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 Global Mining Remanufacturing Components Market
Posted on : Monday, 10 February, 2020  11:03
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Global Mining Remanufacturing Components Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 4.1 % during forecast period.

Global Mining Remanufacturing Components Market

Mining remanufacturing components market growth can be attributed to the factors like lower cost of remanufactured mining components as compared with new parts and growing mining equipment parts across the globe. Although, increasing developments in electric mining equipment and the growing presence of local players are few of the concerns for mining remanufacturing components market.

Based on equipment, the wheel loader is projected to be the fastest-growing market for mining remanufacturing components. Wheel loader is mostly used to transmit material from one place to another. With the increasing mining activity around the globe, the demand for wheel loaders is consistent, and the sales are projected to grow above average during the forecast period. This makes the wheel loader the fastest increasing segment of the mining remanufacturing components market. Moreover, some activities cannot be completed by huge bulldozers because of their sizes but can be easily finished using wheel loaders owing to their flexibility.

Region-wise, the Asia Pacific region is anticipated to be the fastest rising market for mining remanufacturing components. The region has witnessed growth in mining operations owing to the increasing demand for raw materials. This has resulted in the presence of several international companies in the APAC region. Owing to the rising mining activities and presence of key players, the Asia Pacific market is estimated to be the fastest-growing market during the projected years.

In India, 30 new coal mining sites have been acknowledged by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add XX million ton to India's coal output. With this, there is a rise in average work hours per annum, which in turn has resulted in increased component/system replacements in the region.

A recent development in Global Mining Remanufacturing Components Market: In August 2017, Hitachi Construction Machinery announced the growth of its Reman Centre in Lusaka, Zambia. The expansion has doubled the production area of the existing facility and will help to meet the rising demand for the product in the Southern African Development Community (SADC) region. In addition to this rise, the company has doubled the size of its warehouse facility to enable sufficient inventory, avoiding production delays to meet the consumer demand promptly.

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