Home / Press Release / Global Electric Mining Equipment Market is Expected to Grow a CAGR of 8.9% during the Forecast Period

Global Electric Mining Equipment Market is Expected to Grow a CAGR of 8.9% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Electric Mining Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The global electric mining equipment market generated revenue of around USD 11,580.0 million in 2020 and anticipated to grow at a CAGR of over 5.4% during the forecast period from 2021 to 2027 to reach around USD 16,714.1 million in 2027.

Browse the full report at  https://www.credenceresearch.com/report/electric-mining-equipment

Energy regeneration and efficient drivetrain configuration will ensure low energy consumption and expand driving range. With electric drive, the performance of battery mining trucks will be better than diesel trucks. Electric mining trucks are optimized for productivity in many ways. The power transmission system has been optimized to reduce losses and reduce the number of parts. A high-power electric motor is connected to each axle. The electric drive system provides unheard of speeds both up and down slopes. The hydraulic function is powered by a separate auxiliary motor, which can provide hydraulic power on demand. Through energy regeneration and high energy density battery design, battery life can be extended. The battery driven electric mining trucks are robust machines built for demanding underground applications. The trucks have been constructed with zero emissions in mind and battery power which leads to lower operational costs.

Key Trends in Global Electric Mining Equipment Market

Growing Demand for Electric Equipment in Mining

Mining trucks are widely used in mining fields which in turn is a factor driving growth of the target market. The growing adoption of battery-powered electric equipment in mining, and the rapid development of technologies are expected to maintain the market growth in the next coming years. Increasing government initiatives and funding to promote the use of electric equipment owing to harmful emissions is expected to support growth of the target market. Investments by prominent players and new developments in technologies of electric equipment has created potential opportunities for prominent manufacturers of the electric mining equipment.

Impact of COVID 19 on Electric Mining Equipment Market

Driven by the global pandemic, the electric mining equipment market will show significant growth. Due to the pandemic, the businesses have been shut down globally or partially which has a negative impact on the supply chain and product demand. The industry is facing unprecedented economic losses as the number of work employees available are less. The pandemic has accelerated many of the technological developments that were previously underway to help mining companies remotely access certain equipment. For mines in Western Australia, most mining equipment and control systems are remotely operated from the central control room or company headquarters in Perth. In recent years, as more and more people work from home, this activity has moved from the control center to more distant locations, resulting in mining employees now being able to monitor and control the S&C equipment that supports the home office's power supply.

Global Electric Mining Equipment Market by Product Type Insights

Mining trucks and load haul dump (LHD) are the product type of electric mining equipment market. In 2020, mining trucks segment accounted for the largest share of global electric mining equipment market.

Mining Trucks Segment to Dominate the Global Electric Mining Equipment Market

Global Electric Mining Equipment Market by Battery Type Insights

Lithium-ion, lead-acid, and other battery types are the battery type of electric mining equipment market. In 2020, lithium-ion segment accounted for the largest share of global electric mining equipment market.

Lithium-ion Segment to Dominate the Global Electric Mining Equipment Market

Global Electric Mining Equipment Market by Application Insights

Based on application, the global electric mining equipment market is segregated into mineral mining, metal mining, and coal mining. In 2020, metal mining segment is accounted for a significant share in 2020 of the global electric mining equipment market.

Metal Mining Segment to Dominate the Global Electric Mining Equipment Market

Global Electric Mining Equipment Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global electric mining equipment market over the forecast period. This is attributed to growing demand for the electric equipment in electric vehicles and the increasing collaboration among major players for market penetration North America electric mining equipment market is projected to register the considerable growth rate in the global market.

Global Electric Mining Equipment Market Competitive Landscape

Most prominent players in the global Electric Mining Equipment Market include Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., Dakota Equipment Manufacturing Inc., Doosan Group, Hitachi Construction Machinery Co., Ltd., JCB, Komatsu Ltd., Liebherr, Sandvik AB, Volvo Construction Equipment, and Others. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Mining Equipment Market by Product Type, 2015 - 2027

· Mining Trucks

· Load Haul Dump (LHD)

Global Electric Mining Equipment Market by Battery Type, 2015 - 2027

· Lithium-ion

· Lead-acid

· Other Battery Types

Global Electric Mining Equipment Market by Application, 2015 - 2027

· Mineral Mining

· Metal Mining

· Coal Mining

Global Electric Mining Equipment Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Mining Equipment Market: Key Players

· Atlas Copco AB

· Boart Longyear Ltd.

· Caterpillar Inc.

· Dakota Equipment Manufacturing Inc.

· Doosan Group

· Hitachi Construction Machinery Co., Ltd.

· JCB

· Komatsu Ltd.

· Liebherr

· Sandvik AB

· Volvo Construction Equipment

. Others

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