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Electric Mining Equipment Market by Product Type (Mining Trucks, Load Haul Dump (LHD)) by Battery Type (Lithium-ion, Lead-acid, Other Battery Types) by Application (Mineral Mining, Metal Mining, Coal Mining) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

About this report

The Global Electric Mining Equipment Market report explores the critical analysis of the Electric Mining Equipment industry using key parameters. The report consists of investment strategies, the need for investments in the Electric Mining Equipment industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Electric Mining Equipment industry, as well as how economic and non-economic barriers are helping the Electric Mining Equipment market. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

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Key Highlights of the report

How are the major segments performing in the Electric Mining Equipment Market?

In 2021, underground mining equipment will be the leading segment based on the equipment type due to the rise in energy production.

In 2021, the battery-electric segment will dominate the market. A change in drivetrains is necessary to achieve complete carbon neutrality, with battery electric vehicles (BEVs) being the greatest long-term solution.

In 2021, the lithium-ion battery segment will lead the market due to its many advantages over nickel-metal hydride and lead-acid batteries.

In 2021, metal mining will be the leading segment based on the application due to increased demand for services like analytical services, metallurgical process design, etc.

In 2021, products will be the leading segment based on the solution. There is a chance for OEMs to promote innovation in this brand-new and lucrative industry.

Which region dominated the Electric Mining Equipment Market?

In 2021, North America was one of the major contributors to the global electric mining equipment market. The mining industry is anticipated to expand rapidly, with sustained demand for mining machinery. With the upcoming strict emission limitations for fuel economy in the nation, environmental protection measures are the main reason for the expansion of U.S. business. Local companies are creating electric and hybrid machinery for the domestic market.

What is the competitive environment of the Electric Mining Equipment Market?

The main strategies players use in the market for electric mining equipment include product launches, acquisitions, and R&D initiatives. Increasing mining activity and rising demand for technically sophisticated mining solutions in developing nations are anticipated to drive market expansion. Major players use business growth and product introduction as key developmental tactics to enhance the electric mining equipment market's product portfolio.

Executive Summary

How have CO2 emissions been reduced as a result of mining electrification?

Along with digitalization and automation, electrification is one of the most significant technological advancements in mining. More businesses are considering electrification, and some have already started their trip due to improving economics and the advantages of having a license to operate. The majority of new mines are planning to use battery-powered equipment. The mining sector significantly reduces emissions and accounts for 2 to 3 % of worldwide CO2 emissions. Regulators, investors, and customers are putting more pressure on the sector to decarbonize operations. The capital markets are paying more attention to miners' sustainability as access to capital is more commonly based on it. Most of the biggest mines in the world have been acting by establishing ever-higher CO2 emission targets. As an illustration, Rio Tinto's objective is 15%, whereas BHP and Vale's goal is to reduce Scope 1 and 2 emissions by 30% by 2030.

Which are the key investments by the Electric Mining Equipment Industry Market players?

Throughout the projection period, there will likely be an increase in demand for electric mining equipment due to increased investment and government support for digital mine innovation. Due to the enormous growth potential of the global market for electric mining equipment, top manufacturers are investing in R&D to reduce the cost of electric mining.

Some of the major players in the market are 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.

What are the Major Driving Factors for the Electric Mining Equipment Market?

Mining trucks powered by lithium-ion batteries are becoming more and more popular because they have three times the power of diesel trucks and can haul 50 tons of material. It also has automated battery swapping and regenerative braking, which can refill the car in around 10 minutes. This factor is anticipated to fuel the global market expansion for electric mining equipment. Additionally, throughout the projection period, the global electric mining equipment market has been aided by technological advancements in electric equipment. One element anticipated to generate prospective chances for the leading manufacturers competing in the market is using battery-powered equipment to replace hydraulics. The market for electric mining equipment is expanding due to increased mining-related activities and the demand for mining equipment in industries including metal, coal, and mineral mining. An increase in urban populations drives up demand for oil and natural resources, which drives demand for mining equipment and propels the growth of the electric mining equipment market.

What are the Major Risks for the Electric Mining Equipment Market?

The global market for electric mining equipment is anticipated to suffer from the high manufacturing costs of the equipment. The environmental impact is one of the main obstacles preventing the growth of the electric mining sector. As a result of mining, the ecosystem is eroded, sinkholes occur, biodiversity is lost, and chemicals used in the mining process contaminate the soil, groundwater, and surface water.

Which is the Key Material in the Electric Mining Equipment Market?

EBased on application, the electric mining equipment market is segmented into mineral, metal, and coal mining. In 2021, the metal mining category dominated the market due to the need for analytical services, process design in metallurgy, etc. A further factor anticipated to boost the market is the expansion of the residential and non-residential construction industries in Southeast Asia and other developing nations. Increased metal demand across several nations is anticipated to fuel market expansion throughout the forecasting period. Increased demand for steel and aluminum in manufacturing and construction fuels the metal mining equipment market's explosive rise. Rapid urbanization in developing nations like China and India is another important factor influencing the demand for metals.

How is the Electric Mining Equipment Market performing in regions?

In 2021, the global electric mining equipment market was dominated by North America. The mining sector is expected to increase significantly while maintaining the stability of electric mining equipment requirements. With the nation's future severe emission rules for fuel economy, environmental protection measures are the primary element driving market growth in the United States. Local businesses are working to produce electric and hybrid equipment for the domestic market. Additionally, businesses are working to minimize the negative effects of conventional battery types in electric loaders and excavators, which is predicted to further fuel the expansion of electric mining equipment in the U.S.

Besides, the Latin America region is expected to grow significantly over the forecast period due to large expenditures made in this industry. Numerous copper and gold mines can be found in Chile and Peru, and they greatly impact the world's metal exploration. Additionally, the region is growing thanks to advantageous mining legislation for foreign investors, particularly in Peru, Chile, and Colombia. Large amounts of copper, gold, and iron are also present in the area, which opens up exploration possibilities and raises the need for electric surface mining equipment.

What is the regulatory landscape for the Insect Cell Culture Market?

Government authorities are proposing several development strategies for the mining industry to meet the need for metals, opening up a wide market for electronic mining equipment. Additionally, the government's ongoing backing of mining and exploration has created numerous chances for equipment makers to offer improved products.

What is the Market Size of Electric Mining Equipment regarding value?

The Electric Mining Equipment Market is anticipated to grow at a substantial CAGR of 19.50% in the upcoming years. The Global Electric Mining Equipment industry was estimated to be worth USD 3.6 billion in 2021 and was expected to be worth USD 10.5 billion by 2028.

What effect does COVID-19 have on the market for Electric Mining Equipment?

The mining sector has also been driven away from conventional business practices by COVID-19. The pandemic hastened many technology advancements to aid mining corporations in remotely accessing certain equipment. As a result, the global pandemic will cause a large increase in demand for electric mining equipment. A global or partial shutdown caused by the COVID-19 epidemic hurts the supply chain and product demand. Additionally, the pandemic's effect on fewer workers has had a detrimental effect on the market expansion.

Segmentation of Global Electric Mining Equipment Market-

Global Electric Mining Equipment Market – By Equipment Type

  • Underground Mining Equipment
  • Surface Mining Equipment
  • Mining Drills
  • Others

Global Electric Mining Equipment Market – By Propulsion

  • Hybrid-Electric
  • Battery-Electric

Global Electric Mining Equipment Market – By Power Source

  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Others

Global Electric Mining Equipment Market – By Application

  • Mineral Mining
  • Metal Mining
  • Coal Mining

Global Electric Mining Equipment Market – By Solution

  • Products
  • Services

Global Electric Mining Equipment Market – By Region

  • North America
    • S.
    • Canada
  • Europe
    • Germany
    • France
    • K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global Electric Mining Equipment industry

COVID-19 is expected to negatively affect the global Electric Mining Equipment market.

North America accounted for the highest share in the global Electric Mining Equipment market.

Throughout the projection period, the expansion of the global electric mining equipment market has been aided by technological advancements in electric equipment.

The underground mining equipment segment had a major share in 2021, with more than 30% of the market revenue share.

The lithium-ion battery segment had a major share in 2021, with more than 40% of the market revenue share.

Electric Mining Equipment Market Scope

Report Attribute Details
Market Value in 2021 USD 3.6 billion
Market Value in 2028 USD 10.5 billion
CAGR 19.50%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Jun 2021
Category:  Mining, Minerals and Metals
Report ID:   60385
Report Format:   PDF
Pages:   120
Rating:    4.4 (60)
Delivery Time: 24 Hours to 48 Hours   
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