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Mining remanufacturing components enables the customers to reduce the total lifecycle cost of mining equipment without compromising quality, performance, and reliability. Moreover, it helps in contributing to environmental sustainability through substantial material and energy savings. The demand for mining remanufacturing components is increasing since, the mining activities are growing in developing nations. For instance, during breakdown of machinery the end user can go for remanufacturing components rather than purchasing a new one since, it will cost less and will be similar to new one. Moreover, the cost of remanufactured mining components is lower than original equipment manufacturer (OEM) products thus driving growth of the market. The remanufacturing component is 25% to 35% less expensive than newer one with similar performance. Also, remanufacturing reduces the lead time while increasing the operational efficiency of the equipment. Furthermore, hydraulic excavators have the highest demand among remanufactured components, it is a heavy mining equipment used to dig up soil or move objects.
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The key players analyzed in the report include Caterpillar, Komatsu, Hitachi Construction Machinery, Liebherr, Epiroc, Atlas Copco, JCB, Volvo Construction Equipment, SRC Holdings Corporation, and Swanson Industries
COVID-19 Impact Analysis:
Due to the pandemic the mining remanufacturing component suppliers across the globe is being affected severely due to the declared lockdowns which in turn is affecting the mining remanufacturing market worldwide. As the governments all over the world have declared lockdowns over the past few months, during this time all the mining activities were halted to stop the spread of the virus. It further affected the demand and supply cycle of many mining remanufacturers. Also, due to social distancing norms and other restrictions there was unavailability of labour which further delayed the process. The pandemic had a negative impact on the mining industry for the year 2020, a major deviation is noticed in the growth of mining remanufacturing due to coronavirus. Mining remanufacturing is an evolving sector which is hampered due to an ongoing virus, because of which renting of machinery across the affected countries had been shut down & all operations were disrupted due to the pandemic.
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Top Impacting Factors
Rise in mining activities, lower cost of mining remanufacturing component, and rise in OEMs inventory for new mining equipment is expected to drive growth of the market.
However, rise in stringent government mining regulations and rise in presence of local players can hamper the growth of the market.
Moreover, adoption of various automation technologies, rise in demand for machines with higher operational efficiency, and reduces the lead time of mining act as an opportunity for market growth.
Rise in mining activities
Metals such as iron, copper, and gold have the largest deposit. According to the national bureau of statistics, Australia, Brazil, China, and India account for the largest iron production. China, Peru, & US accounts for highest copper production, and China, Russia & US accounted for largest gold production. Moreover, Asia Oceania is projected to be fastest-growing market for mining equipment due to vast deposit and increasing commodity prices it has resulted in the presence of several international companies in the region. Furthermore, China, South Africa, and Russia account for the largest mineral deposits in the world. In addition, America is estimated to be the most prominent market for mining remanufacturing component because of factors such as low-interest rates and rise in investment in mining industry. The rise in mining activities across the globe is expected to drive the growth of mining remanufacturing components market.
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Key Benefits of the Report:
This study presents the analytical depiction of the mining remanufacturing components market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the mining remanufacturing components market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the mining remanufacturing components market growth scenario.
The report provides detailed mining remanufacturing components market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the mining remanufacturing components market research report:
Which are the leading market players active in the mining remanufacturing components market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the mining remanufacturing components market?
What are the projections for the future that would help in taking further strategic steps?
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