Mining Equipments Repair Market Analysis and Size :
The Mining Equipment Repair and Rebuild Market is currently valued at USD 110.9 billion in 2022 and is expected to register a CAGR of 5.2% over the forecast period, 2022-2030.
Mining equipment can prevent workplace accidents and fatalities due to faulty equipment. Also, by keeping machinery in good condition, companies can reduce wear and tear, lower maintenance costs, and prolong the lifespan of their equipment.
Rapid industrialization and globalization for improving a well-functioning economy are further driving the mining equipment market. Furthermore, the deployment of innovative services and parts such as part replacement services, maintenance services, fleet services, and so on further raises the market’s growth. The third-party service providers also offer predictive maintenance contracts that enable the loss of production, reducing downtime, and also leading to reduce the cost of the research and development of equipment maintenance services and inventors.
Mining Equipments Repair Market Latest Trends:
With staffing and parts shortages persisting, the market has added facilities, equipment, and personnel to handle the demand. They serve miners short on maintenance personnel, low on parts inventory, and located far from urban centers, and thus the market is expected to witness significant growth over the forecast period.
The Mining Equipment Repair and Rebuild Market is Segmented
By Equipment :
- Underground Mining Equipment
- Surface Mining Equipment
- Material Handling Equipment
- Pulverizing and Screening Equipment
- Drills and beakers
- Part Replacement Services
- Maintenance Services
- Field Service Engineer Services
- Fleet Services
- Other Services
- North America
- Middle Eas
- South America
The report offers the value (in USD million) for the above segments.
Mining Equipments Repair Market Driver Growing Outsourcing Equipment
Organizations working in the segment of mining equipment repair are turning towards the use of outsourcing equipment to reduce expenses and maintain productivity. Companies are widely making decisions to adopt outsourcing equipment for increasing efficiency. The outsourcing of equipment also results in removing outside vendors, leading to reducing issues while managing the in-house maintenance team. Thus, the growth of outsourcing equipment for businesses to cut down costs and increase production levels will surge the demand for the Mining Equipment Services Market.
Also, an article published by the journal Industrial and Corporate Change in June 2023, reported that innovation in the mining sector is increasing due to sector-specific challenges. The new, innovations are tackling the operational challenges within the sector, such as decreasing ore grades improving blasting strategies, and ensuring the health and safety of employees. This emerging dynamic demonstrates the potential for employment generation and broader economic impacts, opposing the view that the mining sector is an enclave. Thus, such instances are contributing to the growth of the studied market.
Mining Equipments Repair Market Rising Shift to Third-Party Service Vendors Driven by Lower Costs
The necessity of effective machinery maintenance and heavy repair equipment services in the mining industry from third-party vendors is contributing to the studied market’s growth as equipment repair and maintenance services are highly cost-effective which may lead companies to shift towards third-party for offering low-cost services that are reliable and leads to productivity by extending the lifetime of the equipment. Furthermore, the adoption of maintenance services such as predictive and preventive maintenance services will lead to maximizing the system’s uptime, optimization of asset management, and warranty of the equipment life which will further enhance the market’s growth.
Mining Equipments Repair Market Restraints Environmental Effect on The Mining Industry
The negative environmental impacts of mining include climate change, deforestation/habitat destruction, pollution, soil erosion, human-wildlife conflict, and the loss of biodiversity. Thus, due to these reasons, the growth of the market may slow down over the forecast period.
Covid - 19 Impact on Mining Equipments Repair Market
The COVID-19 pandemic significantly impacted the growth of various markets across the globe and so the mining equipment repair and rebuild market impacted the growth of the global market. For instance, an article published by the journal Sustainable Cities and Societies, in October 2021, reported a study conducted revealed that a large group of mining agreements collapsed during the COVID-19 due to the disruption caused by the lockdown, which restricted people as a result of many mining related projects were canceled or delayed. As per the data published by the National Center for Biotechnology Information in July 2022, the number of mining projects decreased by 46.9% globally, thus the market faced significant challenges. In the current scenario, with a resumption of various services, the mining projects have come back to normal, similar to pre-pandemic times, and the market is expected to witness significant traction over the forecast period.
Segmental Analysis Underground Mining Equipment Segment is Expected to witness significant growth Over the Forecast Period
Mining trucks and loaders for underground operations have specially built engines that do not produce emissions but still have enough power to move tons of rock. These machines, ' uses include: Digging. Loading rock or mined material into trucks. Underground mining is used to extract ore from below the surface of the earth safely, economically, and with as little waste as possible. Thus, the segment is expected to witness significant growth over the forecast period.
Maintenance Services Segment is Expected to Witness Significant growth Over the Forecast Period
Well-maintained mining equipment can prevent workplace accidents and fatalities due to faulty equipment. Also, by keeping machinery in good condition, companies can reduce wear and tear, lower maintenance costs, and prolong the lifespan of their equipment. Thus, due to the benefits associated with these equipment, the segment is expected to witness significant growth over the forecast period.
North America is Expected to Witness Significant growth Over the Forecast Period
With the rising consumption of base metals and precious metals in several applications, the mining activities of these metals increased, especially in North American countries such as Canada and Mexico. In addition, the growing adoption of such equipment has led to selective mining operations by exploring high-quality materials and creating embankments and stable surfaces. These factors may provide lucrative opportunities for manufacturers, leading them to expand their product portfolios. For instance, In January 2021, Caterpillar launched three large, next-generation excavators and two ultra-high-definition (UHD) demolition machines. These kinds of development activities are expected to drive the market’s growth in the region.
Mining Equipments Repair Market Competitive Landscape :
The Mining Equipment Repair and Rebuild Market is highly fragmented due to the presence of many market players working globally and regionally. Some of the key market players working in this domain are:-
Key Players :
- Komatsu Mining Corp
- Caterpillar Inc.
- SGS SA
- Epiroc Group
- Metso Corporation.
- In March 2023: Liugong India, reported its entry into the mining and electric wheel loader segments at Bauma Conexpo India 2023, held in Greater Noida. The new range of equipment launched by Liugong India consists of large excavators, dump trucks, hydrostatic wheel loaders, motor graders, and dozers, designed to work in arduous and tough Indian operating conditions in the most demanding of applications. I
- n June 2022: ARX Construction and Mining Equipment chose EXCON 2022 to launch motor graders – G3200 and G1000, and Blast Hole Drill Rig D3300 besides other machinery. The large grader with its sheer size has attracted the most attention. Such machines are typically used in the Middle East and big mining markets for haul road maintenance. This piece of machine improves the suspension life and tire life on large dumpers. This size of the grader is run with a 240-ton dumper which is typically used in big mining projects.
Study Assumptions and Market Definition
Scope of the Study
Growing outsourcing of equipments
Rising shift to third party service vendors driven by lower costs
Environmental effect on the mining industry
Porter's Five Force Analysis
Threat of New Entrants
Bargaining Power of Buyers/Consumers
Bargaining Power of Suppliers
Threat of Substitute Products
Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
Underground Mining Equipment
Surface Mining Equipment
Material Handling Equipment
Pulverizing & Screening Equipment
Drills & Beakers
Part Replacement Services
Field Service Engineer Services
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
Komatsu Mining Corp
MARKET OPPORTUNITIES AND FUTURE TRENDS