Electric Rope Shovel Market- Share Analysis and Regional Outlook, 2019-2027

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Electric Rope Shovel Market- Share Analysis and Regional Outlook, 2019-2027

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.

Electric Rope Shovel Market: Introduction

· Electric rope shovel is a type of rope excavator where thedigging arm is powered and controlled by steel ropes and winches. The shovel isequipped with a bucket whose size ranges from 0.375 cubic meter to over 5 cubicmeters.

· An electric rope shovel is utilized for mineral extraction,digging & loading earth or fragmented rock, dragging softer material, andexcavation for canals

Key Drivers & Restrains ofElectric Rope Shovel Market

· Increase in demand for heavy equipment for mineral extractionfrom the mining industry is expected to drive the electricrope shovel market during the forecast period. An electric rope shovelfacilitates movement of large amount of material at low cost per ton andremoves ore at the mine site. Increase in development of new mining fields dueto surge in the demand for precious metals in South Korea, Japan, and China isestimated to further propel the market.

· Technological innovations in the design of ropes, which improvesmaintenance access, reduces downtime, and enhances efficiency, is anticipatedto propel the electric rope shovel market. The electric rope shovel possess arobust & stable design, high payload capacity, and is reliable, which isfurther estimated to boost the market.

· Availability of substitute products is expected to restrain theglobal electric rope shovel market during the forecast period

Coal Mine Segment Expected to HoldMajor Share of Global Market

· The global electric rope shovel market can be segmented based ontype, application, and region

· In terms of type, the global electric rope shovel market can bedivided into less than 20MT, 20MT-50MT, 50MT-100MT, and more than 100MT. 20MTrope shovel is an extensively used electric rope shovel due to continuousdevelopment and innovation in product design to improve efficiency andoperation.

· Based on application, the global electric rope shovel market canbe classified into coal mines, copper mines, and others. The coal miningsegment is estimated to expand significantly due to an increase in the demandfor coal from power plants for electricity generation along with a rise in thedemand for energy. Ease of availability and low cost are key parametersboosting its adoption in the power generation industry.

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Asia Pacific Expected to Hold aMajor Share of Global Electric Rope Shovel Market

· In terms of region, the global electric rope shovel market canbe divided into: Middle East & Africa, Latin America, Asia Pacific, Europe,and North America

· The electric rope shovel market in Asia Pacific is expected to expandat a significant pace during the forecast period due to ongoing investments inthe coal mining sector to cater to the demand for fossil fuel from residential,commercial, and industrial establishments, primarily in developing nations suchas India and China. Rapid urbanization & industrialization, increase inpurchasing power, and rise in standard of living are key parameters, augmentingthe demand for coal across the region. Moreover, addition of new coal miningcapacity is also anticipated to propel the market. For instance, as per theEnergy Bureau, China added 194 million tons to its total coal mining capacityin 2018.

· The electric rope shovel market in North America is expected toexpand at a significant pace during the forecast period. This expansion can beattributed to a rise in capital expenditure in oil sands mining, primarily inCanada.

· The electric rope shovel market in Europe is also projected toexpand during the forecast period due to an increase in investments in theresearch and development sector to enhance operational efficiency of the powershovel.

· The electric rope shovel market in Latin America andMiddle East & Africa is anticipated to expand at a significant pace duringthe forecast period. Abundant availability of iron ore reserves, primarily inBrazil, is anticipated to fuel the market in the region.