Mining Remanufacturing Component Market Value Projected to Reach US$ 6.4 billion by 2034: Exclusive Research Report by FMI
The mining remanufacturing component market in the United States is poised for expansion, projected to grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2034. Anticipated to remain robust in the forthcoming years, the demand for remanufacturing components is expected to soar, driven by the escalating focus of mining enterprises on sustainability, efficiency, and regulatory adherence within the country.
NEWARK, Del, March 26, 2024 (GLOBE NEWSWIRE) -- The mining remanufacturing component market is estimated to be worth US$ 4.5 billion in 2024 and is projected to be valued at US$ 6.4 billion by 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 3.7%.The advantages of remanufactured components, such as cost savings, decreased downtime, and environmental sustainability, are being recognized by mining businesses more and more. Remanufactured parts are, therefore, becoming more and more popular as an affordable substitute for buying new machinery, and this is expected to drive market growth during the forecast period.
Resource conservation, waste reduction, and carbon footprint mitigation will drive the demand for remanufactured components in the coming years as the focus on sustainability increases.
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Mining companies are minimizing their environmental impact by using remanufacturing components as remanufacturing offers a sustainable solution by extending the lifespan of existing equipment and reducing the need for new material extraction.
The rising demand for replacement parts to maintain and repair existing machinery drives market demand. Remanufactured components offer a cost-effective solution to meet this demand while ensuring equipment reliability and performance.
Increasing technological advances in remanufacturing technologies include machine learning techniques, digital modeling, and additive manufacturing. Thus, demand for them in the mining industry has increased.
*Key Takeaways*
· From 2019 to 2023, the mining remanufacturing component market expanded at a CAGR of 5.7%.
· Based on components, the engine segment is expected to rise at a CAGR of 3.5% in 2024.
· The demand for mining remanufacturing components in China is predicted to grow at a CAGR of 4.2% through 2034.
· In the United States, the mining remanufacturing component industry is estimated to register a CAGR of 3.3% from 2024 to 2034.
· The United Kingdom is projected to expand by a CAGR of 2.7% between 2024 and 2034.
· The mining remanufacturing component market in Japan is anticipated to record a CAGR of 2.9% during 2034.
“The increasingly stringent environmental regulation in mining and increasing automation and demand for machines with increased efficiency is driving the mining remanufacturing component market,” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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*Competitive Landscape *
The market players operating in the mining remanufacturing component market are offering a diverse range of remanufactured components catering to different types of mining equipment, which is helping market players capture large share of the market.
· In January 2024 – Technology from Hycomp Inc. is a part of the Atlas Copco Group. For a range of sectors, the business develops, manufactures, markets, and provides maintenance for specialized high-pressure oil-free compressors and boosters.
*More Valuable Insights Available*
Future Market Insights offers an unbiased global mining remanufacturing component market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand opportunities in the mining remanufacturing component industry, the industry is segmented based on component (Engine, Hydraulic Cylinder, Axle, Differential, Transmission, Torque Converter, Final Drive), By Equipment (Hydraulic Excavator, Mine/Haul Truck, Wheel Loader, Wheel Dozer, Crawler Dozers) By Industry (Coal, Metal, Other Minerals) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
*Report Scope*
*Attributes* Details
*Estimated Market Size in 2024* US$ 4.5 billion
*Projected Market Valuation in 2034* US$ 6.4 billion
*Value-based CAGR 2024 to 2034* 3.7%
*Forecast Period* 2024 to 2034
*Historical Data Available for* 2019 to 2023
*Market Analysis* Value in US$ billion
*Key Regions Covered* · North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa
*Key Market Segments Covered* · Component
· Equipment
· Industry
· Region
*Key Countries Profiled* · The United States
· Canada
· Brazil
· Mexico
· Germany
· The United Kingdom
· France
· Spain
· Italy
· Russia
· Poland
· Czech Republic
· Romania
· India
· Bangladesh
· Australia
· New Zealand
· China
· Japan
· South Korea
· GCC countries
· South Africa
· Israel
*Key Companies Profiled* · Caterpillar
· Liebherr-International Deutschland GmbH
· Hitachi Construction Machinery Co, Ltd.
· Komatsu Germany GmbH
· Epiroc Mining India Limited
· Atlas Copco AB
· SRC HOLDINGS CORPORATION
· Volvo
· Swanson Industries
· Deere & Company
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*About the Industrial Automation Domain at Future Market Insights*
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
*Authored By:*
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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