Global Mining Remanufacturing Components Market – Industry Trends and Forecast to 2029

Global Mining Remanufacturing Components Market, By Component (Engine, Hydraulic Cylinder, Axle, Differential, Transmission, Torque Convertor, Final Drive), Industry (Coal, Metal, Other Minerals), Equipment (Hydraulic Excavator, Mine/Haul Truck, Wheel Loader, Wheel Dozer, Crawler Dozers) - Industry Trends and Forecast to 2029.

Global Mining Remanufacturing Components Market Analysis and Size

The mining activities have increased in developing nations that are escalating the deployment of for mining remanufacturing components. The remanufacturing of components over a new one rather than purchasing a new one costs less and functions similar to new one.

• The cost of remanufactured mining components is known to be quite lower than original equipment manufacturer (OEM) products. Global Mining Remanufacturing Components Market was valued at USD 4.09 billion in 2021 and is expected to reach USD 5.46 billion by 2029, registering a CAGR of 3.70% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Global Mining Remanufacturing Components Market Definition

Mining remanufacturing components refer to the type of components that allow customers for reducing the total lifecycle cost of mining equipment without affecting performance, reliability and quality. It is beneficial in environmental sustainability through energy savings and substantial material.

Report Scope and Market Segmentation

Mining Remanufacturing Components Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Low Cost of Mining Components

The rise in the inclination towards remanufacturing components over new components among end users acts as one of the major factor driving the growth of mining remanufacturing components market. The cost of remanufactured mining components is lower, and is similar to new one.

• Inventory Issues

The surge in the cases of inventory issues with original equipment manufacturer (OEM) for mining equipment accelerate the market growth.

• Demand for Enhanced Components

The increase in demand for product that can assist in improving operational efficiency along with reducing lead time across end use industries further influence the market. End use industries are focusing on enhancing their processes while saving time and investment.

Opportunities

Furthermore, increase in demand for metals and commodities extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in technological advancements will further escalate the growth of mining remanufacturing components market.

Restraints/Challenges faced by the Mining Remanufacturing Components Market

On the other hand, rise in competition among the local players and renting of machinery are expected to obstruct market growth. Development of electric mining equipment is projected to challenge the mining remanufacturing components market projected to challenge the mining remanufacturing components market in the forecast period of 2022-2029.

This mining remanufacturing components market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the mining remanufacturing components market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

COVID-19 had a Major Impact on Mining Remanufacturing Components Market

COVID-19 had a negative impact on the mining remanufacturing component suppliers around the world. The mining activities were halted to stop the spread of the virus during the outbreak of the pandemic. The demand and supply cycle of many mining remanufacturers was further affected because of the lockdowns. The manufacturing processes were delayed owing to the social distancing norms and other restrictions, coupled with unavailability of labor. However, mining processes is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Global Mining Remanufacturing Components Market Scope

The mining remanufacturing components market is segmented on the basis of component, industry, and equipment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Engine
• Hydraulic Cylinder
• Axle
• Differential
• Transmission
• Torque Convertor
• Final Drive

Mining remanufacturing components market on the basis of component has been segmented as engine, hydraulic cylinder, axle, differential, transmission, torque convertor, and final drive.

Industry

• Coal
• Metal
• Other Minerals

Based on industry, mining remanufacturing components market has been segmented into coal, metal, and other minerals.

Equipment

• Hydraulic Excavator
• Mine/Haul Truck
• Wheel Loader
• Wheel Dozer
• Crawler Dozers

On the basis of equipment, mining remanufacturing components market has been segmented into hydraulic excavator, mine/haul truck, wheel loader, wheel dozer, and crawler dozers.

Mining Remanufacturing Components Market Regional Analysis/Insights

The mining remanufacturing components market is analyzed and market size insights and trends are provided by country, component, industry, and equipment.

The countries covered in the mining remanufacturing components market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the mining remanufacturing components market because of the low-interest rates, high demand for commodities along with investments within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the vast deposits and increasing commodity prices in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.    

Competitive Landscape and Mining Remanufacturing Components Market Share Analysis

The mining remanufacturing components market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to mining remanufacturing components market.

Some of the major players operating in the mining remanufacturing components market are

• Caterpillar. (US)
• Liebherr-International Deutschland GmbH (Germany)
• Hitachi Construction Machinery Co, Ltd. (Japan)
• Komatsu Germany GmbH (Geramny)
• Epiroc Mining India Limited (India)
• Atlas Copco AB (Sweden)
• Volvo (Sweden)
• SRC HOLDINGS CORPORATION (US)
• Swanson Industries (US)
• Deere & Company. (US)
• BRAKE SUPPLY CO., INC. (US)
• Cardinal Mining Equipment (Ontario)
• Hindle Group Ltd (UK)
• Hydraulex (US)
• PT SANGGAR SARANA BAJA (Indonesia)