The global mining shovel market is anticipated to be valued at USD 7.8 billion in 2022. Demand is likely to remain high for mining shovels during the assessment period. This is due to the increased mining operation and garnering USD 10.4 billion in 2033, recording a CAGR of 2.7% from 2023 to 2033. The market is likely to secure USD 8.0 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Mining Shovel Market Size Value in 2023 | USD 8.0 billion |
| Mining Shovel Rental Market Forecast Value in 2033 | USD 10.4 billion |
| Global Growth Rate | 2.7% CAGR |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Mining Shovel Industry:
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| Attributes | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 2.5% |
| Forecast CAGR (2023 to 2033) | 2.7% |
Demand for mining shovels grew at a 2.5% CAGR between 2018 and 2022. Mining shovels, also called front shovels or power shovels, are bucket-equipped electrically powered machines, commonly used for digging, loading, and extracting earth minerals. They are used to excavate large quantities of rock and soil in the strip or surface mining operations. These machines are available in a wide range of payload capacities and a complete rig can weigh up to 10,000 tons.
Characterized by their huge size, mining shovels primarily exceed 200 feet in length and can have buckets with volumes of up to 180 cubic yards. These machines are increasingly gaining popularity across the mining industry, owing to their ability to dig and excavate huge quantities of earth minerals and work in harsh & difficult mining conditions.
As these shovels assist mining sites in moving the soil and rock at faster rates and at a lower cost per ton, they are increasingly being adopted for surface mining applications for extracting minerals and metals such as iron ore, coal, copper, bauxite, and gold among others. This is projected to bolster the demand for mining shovels in the market.
The Increasing Construction Activities Globally to Drive the Market Growth
As the trend of urbanization and industrialization continues to create deeper inroads across the world, a swift rise in building and construction activities is being witnessed, especially across developing economies such as China, India, Australia, Brazil, and others.
Citing these trends, governments in numerous countries are increasingly aiming at urbanizing their rural areas and investing in upgrading the infrastructure of respective nations. For instance, the Indian government has announced allocating USD 868 Billion under its Smart City Mission for constructing over 100 smart cities across India.
Such increasing infrastructure development and construction activities are creating strong demand for iron, steel, and other metals. Leading mining industry players are emphasizing expanding their mining capacity to capitalize on the surging iron & steel demand.
For instance, in 2021, JSW Steel, an Indian multinational conglomerate announced acquiring 4 iron ore mines in Odisha, India to ramp up its iron & steel production and supply 51% of its overall requirement. As mining shovels are extensively used across the iron ore & crude steel mines for digging and extraction applications, such a rise in mining activities is estimated to spur sales in the global market.
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High Cost of Maintenance May Impede the Market Growth
Although there are several advantages associated with mining shovels, extravagant initial cost, difficulty in operation due to their mechanical complexity, and high cost of maintenance due to working in harsh mining conditions are hampering the growth in the market.
The increasing shift of end-user preference towards using excavators for mining applications, owing to this low initiation cost and multifunction capability is hindering the demand for mining shovels. The rising availability of mining equipment such as mining shovels on a rental basis is hindering the sales of new mining shovels in the market.
Increasing Construction of New Mines to Boost the Market Growth
Future Market Insights states that South Asia and the Pacific are forecast to continue dominating the global mining shovel market between 2023 and 2033. Demand for coal is rapidly increasing across the power generation sector, thanks to the introduction of advanced clean coal technologies. With surging power demand across the Asia Pacific, governments in countries across the region are immensely focusing on increasing their production of coal for power generation activities.
For instance, in 2021, the Indian Government announced approving the investment of USD 6.47 billion for constructing 8 new coal mining projects and expanding 24 existing coal mines for increasing the production of coal in the country. As mining shovels are used in mining activities, such initiatives for constructing new mines are estimated to augment the demand in the market.
Increasing Mining Activities in The Region to Drive the Market Growth
As per FMI, North America is anticipated to account for a significant share of the global mining shovel market over the forecast period 2023 to 2033. North America is expected to account for a CAGR of 2.6% during the forecast period.
Increasing demand for minerals and metals such as iron ore, copper, gold, steel, and others has resulted in accelerating mining activities across the countries such as the United States and Canada, creating sales opportunities for mining equipment.
The leading manufacturers in the market are aiming at launching novel products to capitalize on such opportunities. For instance, in 2020, Caterpillar Inc., a USA-based construction machinery and equipment company announced its new hydraulic mining shovel, 6015B. The shovel is equipped with a single Cat C27 ACERT engine and a 100-ton shovel, providing faster-digging cycles and greater digging power. A multiplicity of such new product launches is estimated to fuel the demand for mining shovels in the North American market.
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30-40 Metric Ton Segment to Remain Highly Sought After
By payload capacity, the 34-40 metric ton payload capacity segment is expected to dominate the market in the forecast period. The segment is projected to account for a CAGR of 2.6% during the forecast period.
This range of mining shovels is used in operations, including open-pit mining of various minerals and materials. These shovels offer a balance between size, power, and efficiency, making them versatile for different types of mining projects.
Coal Segment to generate high Revenue
As per FMI’s analysis, the coal segment accounts for 42.5% of the total mining shovel market share. The segment is projected to account for a CAGR of 2.5% during the forecast period.
Coal mining shovels are specifically designed for excavating and loading coal from open-pit mines or coal seams. These shovels are often equipped with specialized features to handle the unique properties of coal, such as high volume, low density, and potential challenges related to dust control.
Some of the leading players in the mining shovel market are JCB Ltd., Volvo Construction Equipment, Caterpillar Inc., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Metso Corporation, Komatsu Limited, Boart Longyear Ltd., and China National Coal Mining Equipment Co. Ltd.
The global mining shovel market is highly competitive, due to a large number of participants and increasing adoption of product launches and capacity expansion strategies to strengthen the market share.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 2.7% from 2023 to 2033 |
| Market Value in 2023 | USD 8.0 billion |
| Market Value in 2033 | USD 10.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Payload Capacity, Mineral Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | JCB Ltd.; Volvo Construction Equipment; Caterpillar Inc.; Sandvik AB; Hitachi Construction Machinery Co. Ltd.; Metso Corporation; Komatsu Limited; Boart Longyear Ltd.; China National Coal Mining Equipment Co. ; Ltd; Liebherr Group |
The mining shovel market CAGR for 2033 is 2.7%.
The market is valued at USD 8.0 billion in 2023.
The projected market value of the market for 2033 is USD 10.4 billion.
Key players are developing the market by partnering with other companies.
Caterpillar, Komatsu, and Sandvik are key market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Payload Capacity 5.1. 20-30 Metric Tons 5.2. 30-40 Metric Tons 5.3. 40-50 Metric Tons 5.4. More than 50 Metric Tons 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mineral Type 6.1. Coal 6.2. Iron Ore 6.3. Non-ferrous Metals 6.4. Industrial Minerals 6.5. Precious Metals 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. JCB Ltd. 17.2. Volvo Construction Equipment 17.3. Caterpillar Inc. 17.4. Sandvik AB 17.5. Hitachi Construction Machinery Co. Ltd. 17.6. Metso Corporation 17.7. Komatsu Limited 17.8. Boart Longyear Ltd. 17.9. China National Coal Mining Equipment Co. Ltd 17.10. Liebherr Group 18. Assumptions & Acronyms Used 19. Research Methodology
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Mining Shovel Market
