Mining Equipment Maintenance, Repair and Rebuild Market Size to Grow USD 19326 Million by 2030 at a CAGR of 6.11% | Valuates Reports

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May 23, 2024, 12:53 ET

BANGALORE, India, May 23, 2024 /PRNewswire/ -- Mining Equipment Maintenance, Repair and Rebuild Market is Segmented by Type (Engine, Hydraulic System, Tire, Chassis), by Application (Underground Mining Equipment, Surface Mining Equipment).

The Global Mining Equipment Maintenance, Repair and Rebuild Market was valued at USD 12087.2 Million in 2023 and is anticipated to reach USD 19326 Million by 2030, witnessing a CAGR of 6.11% during the forecast period 2024-2030.

North American market for Mining Equipment Maintenance, Repair and Rebuild is estimated to increase from D 4139.87 Million in 2023 to reach D 6335.07 Million by 2030, at a CAGR of 5.53% during the forecast period of 2023 through 2030.

Europe market for Mining Equipment Maintenance, Repair and Rebuild is estimated to increase from USD 2353.38 Million in 2023 to reach USD 3655.88 Million by 2030, at a CAGR of 5.64% during the forecast period of 2023 through 2030.

Asia-Pacific market for Mining Equipment Maintenance, Repair and Rebuild is estimated to increase from USD 3604.4 Million in 2023 to reach USD 6149.2 Million by 2030, at a CAGR of 7.00% during the forecast period of 2023 through 2030.

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Major Factors driving the growth of Mining Equipment Maintenance, Repair and Rebuild Market

There are many primary causes that propel the mining equipment maintenance, repair, and rebuild industry. Mining equipment must function well and last a long time due to the growing demand for minerals and resources brought on by the expansion of the global industrial sector. Many mining operations have aging equipment that has to be repaired and maintained on a regular basis to guarantee operating safety and efficiency, which lowers downtime and increases output. IoT and AI-driven technological developments in predictive maintenance and diagnostics have also fueled market expansion by enabling more accurate and timely interventions.

Companies are also compelled by strict regulatory requirements and environmental concerns to keep their equipment operating at peak efficiency in order to meet safety and emission regulations. The mining industry's growing emphasis on cost-effectiveness and sustainability has increased demand for thorough maintenance, repair, and rebuild services.

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TRENDS INFLUENCING THE GROWTH OF MINING EQUIPMENT MAINTENANCE, REPAIR AND REBUILD MARKET:

Engines are essential components of surface mining machinery like loaders, haul trucks, and excavators because they supply the power needed to carry out labor-intensive operations. These engines are exposed to harsh working circumstances, such as constant high loads, dusty surroundings, and erratic weather, which can cause serious wear and tear. Therefore, maintaining engine performance is essential to mining operations' overall productivity and efficiency. These engines need to have regular maintenance, repair, and rebuild (MRR) services in order to perform at peak efficiency, avoid malfunctions, and live longer. The need for specialist MRR services is driven by the intricate and crucial nature of these engines, as mining firms aim to reduce downtime and guarantee dependable operations.

Because of the world's fast industrialization and urbanization, especially in developing nations like China and India, there is an unprecedented demand for minerals and metals. These nations need a tonne of raw resources, including copper, aluminum, and iron ore, to grow their infrastructure. Because of the growing demand, mining activities have expanded as well, making more regular maintenance, repair, and rebuild (MRR) services for mining equipment necessary to maintain continuous operations. The need for rare earth metals and lithium has also increased dramatically due to the manufacture of electric vehicles and renewable energy projects, which is further driving the mining industry. In order to sustain productivity and efficiency, there is a growing demand for MRR services as mining activities become more intense and the wear and tear on equipment increases.

The MRR market is mostly driven by the need for cost control and economic instability. Mining businesses are forced to concentrate on cost-effective techniques in order to retain profitability due to fluctuating commodity prices and instability in the global economy. Especially in recessionary times, it is frequently more cost-effective to invest in MRR services rather than buy new machinery. Businesses can delay major capital expenditures and increase the lifespan of their assets by maintaining and repairing their current gear. Mining businesses prioritize operational efficiency and cost reductions in economically challenged regions, which supports the MRR industry. In these circumstances, this cost management technique is very important.

In order to increase output and save expenses, mining corporations are putting more and more emphasis on operational efficiency. Achieving these objectives requires efficient equipment functioning, which makes routine MRR servicing necessary. Businesses may reduce downtime and increase productivity by making sure mining equipment runs at its best. Predictive maintenance, which use data analytics to forecast and avert equipment breakdowns, is one of the more widely used maintenance techniques. The need for specialist services is increased by these strategies' requirement for sophisticated MRR capabilities. The MRR market is expected to experience substantial expansion as the focus on operational efficiency increases.

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MINING EQUIPMENT MAINTENANCE, REPAIR AND REBUILD MARKET SHARE ANALYSIS:

The global major manufacturers of Mining Equipment Maintenance, Repair and Rebuild include Metso Outotec, Sandvik, Caterpillar, Epiroc, Mader,etc. In 2023, the global top five players hold a share of approximately 66.96% market size.

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Key Companies:

Metso Outotec
PROCON
Liebherr
SGS Ltd
Rudd
Altra Industrial Motion
Uintah Machine
Mader
Hannon Hydraulics
Bramco
AES Equipment Solutions
Mining Equipment Maintenance
CB HYMAC
Phillips Global
Gemini Machine
Minesite Mechanical Services
Mauger Heavy Equipment
Metalcraft MER
HeavyEquip Mechanical Services
Copeland International
Mining Maintenance Solutions
Swanson Industries Australia
CW Services
TCD Rebuilds
Essential Mining Solutions
Arnold Machinery Company
Comphire

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