performance. The feedback given by operators is available through various monitoring system which measure shovel operational parameters. Moreover, accumulated information from these monitoring systems gives valuable insight regarding shovel performance to the operator. Furthermore, the leading manufacturing companies' continuous design and technical changes in the electric rope shovel further augments the growth of market.
Nowadays, manufacturers are converting diesel energy to electrical energy through a switched reluctance generator, which gives crowd, hoist, and swing motors power. When 2650CX lowers its decelerates swing speed, then the motor becomes generator, supplying energy to the machine and shutting off fuel supply.
Electric rope shovel helps dig, swing, dump, and return faster than other rope shovels. It also increases the life span of the engine. Most of the customers are shifting towards electric rope shovel. Moreover, to increase efficiency the machine utilizes electric power over hydraulic to make regeneration. The result is 52-60% less hydraulic fluids required compared to hydraulic excavators. This translates to additional savings with the help of reduced fluid costs, reduced hydraulic fittings and routing and a reduced environmental impact.
Owing to rising mining activities globally, heavy equipment machines such as backhoes, electric rope shovels, draglines, wheel loaders, and face shovels are estimated to have high demand in the upcoming years. Moreover, the regular recovery in commodity prices, boosts by general economic growth has boosted the growth of the mining industry which in turn resulted in fostering the demand for electric rope shovel market. Furthermore, the number of operative mines has also raised throughout the globe. The increase in number of active mines in developing as well as developed regions is further expected to boost the demand for electric rope shovel market.
Geographically, the electric rope shovel market is analyzed into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific market holds the significant share in the year 2021 and is expected to retain its dominant during the forecast period. This is attributed to the increase in mining activities in the region. Moreover, in Asia-Pacific region, mining activities have increased due to which manufacturers are focusing on this region. Furthermore, North America is the second-largest user of electric rope shovel equipment as they are more advanced in technologies.
By type analysis, the electric rope shovel market is segmented into less than 20MT, 20MT-50MT, 50MT-100MT and More Than 100MT. The 20MT electric rope shovel segment contributes a major share in the market. The 20 MT shows the highest revenue in the global electric rope shovel market in terms of value sales. Furthermore, this segment is expected to anticipate a t a CAGR of 4.3%. Moreover, continuous developments and enhancement to improve efficiency and performance of electric rope shovel are anticipated to bolster the market's growth.
Based on application, the electric rope shovel market is further divided into mine, coal and others. The global rope shovel market for mine segment is expected to gain an average growth opportunity of USD 164.1 million from 2022-2027. The mine segment is anticipated to grow at a CAGR of 5.7% over the forecast period from 2022-2027. The Y-o-Y growth rate is expected to increase by 7.6% over 2027 as compared with previous years.
Key Companies Profiled
The global electric rope shovel market is characterized by the presence of various small and big players. The major market player includes include Komatsu Mining Corp., Caterpillar, IZ-KARTEX, Taiyuan Heavy Industry Co., Ltd., L&H Industrial, SRB Group and other prominent players. Moreover, the electric rope shovel market is anticipating a wide range of industry activities such as partnership, product launch, strategic development, innovation and expansion across the globe. For example, in November 2019, Komatsu launched P&H 4800 electric rope shovel which is the greatest payload class available in the market. This product launch helped the company to strengthen its position in the global market.
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