Electric Rope Shovel Market

Electric Rope Shovel Market Highlights

The global electric rope shovel market is expected to cross a value of USD 21.26 billion by the end of 2032. The market was valued at USD 11.35 billion in 2023 and is expected to expand at a CAGR of 8.1% between 2024-2032.

• Over the mid-term, the growing adoption of efficient machineries by mining companies is the primary factor anticipated to drive the global electric rope shovel market.
• The high cost of the equipment is a major factor to challenge the market growth.
• The Asia Pacific electric rope shovel market is projected to dominate the global market.

Electric Rope Shovel Market Outlook

A heavy-duty excavation equipment that is used in surface mining operations to handle large volumes of material, such as overburden, ore, and other minerals in open-pit mines, is known as an electric rope shovel.

According to our experts at KD Market Insights, one of the primary factors expected to drive the growth of the electric rope shovel market is the growing adoption of efficient machineries by mining companies globally. With the rapid infusion of Industry 4.0 worldwide and organizations shifting towards Industry 5.0, businesses of any kind are increasingly working on to adopt solutions that can increase their operational efficiency, productivity, and lower their operational costs. On a similar note, mining companies from around the globe, are adopting electric rope shovels as these shovels provide numerous advantages over the traditional excavation equipment, such as faster cycle times, higher digging capacities, and lower maintenance requirements. Komatsu Germany GmbH, Caterpillar, Heavy Engineering Corporation Ltd. are some of the significant parties in the global market for electric rope shovel.

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Electric Rope Shovel Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global electric rope shovel market are:

• Increasing Demand for Metals and Minerals: Our researchers have reported that world mining production has reached near to 18 billion metric tons in the year 2021, up from around 11 billion metric tons in the year 2000. With this growing demand for metals and minerals globally, mining companies from around the globe are focusing on raising their production. This, in particular, has raised the need for adopting advanced machineries, such as electric rope shovel that offers high productivity, reliability and efficiency in material handling and excavation tasks.
• Rising Number of Mining Projects: Mining companies worldwide are exploring several untapped mineral reserves. These companies are investing in new projects and expanding their operations to meet the increasing demand for metals and minerals worldwide. As the number of mining projects increases, the demand for electric rope shovels is also expected to increase, in turn, contributing to the market growth during the forecast period.

Which Probable Factors Could Hamper the Growing Electric Rope Shovel Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of electric rope shovel are:

• High Cost of Equipment: Due to the complex manufacturing process of electric rope shovels, the manufacturing cost of the equipment also increases, thereby impacting the final price of the product. Such a factor is therefore expected to limit the market growth during the forecast period.
• Scarcity of Qualified Operators: Electric rope shovels require qualified operators who have specialized skills and training in operating this equipment. The lack of availability of such trained professionals limits the adoption of the equipment amongst the mining companies, which is also projected to refrain the market growth in the coming years.

How is the Global Electric Rope Shovel Market Segmented?

Our experts at KD Market Insights have segmented the global electric rope shovel market as:

What are the Probable Factors Influencing the Asia Pacific Electric Rope Shovel Market Forecast?

The Asia Pacific electric rope shovel market is majorly driven by the presence of numerous mining companies in the region, amongst whom the demand for these advanced machineries are usually very high. The region also recorded the highest share of production of mining metals and minerals in the year 2021, approximately 60%, as per our experts at KD Market Insights. Moreover, mining production rates in the Asia Pacific (excluding Australia) witnessed growth by about 113% in the year 2021 from 2000, while in Australia, it witnessed close to 137% growth rate. The increase in mining activities in the region is therefore expected to drive the demand for electric rope shovels, and contribute to the market growth.

As per our analysts at KD Market Insights, the following five players lead the Asia pacific electric rope shovel market growth:

• Komatsu Ltd.
• Hitachi Construction Machinery Co., Ltd.
• Caterpillar Inc.
• XCMG Group
• Liebherr Group

Which Key Players Top the Global Electric Rope Shovel Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global electric rope shovel market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with electric rope shovel market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global electric rope shovel market share:

• Komatsu Germany GmbH
• Caterpillar
• Heavy Engineering Corporation Ltd.
• L&H Industrial
• IZ–KARTEX
• PC Mining
• ABB
• Taiyuan Heavy Industry Co., Ltd.
• SANY GROUP
• BEML Limited

What are the Recent Developments Observed in the Electric Rope Shovel Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global electric rope shovel market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Komatsu stated that it has introduced a new electric rope shovel known as Komatsu super-large electric rope shovel, designed especially for open-pit copper mining.

Further, Capstone Copper reported that they have received two Komatsu P&H 4100XPC electric rope shovels for its Mantoverde operation in Chile.

Research Methodology

Market Definition and List of Abbreviations

1. Executive Summary
 2. Growth Drivers & Barriers in Global Electric Rope Shovel Market
 3. Global Electric Rope Shovel Market Trends
 4. Opportunities in Global Electric Rope Shovel Market
 5. Recent Industry Activities, 2021
 6. Porter's Five Forces Analysis
 7. Market Value Chain Analysis
 8. Global Electric Rope Shovel Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

9. Global Electric Rope Shovel Market Segmentation Analysis, By Type
 9.1. Introduction
 9.2. Market Attractiveness, By Type
 9.3. BPS Analysis, By Type
 9.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 9.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 9.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 9.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

10. Global Electric Rope Shovel Market Segmentation Analysis, By Application
 10.1. Introduction
 10.2. Market Attractiveness, By Application
 10.3. BPS Analysis, By Application
 10.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 10.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 10.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

11. Geographical Analysis
 11.1. Introduction
11.2. North America Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.1. By Type
 11.2.1.1. Introduction
 11.2.1.2. Market Attractiveness, By Type
 11.2.1.3. BPS Analysis, By Type
 11.2.1.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.1.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.1.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.1.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.2. By Application
 11.2.2.1. Introduction
 11.2.2.2. Market Attractiveness, By Application
 11.2.2.3. BPS Analysis, By Application
 11.2.2.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.2.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.2.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.3. By Country
 11.2.3.1. Introduction
 11.2.3.2. Market Attractiveness, By Country
 11.2.3.3. BPS Analysis, By Country
 11.2.3.4. U.S. Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.2.3.5. Canada Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

11.3. Europe Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.1. By Type
 11.3.1.1. Introduction
 11.3.1.2. Market Attractiveness, By Type
 11.3.1.3. BPS Analysis, By Type
 11.3.1.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.1.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.1.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.1.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.2. By Application
 11.3.2.1. Introduction
 11.3.2.2. Market Attractiveness, By Application
 11.3.2.3. BPS Analysis, By Application
 11.3.2.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.2.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.2.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3. By Country
 11.3.3.1. Introduction
 11.3.3.2. Market Attractiveness, By Country
 11.3.3.3. BPS Analysis, By Country
 11.3.3.4. Germany Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.5. United Kingdom Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.6. France Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.7. Italy Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.8. Spain Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.9. Russia Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.3.3.10. Rest of Europe Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

11.4. Asia Pacific Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.1. By Type
 11.4.1.1. Introduction
 11.4.1.2. Market Attractiveness, By Type
 11.4.1.3. BPS Analysis, By Type
 11.4.1.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.1.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.1.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.1.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.2. By Application
 11.4.2.1. Introduction
 11.4.2.2. Market Attractiveness, By Application
 11.4.2.3. BPS Analysis, By Application
 11.4.2.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.2.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.2.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3. By Country
 11.4.3.1. Introduction
 11.4.3.2. Market Attractiveness, By Country
 11.4.3.3. BPS Analysis, By Country
 11.4.3.4. China Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.5. India Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.6. Japan Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.7. South Korea Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.8. Indonesia Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.9. Taiwan Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.10. Australia Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.11. New Zealand Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.4.3.12. Rest of Asia Pacific Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

11.5. Latin America Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.1. By Type
 11.5.1.1. Introduction
 11.5.1.2. Market Attractiveness, By Type
 11.5.1.3. BPS Analysis, By Type
 11.5.1.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.1.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.1.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.1.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.2. By Application
 11.5.2.1. Introduction
 11.5.2.2. Market Attractiveness, By Application
 11.5.2.3. BPS Analysis, By Application
 11.5.2.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.2.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.2.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.3. By Country
 11.5.3.1. Introduction
 11.5.3.2. Market Attractiveness, By Country
 11.5.3.3. BPS Analysis, By Country
 11.5.3.4. Brazil Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.3.5. Mexico Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.5.3.6. Rest of Latin America Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

11.6. Middle East & Africa Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.1. By Type
 11.6.1.1. Introduction
 11.6.1.2. Market Attractiveness, By Type
 11.6.1.3. BPS Analysis, By Type
 11.6.1.4. Less than 20MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.1.5. 20MT-50MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.1.6. 50MT-100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.1.7. More Than 100MT Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.2. By Application
 11.6.2.1. Introduction
 11.6.2.2. Market Attractiveness, By Application
 11.6.2.3. BPS Analysis, By Application
 11.6.2.4. Coal Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.2.5. Mine Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.2.6. Others Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.3. By Geography
 11.6.3.1. Introduction
 11.6.3.2. Market Attractiveness, By Geography
 11.6.3.3. BPS Analysis, By Geography
 11.6.3.4. GCC Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.3.5. North Africa Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.3.6. South Africa Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027
 11.6.3.7. Rest of Middle East & Africa Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2021-2027

12. Competitive Landscape
 12.1. Market Share of Key Players in Global Electric Rope Shovel Market
12.2. Company Profiles
 12.2.1. Caterpillar
 12.2.2. Komatsu Mining Corp.
 12.2.3. Taiyuan Heavy Industry Co., Ltd.
 12.2.4. IZ-KARTEX
 12.2.5. L&H Industrial
 12.2.6. SRB Group
 12.2.7. Other Major & Niche Players