According to a new market research report published by Credence Research “Large Mining Shovels Market (by Shovel Type: Dragline Shovel, Bucket Shovel and Hybrid Shovel; by Power Source: Hydraulic Shovel and Electric Shovel) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the large mining shovels market registered market value of about US$ 7.0 Bn in 2017 and estimated to grow with a CAGR of 2.5% during the forecast period from 2018 to 2026.
Large mining shovel is showcasing a consistent growth with continuously growing population and rising interest for metal and minerals over the world. Of the general mining sector, surface mining establishes almost 90% of the general mining creation around the world. With the consistent consumption over mining creation and foreseen development in the exploration activities, the interest for large mining shovel is anticipated to hint at positive recuperation in coming years. Furthermore, recovering construction & mining industry speaks to an uplifting viewpoint for large mining shovels. Mine administrators in U.S., Europe and Japan are upgrading their old shovels with cutting edge technologies so as to give quality output and fulfill high worldwide need. Moreover, stringent government guidelines in these business sectors are driving mine administrators to deploy advance equipment and gears to decrease discharge and match security guidelines.
At present, global surface mining has been flourishing in Asia Pacific and hence the market for large mining shovels is also flourishing. The growth of large mining shovel in this region is particularly attributed to the growth in countries such as China and India. Owing to this, the region is also expected to register the fastest growth throughout the forecast period from 2018 to 2026. Besides, growing mining activities and growth in use of advanced mining machinery is also aiding regions such as Latin America and African countries. Consistent growth in surface mining is slowly but surely propelling the demand for large mining shovels and hence the market is anticipated to show positive signs in coming years.
The research analysis covers exhaustive analysis of leading large mining shovels manufacturing companies including
- JCB Ltd.
- Caterpillar Inc.
- Hitachi Construction Machinery Co. Ltd.,
- Volvo Construction Equipment,
- Komatsu Limited,
- Sandvik AB,
- China National Coal Mining Equipment Co. Ltd.,
- Metso Corporation,
- Zhengzhou Coal Mining Machinery Group Co. Limited,
- Boart Longyear Ltd.
Large mining shovels market is quite compeitive as the market is characterised by some of the most prominent industrial and mining equipment manufacturing companies. These companies are breaking their back to maintain their market position by adopting business stratergies such as continuous introduction of new technologies and aquiring long terms contracts from mining companies. As large mining shovels market is highly competitive, entry for new player is extremely difficult. Several other business strategies and market player analysis is discussed in detail in the research study.