BANGALORE, India, May 23, 2024
/PRNewswire/ -- Mining Equipment Maintenance, Repair and
Rebuild Market is Segmented by Type (Engine, Hydraulic System,
Tire, Chassis), by Application (Underground Mining Equipment,
Surface Mining Equipment).
The Global Mining Equipment Maintenance, Repair and Rebuild
Market was valued at USD 12087.2
Million in 2023 and is anticipated to reach USD 19326 Million by 2030, witnessing a CAGR of
6.11% during the forecast period 2024-2030.
North American market for Mining Equipment Maintenance, Repair
and Rebuild is estimated to increase from D 4139.87 Million in 2023
to reach D 6335.07 Million by 2030, at a CAGR of 5.53% during the
forecast period of 2023 through 2030.
Europe market for Mining
Equipment Maintenance, Repair and Rebuild is estimated to increase
from USD 2353.38 Million in 2023 to
reach USD 3655.88 Million by 2030, at
a CAGR of 5.64% during the forecast period of 2023 through
2030.
Asia-Pacific market for Mining
Equipment Maintenance, Repair and Rebuild is estimated to increase
from USD 3604.4 Million in 2023 to
reach USD 6149.2 Million by 2030, at
a CAGR of 7.00% during the forecast period of 2023 through
2030.
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Major Factors driving the growth of Mining Equipment
Maintenance, Repair and Rebuild Market
There are many primary causes that propel the mining equipment
maintenance, repair, and rebuild industry. Mining equipment must
function well and last a long time due to the growing demand for
minerals and resources brought on by the expansion of the global
industrial sector. Many mining operations have aging equipment that
has to be repaired and maintained on a regular basis to guarantee
operating safety and efficiency, which lowers downtime and
increases output. IoT and AI-driven technological developments in
predictive maintenance and diagnostics have also fueled market
expansion by enabling more accurate and timely interventions.
Companies are also compelled by strict regulatory requirements
and environmental concerns to keep their equipment operating at
peak efficiency in order to meet safety and emission regulations.
The mining industry's growing emphasis on cost-effectiveness and
sustainability has increased demand for thorough maintenance,
repair, and rebuild services.
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TRENDS INFLUENCING THE GROWTH OF MINING EQUIPMENT
MAINTENANCE, REPAIR AND REBUILD MARKET:
Engines are essential components of surface mining machinery
like loaders, haul trucks, and excavators because they supply the
power needed to carry out labor-intensive operations. These engines
are exposed to harsh working circumstances, such as constant high
loads, dusty surroundings, and erratic weather, which can cause
serious wear and tear. Therefore, maintaining engine performance is
essential to mining operations' overall productivity and
efficiency. These engines need to have regular maintenance, repair,
and rebuild (MRR) services in order to perform at peak efficiency,
avoid malfunctions, and live longer. The need for specialist MRR
services is driven by the intricate and crucial nature of these
engines, as mining firms aim to reduce downtime and guarantee
dependable operations.
Because of the world's fast industrialization and urbanization,
especially in developing nations like China and India, there is an unprecedented demand for
minerals and metals. These nations need a tonne of raw resources,
including copper, aluminum, and iron ore, to grow their
infrastructure. Because of the growing demand, mining activities
have expanded as well, making more regular maintenance, repair, and
rebuild (MRR) services for mining equipment necessary to maintain
continuous operations. The need for rare earth metals and lithium
has also increased dramatically due to the manufacture of electric
vehicles and renewable energy projects, which is further driving
the mining industry. In order to sustain productivity and
efficiency, there is a growing demand for MRR services as mining
activities become more intense and the wear and tear on equipment
increases.
The MRR market is mostly driven by the need for cost control and
economic instability. Mining businesses are forced to concentrate
on cost-effective techniques in order to retain profitability due
to fluctuating commodity prices and instability in the global
economy. Especially in recessionary times, it is frequently more
cost-effective to invest in MRR services rather than buy new
machinery. Businesses can delay major capital expenditures and
increase the lifespan of their assets by maintaining and repairing
their current gear. Mining businesses prioritize operational
efficiency and cost reductions in economically challenged regions,
which supports the MRR industry. In these circumstances, this cost
management technique is very important.
In order to increase output and save expenses, mining
corporations are putting more and more emphasis on operational
efficiency. Achieving these objectives requires efficient equipment
functioning, which makes routine MRR servicing necessary.
Businesses may reduce downtime and increase productivity by making
sure mining equipment runs at its best. Predictive maintenance,
which use data analytics to forecast and avert equipment
breakdowns, is one of the more widely used maintenance techniques.
The need for specialist services is increased by these strategies'
requirement for sophisticated MRR capabilities. The MRR market is
expected to experience substantial expansion as the focus on
operational efficiency increases.
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MINING EQUIPMENT MAINTENANCE, REPAIR AND REBUILD MARKET SHARE
ANALYSIS:
The global major manufacturers of Mining Equipment Maintenance,
Repair and Rebuild include Metso Outotec, Sandvik, Caterpillar,
Epiroc, Mader,etc. In 2023, the global top five players hold a
share of approximately 66.96% market size.
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Key Companies:
- Metso Outotec
- PROCON
- Liebherr
- SGS Ltd
- Rudd
- Altra Industrial Motion
- Uintah Machine
- Mader
- Hannon Hydraulics
- Bramco
- AES Equipment Solutions
- Mining Equipment Maintenance
- CB HYMAC
- Phillips Global
- Gemini Machine
- Minesite Mechanical Services
- Mauger Heavy Equipment
- Metalcraft MER
- HeavyEquip Mechanical Services
- Copeland International
- Mining Maintenance Solutions
- Swanson Industries Australia
- CW Services
- TCD Rebuilds
- Essential Mining Solutions
- Arnold Machinery Company
- Comphire
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