North America Mining Remanufacturing Components Market Forecast to 2030
North America Mining Remanufacturing Components Market Forecast to 2030 – Regional Analysis – by Component (Engine, Axle, Transmission, Hydraulic Cylinder, and Others), Equipment (Excavator, Wheel Loader, Wheel Dozer, Crawler Dozer, Haul Truck, and Others), and Industry (Coal, Metal, and Others)
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Description
Reduced Cost Compared to New Components Fuels North America Mining Remanufacturing Components Market
The Remanufacturing Industries Council (RIC) is an association of remanufacturing industry sectors and academic institutions based in the US. RIC defines remanufacturing as a comprehensive and rigorous industrial process that restores a previously sold, worn, or non-functional product or component to a “like-new” or “better-than-new” condition and ensures the highest performance level and quality. Remanufacturing a product uses much less energy than new manufacturing of the same component as it reduces or eliminates numerous energy-intensive processes in the new component manufacturing process. Remanufacturing uses fewer raw resources, consumes less energy, and generates less waste than new product development. The reductions in these areas are substantial, resulting in a product of comparable quality that costs less for both the remanufacturer and the end user. As per the head of Liebherr Mining Remanufacturing division, remanufactured components cost up to 60% less than new components, and most cost savings come from lower material and energy costs.
Mining is a capital-intensive industry. The costs involved with the development and construction of open-pit and underground mines are a major upfront layout of construction capital in mining. Other company-built infrastructure, such as roads, railways, bridges, power plants, and seaports, are frequently present to assist ore and concentrate extraction and shipping. Also, there is day to day expenses in the actual mining process. In all the phases mentioned above, equipment such as wheel dozers, wheel loaders, crawler dozers, and haul trucks play an important role and account for a notable share of the mining industry costs. These vehicles cost approximately 10-15% of the total mining operating expenditure. Continuous wear and tear of such equipment leads to the requirement for component replacement, which results in capital investment. Thus, many mining and equipment OEM companies have turned towards remanufacturing components to reduce overall mining operating costs. Caterpillar, one of the leading mining equipment manufacturers, claims that its remanufacturing and rebuilding program for wheel dozers reduces 40-70% costs compared to new manufacturing. Such remanufacturing programs carried out by other top remanufacturers such as Liebherr, Caterpillar, Komatsu, and Hitachi have benefitted the mining companies, ultimately driving the demand for remanufacturing of components in the mining industry.
North America Mining Remanufacturing Components Market Overview
The North America mining remanufacturing components market is segmented into the US, Canada, and Mexico. The mining sector in North America, particularly in countries such as the US, Canada, and Mexico, majorly drives the demand for mining remanufacturing components. The mining remanufacturing components market in North America is expected to continue its growth trajectory due to the steady expansion of various end-use industries and continuous investments in infrastructure development. For instance, according to the data published by the government of Canada, with US$ 89 billion in capital expenditures spread across 119 major mining-related projects, the industry demonstrated continued interest in mine constructions, redevelopments, expansions, and processing facilities. The country witnessed increase in capital expenditures from US$ 82 billion and 120 projects in 2020 to US$ 89 billion and 119 projects in 2021 signifies continuing interest in mining-related projects despite the challenges posed by the pandemic. The continued focus on infrastructure development, including construction projects, ports, and terminals, also contributes to the demand for mining remanufacturing components in the region. The increased demand for minerals and metals is propelling the growth of mining activities in the region, creating a need for remanufactured components for mining equipment.
North America Mining Remanufacturing Components Market Revenue and Forecast to 2030 (US$ Million)
North America Mining Remanufacturing Components Market Segmentation
The North America mining remanufacturing components market is categorized into component, equipment, industry, and country.
Based on component, the North America mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held the largest North America mining remanufacturing components market share in 2022.
In terms of equipment, the North America mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held the largest North America mining remanufacturing components market share in 2022.
By industry, the North America mining remanufacturing components market is divided into coal, metal, and others. The metal segment held the largest North America mining remanufacturing components market share in 2022.
By country, the North America mining remanufacturing components market is segmented into the US, Canada, and Mexico. The US dominated the North America mining remanufacturing components market share in 2022.
Atlas Copco AB, J C Bamford Excavators Ltd, Caterpillar Inc, Epiroc AB, Swanson Industries Inc, Komatsu Ltd, Liebherr-International AG, SRC Holdings Corp, AB Volvo, and Hitachi Construction Machinery Co Ltd are some of the leading companies operating in the North America mining remanufacturing components market.
Summary Info
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According to the Research Team’ research, the North America mining remanufacturing components market was valued at US$ 887.58 million in 2022 and is expected to reach US$ 1,184.93 million by 2030, recording a CAGR of 3.7% from 2022 to 2030. Additive manufacturing in remanufacturing industry and rising adoption of electric and autonomous vehicles in mining industry are among the critical factors attributed to drive the North America mining remanufacturing components market growth.
As one of the major technologies of remanufacturing engineering, additive remanufacturing technology can repair the structure and function of high-value-added key metal parts of large and complex equipment, significantly reducing use and maintenance costs and saving labor and time costs. Additive remanufacturing is a subset of additive manufacturing technology that might restore the size accuracy of damaged parts, increase surface performance, and introduce new surface functions as needed. In the remanufacturing process, additive manufacturing technologies such as laser sintering and thermal spraying are utilized to restore worn parts or cores to their original proportions, and 3D printing is also employed in various ways by remanufacturers. Additive manufacturing is viewed as advantageous in remanufacturing. A few additive manufacturing technologies create standalone parts and can also be used to repair damage or add functionality to an existing item to convert a core to the newest specification. However, additive manufacturing or 3D printing is in the nascent stages in the coming years, and additive manufacturing can be integrated with the remanufacturing process. Many 3D printing and mining vehicle manufacturing companies are taking steps toward using this technology as a mainstream process.
Thus, the rising adoption of additive manufacturing in the remanufacturing industry is expected to fuel the market growth in the coming years.
On the contrary, quality issues and technological barriers hamper the growth of North America mining remanufacturing components market.
Based on component, the North America mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held 47.3% market share in 2022, amassing US$ 417.53 million. It is projected to garner US$ 566.35 million by 2030 to register 3.9% CAGR during 2022-2030.
In terms of equipment, the North America mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held 26.6% share of North America mining remanufacturing components market in 2022, amassing US$ 224.33 million. It is anticipated to garner US$ 299.78 million by 2030 to expand at 3.7% CAGR during 2022-2030.
By industry, the North America mining remanufacturing components market is divided into coal, metal, and others. The metal segment held 38.5% share of North America mining remanufacturing components market in 2022, amassing US$ 342.15 million. It is projected to garner US$ 482.13 million by 2030 to expand at 4.4% CAGR from 2022 to 2030.
Based on country, the North America mining remanufacturing components market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 63.5% share of North America mining remanufacturing components market in 2022. It was assessed at US$ 563.43 million in 2022 and is likely to hit US$ 779.69 million by 2030, registering a CAGR of 4.1% during 2022-2030.
Key players operating in the North America mining remanufacturing components market are Atlas Copco AB, J C Bamford Excavators Ltd, Caterpillar Inc, Epiroc AB, Swanson Industries Inc, Komatsu Ltd, Liebherr-International AG, SRC Holdings Corp, AB Volvo, and Hitachi Construction Machinery Co Ltd, among others.
In May 2023, Komatsu and Toyota are collaborating on a joint project to develop an Autonomous Light Vehicle (ALV) using Komatsu’s Autonomous Haulage System (AHS). The aim is to enhance safety and productivity in mines by running autonomous haul trucks and automated ALVs.
In November 2022, Swanson Industries, a leading provider of hydraulic cylinder manufacturing, remanufacturing, repair, and distribution services, is pleased to announce that it has acquired the majority ownership of Tiefenbach North America, LLC (“TNA”). The acquisition was completed on October 31, 2022. Tiefenbach Control Systems, Gmbh (“TCS”) will retain minority interest in TNA.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America mining remanufacturing components market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America mining remanufacturing components market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Mining Remanufacturing Components Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Mining Remanufacturing Component Suppliers
5. North America Mining Remanufacturing Components Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Reduced Cost Compared to New Components
5.1.2 Growth in in Mining Industry
5.2 Market Restraints
5.2.1 Quality Issues and Technological Barriers
5.3 Market Opportunities
5.3.1 Rising Adoption of Electric and Autonomous Vehicles in Mining Industry
5.4 Future Trends
5.4.1 Additive Manufacturing in Remanufacturing Industry
5.5 Impact of Drivers and Restraints:
6. Mining Remanufacturing Components Market – North America Market Analysis
6.1 Mining Remanufacturing Components Market Revenue (US$ Million), 2020-2030
6.2 Mining Remanufacturing Components Market Forecast Analysis
7. North America Mining Remanufacturing Components Market Analysis – by Component
7.1 Engine
7.1.1 Overview
7.1.2 Engine: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Axle
7.2.1 Overview
7.2.2 Axle: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.3 Transmission
7.3.1 Overview
7.3.2 Transmission: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Hydraulic Cylinder
7.4.1 Overview
7.4.2 Hydraulic Cylinder: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8. North America Mining Remanufacturing Components Market Analysis – by Equipment
8.1 Excavators
8.1.1 Overview
8.1.2 Excavators: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.2 Wheel Loader
8.2.1 Overview
8.2.2 Wheel Loader: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.3 Wheel Dozer
8.3.1 Overview
8.3.2 Wheel Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Crawler Dozer
8.4.1 Overview
8.4.2 Crawler Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Haul Truck
8.5.1 Overview
8.5.2 Haul Truck: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9. North America Mining Remanufacturing Components Market Analysis – by Industry
9.1 Coal
9.1.1 Overview
9.1.2 Coal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Metal
9.2.1 Overview
9.2.2 Metal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Others
9.3.1 Overview
9.3.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10. North America Mining Remanufacturing Components Market – Country Analysis
10.1 North America Market Overview
10.1.1 North America: Mining Remanufacturing Components Market – Revenue and Forecast Analysis – by Country (2022 & 2030)
10.1.1.1 North America: Mining Remanufacturing Components Market – Revenue and Forecast Analysis – by Country
10.1.1.2 United States: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 United States: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.2.2 United States: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.2.3 United States: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.3 Canada: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 Canada: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.3.2 Canada: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.3.3 Canada: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.4 Mexico: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 Mexico: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.4.2 Mexico: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.4.3 Mexico: Mining Remanufacturing Components Market Breakdown, by Industry
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Atlas Copco AB
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 J C Bamford Excavators Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Caterpillar Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Epiroc AB
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Swanson Industries Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Komatsu Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Liebherr-International AG
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 SRC Holdings Corp
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 AB Volvo
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Hitachi Construction Machinery Co Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The the Reporting Teams
Table 1. Mining Remanufacturing Components Market Segmentation
Table 2. List of Suppliers
Table 3. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Table 4. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 5. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 6. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 7. North America: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Country
Table 8. United States: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 9. United States: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 10. United States: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 11. Canada: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 12. Canada: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 13. Canada: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 14. Mexico: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 15. Mexico: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 16. Mexico: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 17. Heat Map Analysis by Key Players
Figure 1. Mining Remanufacturing Components Market Segmentation, by Country
Figure 2. Mining Remanufacturing Components Market – Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Mining Remanufacturing Components Market Revenue (US$ Million), 2020-2030
Figure 5. Mining Remanufacturing Components Market Share (%) – by Component (2022 and 2030)
Figure 6. Engine: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 7. Axle: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Transmission: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Hydraulic Cylinder: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Mining Remanufacturing Components Market Share (%) – by Equipment (2022 and 2030)
Figure 12. Excavators: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Wheel Loader: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Wheel Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Crawler Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Haul Truck: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Mining Remanufacturing Components Market Share (%) – by Industry (2022 and 2030)
Figure 19. Coal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Metal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 22. North America Mining Remanufacturing Components Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 23. North America: Mining Remanufacturing Components Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 24. United States: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 25. Canada: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 26. Mexico: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 27. Company Positioning & Concentration
The List of Companies – North America Mining Remanufacturing Components Market
1. Atlas Copco AB
2. J C Bamford Excavators Ltd
3. Caterpillar Inc.
4. Epiroc AB
5. Swanson Industries Inc
6. Komatsu Ltd
7. Liebherr-International AG
8. SRC Holdings Corp
9. AB Volvo
10. Hitachi Construction Machinery Co Ltd
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