Global Electric Mining Equipment Market is Projected to Reach USD 11.7 Billion by 2030
Traditionally, mining equipment has been powered by diesel fuel. However, with the advent of new technologies, electric mining equipment is becoming increasingly popular in the industry. Electric mining equipment is more efficient and environmentally friendly than traditional diesel-powered equipment and thus, is witnessing high demand from miners across the globe.
According to a new report by Tersus Strategy, the global electric mining equipment market is projected to reach USD 11.7 billion by 2030, growing at a CAGR of 19.6% during the forecast period. The rising trend of electrification in the mining industry is one of the major factors driving the growth of the electric mining equipment market. Additionally, government regulations and policies promoting the use of clean energy sources are further augmenting the market growth.
The report provides a detailed analysis of the electric mining equipment market, including market size and forecast by type, end-use, and region. Based on type, the market has been segmented into surface mining equipment and underground mining equipment. The surface mining equipment segment is projected to grow at the highest CAGR during the forecast period.
Mining contributes to 2-3% of all global carbon emissions; thus, there is a need to develop new technologies that can help reduce emissions from the mining sector. Electric surface mining equipment is one such Technology that is gaining popularity owing to its low carbon emissions.
The underground mining equipment segment includes longwall mining equipment and room & pillar mining equipment. The longwall mining equipment segment is projected to grow at the highest CAGR during the forecast period. Electric longwall mining equipment is increasingly being used in coal mines as it helps in reducing emissions.
New advancements in solid-state battery technology and falling prices of batteries are further expected to create new opportunities for the growth of the electric mining equipment market in the coming years. We will be watching this trend closely in developing new Technology for this industry.
This post was written by Justin Tidd, Director at Becker/SMC. For nearly half a century, Becker Mining has been at the forefront of safety, producing the best Capacitor Trip in the industry. Becker/SMC is the industry’s leader in increasingly more sophisticated electrical control systems. Most of the major innovations, design features, and specialized electrical components have been developed by Becker/SMC.
