A study by Fact.MR shows a significant growth in demand for electric shovels in the year 2021. The demand for electric shovels is anticipated to increase once the COVID-19-induced slowdown staves off.
In a recent report, Fact.MR examines the global sales of electric shovels from 2016 to 2020. A forecast for the year 2021-2031 is provided in this report. Growth is likely to be most promising across such key regions as the U.S, Europe and China.
Key Developments in the Electric Shovel Landscape
In February 2021, Haerwusu Coal Mine introduced an Intelligent Guiding System to assist several dragline strippers in obtaining precision mining at its Open-pit Coal Mine, operated by Shenhua Zhungeer Energy Co., Ltd.
These electric shovels feature a GNSS multi-frequency positioning and directional technology based on three satellites, as well as IoT technology. These shovels work via remote control of an industrial tablet PC and cloud server. Further, it is possible to achieve precision excavator guidance through the software.
This system can issue regular and real-time operation commands through the web and app, and it can manage machine information, crew information, and personnel information in an integrated manner.
Likewise, in January 2021 Anglo American deployed an electric shovel for its open-pit copper project Quellaveco in Peru. During the first phase of work in Quellaveco, three shovels were deployed, each of which would weight approximately 630 light trucks.
In addition, Anglo American estimates that Quellaveco's ore reserves total 1.3 billion tonnes and will start production in 2022. During the first decade of operation, the project is expected to produce 300,000 t/y copper equivalent.
In addition, the 291-tonne truck used in the project incorporates an electric-drive engine. With the completion of the installation of its first electric shovel, Quellaveco has reached a new milestone in its history.
Know More Details About the Report
Electric shovels are machines equipped with a bucket (digger) and used to perform different operations such as mineral extraction, loading, and digging of earth, fragmented rocks, etc.
Electric shovels are types of cables or rope excavators, where the digging arm is powered and controlled by steel ropes and winches, instead of hydraulics as found in conventional excavators.
While the primary function of electric shovels is to excavate the overburden in mining operations, they can be used in the loading of different extracted minerals like coal.
In addition, they are deployed for digging cuts in road works, gravel banks, and clay pits. Continuous innovation in terms of features and designs by leading manufacturers operating in electric shovels is expected to increase the demand for electric shovels in upcoming years.
What are Primary Growth Drivers for Electric Shovels Demand?
The global market is mainly driven due to the increasing mining activities across the globe. Growth of the mining industry is attributed to the continuing recovery in commodity prices, boosted by overall economic growth which in turn has also fuelled the demand for electric shovel in the mining sector.
Over the past few years, the count of active mines has also increased, and is anticipated to raise the demand for electric shovel in the mining sector, during the forecast period. Besides, growing demand from mineral-based commodities across the globe is expected to provide a further boost for the growth of the market.
Abilities such as digging out tough material and removal of big sized boulders play an important role to drive the growth of market. Additionally, surging popularity of equipment rentals business across the globe further fuels the growth of electric shovel market over the forecast period.
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How is Asia Emerging as an Important Investment Destination for Electric Shovel Manufacturers?
The global electric shovel market is segmented into seven regions: North America (USA and Canada), Latin America (Mexico, Brazil and Rest of Latin America), and Europe (Germany, UK, Spain, France, and Russia).
Other regions are East Asia (Japan, China and South Korea), South Asia (India, Indonesia, Thailand, Malaysia, and Rest of South Asia), Middle East and Africa (GCC, South and North Africa), and Oceania (Australia and New Zealand).
Among all the regions across the globe, owing to the growing mining activities in countries such as China, the Asian electric shovel is projected to capture a significant market share over the forecast period.
Besides, the ever-increasing construction activities in Asian countries is further expected to boost the demand for electric shovel in upcoming years.
Europe and the Americas are trailing behind, exhibiting significant market potential in the global electric shovel market during the forecast period.
On the other hand, the regions like MEA and Oceania are expected to show comparatively sluggish growth for electric shovel during the forecast period.
Electric Shovel Competitive Landscape
Prominent players in the market are as follows:
- Komatsu Mining Corp.
- L&H Industrial
- Taiyuan Heavy Industry Co., Ltd.
- SRB Group
- P&H Mining
- Hitachi Construction Equipment
- Liebherr Group
The research report presents a comprehensive assessment of the electric shovel and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies.
The report provides analysis and information according to market segments such as product type and end user.
An Adaptive Approach to Modern-day Research Needs
The Electric Shovel Report Covers Exhaustive Analysis On:
- Market Segments in the Electric Shovel
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Value Chain
Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- East Asia (Japan, China, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest of South Asia)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The electric shovel market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment.
The Electric Shovel report also maps the qualitative impact of various market factors on market segments and geographies.
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- A Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
The global market is segmented on the basis of product, load capacity and applications.
Based on product, the global market is segmented as:
- Wheeled Electric Shovel
- Tracked Electric Shovel
Based on load capacity, the global market is segmented as:
- Less than 20MT
- 21MT – 50MT
- 51MT – 100MT
- More than 100MT
Based on application, the global electric shovel is segmented as:
- Coal Mining
- Metal Mining
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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