Northbrook, IL -- (SBWIRE) -- 08/23/2022 -- The Mining Remanufacturing Components Market is projected to grow at a CAGR of 3.5% during the forecast period, to reach a market size of USD 5.0 billion by 2027 from USD 3.8 billion in 2019.

Some prominent players in the mining remanufacturing components market are Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), Epiroc (Sweden), Atlas Copco (Sweden), JCB (UK), Volvo Construction Equipment (Sweden), SRC Holdings Corporation (US), and Swanson Industries (US).

The demand for remanufactured components is projected to be highest in hydraulic excavators over the forecast period

The hydraulic excavator is heavy mining equipment which is used to dig out soil from the ground or to move large objects. It tremendously enhances the productivity of any mining work. These excavators are available in a wide range of sizes and capacities ranging from 20 metric tons (MT) to 77 metric ton (MT) payload capacity, depending on the magnitude of the work to be done. Excavators consist of a chassis, boom, and bucket. It is used commonly for the transportation of large amounts of materials, such as minerals.

The Americas and Asia Oceania together account for the highest population of hydraulic excavators. According to the Indian Construction Equipment Manufacturer Association (ICEMA), the demand for earth moving & mining equipment during FY 2017-18 was significant, recording an increase of 23%, with a growth of 24% for hydraulic excavators. The rising demand for the equipment indicates an increase in the application and usage of mining equipment, creating a positive outlook for the global market.

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The engine is estimated as the fastest growing remanufactured component for mining equipment

The engine is the most critical and high-value component of any mining equipment. The technology in engines is changing rapidly, primarily as a response to increasing stringency in emissions regulations. The reduced emission limits have also increased the engine complexity with advanced technology, which, in turn, has increased the pricing. The average life of an engine for mining equipment is in the range of 19,000- 20,500 operating hours. A remanufactured engine offers several advantages such as lower cost, superior quality, and similar product warranty terms as the new one. Therefore, in the case of an engine breakdown, most of the end-users will go for remanufacturing rather than purchasing a new engine. Hydraulic excavators and mine/haul trucks are expected to have more demand for remanufactured engines, as this equipment are used at the mine site and have to face harsh environment and continuous mining operations typically.

Mining equipment is projected to experience the fastest demand for remanufactured components in Asia Oceania

The Asia Oceania region is expected to be the fastest growing market for mining remanufacturing components. This region has emerged as a huge business opportunity for the mining industry. For instance, Asia Oceania held the second largest share within the mining remanufacturing components market in 2018. The key factor driving the Asia Oceania market is increasing mining activities, which have increased the sale of mining equipment, resulting in the growth of mining equipment parc. For instance, Vale, the world's largest iron ore mining company, has been increasing its presence in China. In India, 30 new coal mining sites have been identified by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add 100 million tons to India's coal output. With this, there is an increase in average work hours per annum, which in turn has resulted in increased component/system replacements in the region. The major industry players in Asia Oceania are Komatsu (Japan), Hitachi Construction Machinery (Japan), and BEML (India).

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Key Questions Addressed by the Report:

1. What would be the regional demand for remanufactured components in the mining industry during the next seven years?

2. Existing and upcoming market trends in remanufactured components demand by equipment type next few years?

3. What would be the Industry-wise demand for remanufactured components in mining equipment in coming years?

Insights about trends in average working hours of mining equipment; and hence, the average life of component replacement.

4. Future electrification trends in the mining equipment industry, and how would it impact the remanufactured components market in the coming years?

5. Competitive leadership mapping of key players represented in a four-quadrant box representing the visionary leaders as well as dynamic differentiators