Electric Rope Shovel Market By Application (Mining, Construction, and others); By Propulsion Type (AC and DC electric rope shovels); By End-User (Large Mining Companies, Small Mining Companies, Construction Companies, and others); By Sales Channel (OEMs, aftermarket, and rental/leasing); By Automation Level (Manual, Semi-Automated, and Fully-Automated Electric Rope Shovels); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Electric Rope Shovel Market Overview and Definition
The global electric rope shovel market is projected to reach USD 1.1 billion in 2021 to USD 2.5 billion by 2032, at a CAGR of 6.3% during the forecast period 2022-2032. 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.
The electric rope shovel is a type of heavy-duty excavation equipment used in mining, construction, and other industries. It consists of a large bucket attached to a boom that is mounted on a base or track. The bucket is used to dig into the earth, and the boom and base are used to move the bucket around.
The global electric rope shovel market is driven by the growing demand for minerals and metals across the globe, particularly in emerging economies such as China and India. Additionally, increasing investments in infrastructure development projects, such as the construction of highways, railways, and bridges, are also driving the demand for electric rope shovels.
Moreover, the advantages of electric rope shovels over traditional hydraulic shovels, such as higher productivity, lower maintenance costs, and reduced environmental impact, are further propelling the market growth. The electric rope shovels are powered by electricity, which makes them more efficient and less noisy compared to hydraulic shovels.
Electric Rope Shovel Market Key Drivers
The electric rope shovel market is being driven by various factors, including:
Growing demand for minerals and metals: The increasing demand for minerals and metals, particularly in emerging economies such as China and India, is driving the electric rope shovel market. Electric rope shovels are used for mining operations, and the growing demand for minerals and metals is expected to boost the demand for these shovels.
Infrastructure development projects: Electric rope shovels are widely used in infrastructure development projects, such as the construction of highways, railways, and bridges. The increasing investments in such projects across the globe are driving the demand for electric rope shovels.
Advantages over hydraulic shovels: Electric rope shovels offer several advantages over traditional hydraulic shovels. They are more efficient, have lower maintenance costs, and produce less noise. These benefits are driving the demand for electric rope shovels in various industries.
Technological advancements: The development of advanced electric rope shovels with features such as real-time data monitoring, automation, and remote control is further driving the market growth. These technological advancements are making electric rope shovels more efficient and easier to operate, which is increasing their demand in various industries.
Environmental concerns: Electric rope shovels produce fewer emissions compared to hydraulic shovels, which is driving their adoption in various industries. With growing concerns about the environment and climate change, the demand for electric rope shovels is expected to increase in the future.
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.
Electric Rope Shovel Market Challenges
While the electric rope shovel market is expected to experience significant growth in the coming years, there are also a few challenges that the industry is likely to face, including:
High initial cost: Electric rope shovels are typically more expensive than hydraulic shovels, which can be a significant barrier to entry for companies looking to adopt this technology. This cost difference can make it difficult for some companies to justify the investment in electric rope shovels.
Dependence on electricity: Electric rope shovels are powered by electricity, which means they require a stable and reliable source of power to operate. In areas with unreliable power supply or where electricity is not readily available, the use of electric rope shovels may not be feasible.
Limited mobility: Electric rope shovels are typically mounted on a base or track, which limits their mobility compared to hydraulic shovels. This can be a disadvantage in certain applications where the shovel needs to be moved frequently or over long distances.
Maintenance requirements: While electric rope shovels have lower maintenance costs than hydraulic shovels, they still require regular maintenance to keep them in good working condition. The complex electrical and mechanical systems used in these shovels can also make maintenance more challenging than hydraulic shovels.
Competition from hydraulic shovels: Despite the advantages of electric rope shovels, hydraulic shovels are still widely used in many industries, and they continue to be a popular choice due to their versatility, mobility, and lower upfront costs.
Electric Rope Shovel Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Electric Rope Shovel Market Segmentation
The electric rope shovel market can be segmented based on several factors, including:
Application: The market can be segmented by application, including mining, construction, and others.
Capacity: The market can also be segmented by capacity, with electric rope shovels available in a range of sizes and capacities to meet the needs of various applications.
Propulsion Type: The market can also be segmented by propulsion type, including AC and DC electric rope shovels.
Geography: The market can be segmented by geography, including North America, Europe, Asia Pacific, and the Rest of the World.
End-User: The market can also be segmented by end-user, including large mining companies, small mining companies, construction companies, and others.
Sales Channel: The market can be segmented by sales channel, including OEMs, aftermarket, and rental/leasing.
Automation Level: The market can also be segmented by automation level, including manual, semi-automated, and fully-automated electric rope shovels.
Electric Rope Shovel Market: Regional Synopsis
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.
Electric Rope Shovel Market: Key Players
- Taiyuan Heavy Industry Co., Ltd
- L&H Industrial
- SRB Group
- Komatsu Mining Corp
Electric Rope Shovel Market: Recent Developments
The electric rope shovel market has seen several recent developments, including:
Increased adoption of automation: Electric rope shovels are increasingly being equipped with automation features such as real-time data monitoring, predictive maintenance, and remote control. These features help improve efficiency and reduce downtime, which is driving their adoption in various industries.
Advancements in battery technology: The development of more efficient and reliable battery technology is making electric rope shovels more practical in remote locations and areas with unreliable power supply. This is expected to increase the adoption of electric rope shovels in the future.
Growing demand for electric mining equipment: The trend towards electrification of mining equipment is growing, with an increasing number of companies looking to reduce their carbon footprint and improve their sustainability. This trend is driving the demand for electric rope shovels and other electric mining equipment.
New product launches: Major players in the electric rope shovel market, such as Caterpillar and Komatsu, are launching new and improved electric rope shovels to meet the growing demand and gain a competitive edge. These new products offer features such as increased automation and productivity, reduced maintenance costs, and improved safety.
Partnerships and collaborations: Companies in the electric rope shovel market are increasingly forming partnerships and collaborations to develop new technologies and expand their market reach. For example, Hitachi Construction Machinery recently partnered with ABB to develop an electric rope shovel with advanced automation and electrification features.