Additive Manufacturing in Remanufacturing Industry is Driving the Mining Remanufacturing Components Market Growth
According to our latest market study on " Mining Remanufacturing Components Market Forecast to 2030 –Global Analysis – by Component, Equipment, and Industry," the market was valued at US$ 4,204.56 million in 2022 and is expected to reach US$ 5,940.00 million by 2030; it is anticipated to record a CAGR of 4.40% from 2022 to 2030.
As one of the major technologies of remanufacturing engineering, additive remanufacturing technology can repair the structure and function of high-value-added key metal parts of large and complex equipment, significantly reducing its use and maintenance costs, along with saving time and labor costs. Additive remanufacturing is a subset of additive manufacturing technology that might restore the size accuracy of damaged parts, increase surface performance, and introduce new surface functions as needed. In the remanufacturing process, additive manufacturing technologies such as laser sintering and thermal spraying are utilized to restore worn parts or cores to their original proportions, and 3D printing is also employed in various ways by remanufacturers. Additive manufacturing is viewed as advantageous in remanufacturing. A few additive manufacturing technologies create standalone parts and can also be used to repair damage or add functionality to an existing item to convert a core to the newest specification. However, additive manufacturing or 3D printing is in the nascent stages in the coming years, and additive manufacturing can be integrated with the remanufacturing process. Many 3D printing and mining vehicle manufacturing companies are taking steps toward using this technology as a mainstream process. In April 2022, Boliden, a Swedish mining business, collaborated with Sandvik Mining and Rock Solutions to test 3D printing technology for machine parts. In addition, Caterpillar, one of the key mining vehicle manufacturers, is focusing on additive manufacturing for component manufacturing. Thus, the rising adoption of additive manufacturing in the remanufacturing industry is expected to fuel the mining remanufacturing components market growth in the coming years.
Mining Remanufacturing Components Market Share — by Region, 2023
Mining Remanufacturing Components Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Engine, Axle, Transmission, Hydraulic Cylinder, and Others), Equipment (Excavators, Wheel Loader, Wheel Dozer, Crawler Dozer, Haul Trucks, and Others), and Industry (Coal, Metal, and Others)
Mining Remanufacturing Components Market Forecast |2030
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Source: The Insight Partners Analysis
The significant consumption of brown coal in Europe, particularly in countries such as Germany, Poland, Bulgaria, Czechia, Romania, and Greece, is expected to have a positive impact on the mining remanufacturing components market share of Europe. Germany, being the largest consumer of brown coal in the EU, accounted for 45% of the total consumption in 2022. This high demand for brown coal, primarily used for power production, creates opportunities for the mining remanufacturing sector to provide essential components and equipment for mining operations.
In 2021, the majority of brown coal (~92%) was utilized for power generation. This indicates a consistent need for mining equipment and components to support the extraction and processing of brown coal for electricity generation. As the demand for brown coal remains steady, the mining remanufacturing components market can expect a continuous demand for products and services. Thus, the substantial consumption of brown coal and hard coal in Europe, particularly for power production and steel manufacturing, creates a favorable environment for the growth of the mining remanufacturing components market. The demand for mining equipment and components is expected to remain strong, providing opportunities for businesses operating in this sector to thrive and expand their operations.
AB Volvo, Atlas Copco, Caterpiller Inc., Epiroc AB, Hitachi Construction Machinery Co. Ltd., J C Komatsu Ltd., Liebherr Group, Bamford Excavators Ltd., SRC Holding Corporation, and Swanson Industries are among the key mining remanufacturing components market players profiled during this study. In addition, several other important mining remanufacturing components market players have been studied and analyzed during the study to get a holistic view of the mining remanufacturing components market and its ecosystem.
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