According to the new market research report “Mining Remanufacturing Components Market By Component (Engine, Hydraulic Cylinder, Axle, Transmission, Differential, Torque Converter, Final Drive), Equipment (Excavator, Mine Truck, Wheel Loader, Dozer), Industry, Region – Global Forecast to 2027″, published by MarketsandMarkets™,The Mining Remanufacturing Components Market is projected to grow at a CAGR of 3.5% during the forecast period, to reach a market size of USD 5.0 billion by 2027 from USD 3.8 billion in 2019.
The engine is estimated as the fastest growing remanufactured component for mining equipment
The engine is the most critical and high-value component of any mining equipment. The technology in engines is changing rapidly, primarily as a response to increasing stringency in emissions regulations. The reduced emission limits have also increased the engine complexity with advanced technology, which, in turn, has increased the pricing. The average life of an engine for the mining equipment is in the range of 19,000- 20,500 operating hours. A remanufactured engine offers several advantages such as lower cost, superior quality, and similar product warranty terms as the new one. Therefore, in the case of an engine breakdown, most of the end-users will go for remanufacturing rather than purchasing a new engine. Hydraulic excavators and mine/haul trucks are expected to have more demand for remanufactured engines, as this equipment are used at the mine site and have to face harsh environment and continuous mining operations typically.
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Mining equipment is projected to experience the fastest demand for remanufactured components in Asia Oceania
The Asia Oceania region is expected to be the fastest-growing market for the mining remanufacturing components. This region has emerged as a huge business opportunity for the mining industry. For instance, Asia Oceania held the second-largest share within the Mining Remanufacturing Components Market in 2018. The key factor driving the Asia Oceania market is increasing mining activities, which have increased the sale of mining equipment, resulting in the growth of mining equipment parc. For instance, Vale, the world’s largest iron ore mining company, has been increasing its presence in China. In India, 30 new coal mining sites have been identified by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add 100 million ton to India’s coal output. With this, there is an increase in average work hours per annum, which in turn has resulted in increased component/system replacements in the region. The major industry players in Asia Oceania are Komatsu (Japan), Hitachi Construction Machinery (Japan), and BEML (India)