Diesel–Mechanic Mining Shovel Market Size (2023 – 2030)

The Global Diesel–Mechanic Mining Shovel Market is estimated to be worth $750 Million in 2022 and is projected to reach a value of $899.63 Million by 2030 growing at a CAGR of 2.3% during the forecast period of 2023 – 2030.

Mining is very important for extracting and developing raw materials for the production of various raw materials and by-products. North America gets the majority of its energy from mined sources, such as natural gas, petroleum, Uranium, and coal. Mining these resources necessitates the use of equipment capable of operating in harsh weather conditions and remote and challenging locations. The most dependable power source in such activities is diesel. Diesel sometimes becomes the only power source to effectively access these resources. The main components of a diesel mechanical shovel typically include a diesel engine, a series of gears and mechanical linkages to transmit power, and a bucket or scoop attached to the end of a mechanical arm. The diesel engine provides the necessary power to drive the various mechanical components, allowing the shovel to perform tasks like digging, lifting, and moving large quantities of material, such as soil, rock, gravel, or ores. The mining industry used about $6 Billion worth of diesel-powered equipment. This is one of the major factors attributing to the global diesel-mechanical mining shovel market size.

Demand for heavy mining equipment is estimated to increase in the future owing to the growth of the mining industry. Additionally, the emergence of improved technologies in diesel-mechanical mining shovels such as bucket mining shovels, which offer easier extraction of a large amount of ores at a cheaper rate. Due to its convenience and versatility, the Diesel-mechanical mining shovel market is expected to experience consistent growth throughout the forecast period.

Additionally, increased investments in technology advancements have resulted in improved designs of ropes used with mining shovels, leading to reduced maintenance costs, significantly decreased downtime, and enhanced overall efficiency. Technological innovations have increased the reliability of mining shovels. This factor increases the growth of the global diesel-mechanical mining shovel market.

Global Diesel-Mechanical Mining Shovel Market Drivers:

The increasing need for the extraction of important resources has fueled the growth of the Diesel Mechanical Mining Shovel market.

The rapid expansion of underground mining operations and a rise in the requirement of minerals and metal resources such as coal and iron ores to satisfy the need of the growing population has played a crucial role in the growth of the Diesel-Mechanical Mining Shovel market

Infrastructure development activities are another factor that is contributing to giving a boost to the Diesel-Mechanical Mining Market.

Rapid Urbanization and infrastructure development activities by the government of emerging economies around the world and rise in construction activities, increasing government investments, and initiatives like offering subsidies to the diesel-mechanical manufacturers are also the major factors for driving the growth of the Diesel-Mechanical mining shovel market. Diesel-mechanical manufacturers are also continuously trying to develop better strategies to gain an upper hand in the market to generate higher revenue.

Global Diesel-Mechanical Mining Shovel Market Challenges:

Many major mining companies are increasing their focus on streamlining their extraction and mining process with electrification and automation process as the world is shifting to greener and more eco-friendlier sources of energy which can negatively impact the growth of the industry. Apart from this, diesel-mechanical mining shovel also generates a lot of pollution which is extremely harmful to the environment, noise, heat, and fumes which makes the working condition very dangerous and puts the operator in a risky position which can also be life-threatening at times, these factors may hamper the growth of dies-mechanical mining shovel to some extent in the coming years.

Global Diesel-Mechanical Mining Shovel Market Opportunities:

The diesel-Mechanical Mining Shovel market has been increasing due to an increase in demand for metals and minerals as industrialization and urbanization has been rapidly increasing giving opportunities for the growth of the market. Most mining companies have been replacing and modernizing their equipment to improve efficiency and reduce maintenance costs. Manufacturers have been developing a diesel-mechanical mining shovel with lower emissions and improved fuel efficiency due to the rise in the demand for environmentally friendly mining equipment. The developing countries have been investing a lot of money and taking initiatives to offer subsidies to the manufacturers to increase the production of mining shovels for the extraction of natural resources which is estimated to increase the market drastically. Collaborative partnerships between the major mining companies are also estimated to boost the growth of the market.

COVID-19 Impact on Global Diesel-Mechanical Mining Shovel Market:

The pandemic resulted in the disruptions of global supply chain management which led to the decrease in production and mining activities. The restrictions on transport caused delays and shortages of raw materials needed for the manufacturing of the shovel. The lockdowns around the world decreased the demand for mining-related products which decreased the demand for mining shovels and hence the production of shovels. This has caused the manufacturers to reduce the production of mining shovels. But as the restrictions are lifted and the demand for metals and minerals is more than ever, the diesel-mechanical mining shovel market is estimated to witness a rise in revenue and production.

Global Diesel-Mechanical Mining Shovel Market Recent Developments:

• In September 2020, The Cat 963 crawler loader replaced its predecessor, the 963K loader. This upgraded machine offers versatility, capable of digging, loading, carrying, and filling tasks. It boasts significant improvements, including up to 10% higher fuel efficiency, enhanced productivity, and a more advanced cab with improved controllability
• In May 2020, Caterpillar expanded its offerings by introducing MineStar Edge, a new platform that enhances the Cat MineStar Solutions suite of technologies. This innovative addition provides mining companies with an operational ecosystem to streamline their processes and optimize efficiency.

DIESEL–MECHANIC MINING SHOVEL MARKET REPORT COVERAGE:

Global Diesel-Mechanical Mining Shovel Market Segmentation: By Product Type

• Dragline Mining Shovel

• Bucket Mining Shovel

• Hybrid Mining Shovel

Dragline shovel is one of the biggest and the most expensive equipment available in the market and is also used for large civil engineering projects. Transportation of such shovels is also very difficult. The hybrid mining shovel has the benefit of both the dragline and the bucket mining shovel and solves the complexities associated with both hence it is the most dominant mining shovel in the market and is estimated to grow even more and at the highest rate in the coming years.

Global Diesel-Mechanical Mining Shovel Market Segmentation: By Region

• North America  

• Europe  

• Asia-Pacific  

• South America  

• Middle East & Africa  

The Asia Pacific region holds a dominant position in the global diesel-mechanical mining shovel market, and this trend is projected to persist throughout the forecast period. The region's strong market presence is driven by a surge in mining activities to meet the growing demand for fossil fuels. Rapid urbanization and industrialization in the Asia Pacific have led to an increased need for energy and electricity, further stimulating the demand for mining and extraction activities. As a result, the diesel-mechanical mining shovel market in the region is anticipated to experience substantial growth in the coming years.

Global Diesel-Mechanical Mining Shovel Market Key Players:

1. BEML

2. Hitachi

3. Komatsu

4. Caterpillar

5. BelAZ

6. HECL

7. Joy Global

8. OMZ

9. Liebherr

10. XEMC