Electric Rope Shovel Market: Introduction
- Electric rope shovel is a type of rope excavator where the digging arm is powered and controlled by steel ropes and winches. The shovel is equipped with a bucket whose size ranges from 0.375 cubic meter to over 5 cubic meters.
- An electric rope shovel is utilized for mineral extraction, digging & loading earth or fragmented rock, dragging softer material, and excavation for canals
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Key Drivers & Restrains of Electric Rope Shovel Market
- Increase in demand for heavy equipment for mineral extraction from the mining industry is expected to drive the electric rope shovel market during the forecast period. An electric rope shovel facilitates movement of large amount of material at low cost per ton and removes ore at the mine site. Increase in development of new mining fields due to surge in the demand for precious metals in South Korea, Japan, and China is estimated to further propel the market.
- Technological innovations in the design of ropes, which improves maintenance access, reduces downtime, and enhances efficiency, is anticipated to propel the electric rope shovel market. The electric rope shovel possess a robust & stable design, high payload capacity, and is reliable, which is further estimated to boost the market.
- Availability of substitute products is expected to restrain the global electric rope shovel market during the forecast period
Coal Mine Segment Expected to Hold Major Share of Global Market
- The global electric rope shovel market can be segmented based on type, application, and region
- In terms of type, the global electric rope shovel market can be divided into less than 20MT, 20MT-50MT, 50MT-100MT, and more than 100MT. 20MT rope shovel is an extensively used electric rope shovel due to continuous development and innovation in product design to improve efficiency and operation.
- Based on application, the global electric rope shovel market can be classified into coal mines, copper mines, and others. The coal mining segment is estimated to expand significantly due to an increase in the demand for coal from power plants for electricity generation along with a rise in the demand for energy. Ease of availability and low cost are key parameters boosting its adoption in the power generation industry.
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Asia Pacific Expected to Hold a Major Share of Global Electric Rope Shovel Market
- In terms of region, the global electric rope shovel market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The electric rope shovel market in Asia Pacific is expected to expand at a significant pace during the forecast period due to ongoing investments in the coal mining sector to cater to the demand for fossil fuel from residential, commercial, and industrial establishments, primarily in developing nations such as India and China. Rapid urbanization & industrialization, increase in purchasing power, and rise in standard of living are key parameters, augmenting the demand for coal across the region. Moreover, addition of new coal mining capacity is also anticipated to propel the market. For instance, as per the Energy Bureau, China added 194 million tons to its total coal mining capacity in 2018.
- The electric rope shovel market in North America is expected to expand at a significant pace during the forecast period. This expansion can be attributed to a rise in capital expenditure in oil sands mining, primarily in Canada.
- The electric rope shovel market in Europe is also projected to expand during the forecast period due to an increase in investments in the research and development sector to enhance operational efficiency of the power shovel.
- The electric rope shovel market in Latin America and Middle East & Africa is anticipated to expand at a significant pace during the forecast period. Abundant availability of iron ore reserves, primarily in Brazil, is anticipated to fuel the market in the region.
Key Players Operating in Global Electric Rope Shovel Market
Leading companies operating in the global electric rope shovel market include:
- Komatsu Germany GmbH
- Caterpillar
- Heavy Engineering Corporation Ltd
- L&H Industrial
- IZ-KARTEX
- PC Mining
- ABB
- Taiyuan Heavy Industry Co., Ltd.
- SANY GROUP
- BEML Limited.
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Global Electric Rope Shovel Market: Research Scope
Global Electric Rope Shovel Market, by Type
- less than 20MT
- 20MT-50MT
- 50MT-100MT
- Over 100MT
Global Electric Rope Shovel Market, by Application
- Coal Mines
- Copper Mines
- Others
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