Report : South & Central 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)
At 3.0% CAGR, South & Central America Mining Remanufacturing Components Market is Speculated to be Worth US$ 470.95 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the South & Central America mining remanufacturing components market was valued at US$ 371.61 million in 2022 and is expected to reach US$ 470.95 million by 2030, recording a CAGR of 3.0% 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 South & Central 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. Caterpillar, one of the key mining vehicle manufacturers, is also focusing on additive manufacturing for component manufacturing.
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 South & Central America mining remanufacturing components market.
Based on component, the South & Central America mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held 45.7% market share in 2022, amassing US$ 169.65 million. It is projected to garner US$ 211.39 million by 2030 to register 2.8% CAGR during 2022–2030.
In terms of equipment, the South & Central America mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held 25.2% share of South & Central America mining remanufacturing components market in 2022, amassing US$ 93.80 million. It is anticipated to garner US$ 118.12 million by 2030 to expand at 2.9% CAGR during 2022–2030.
By industry, the South & Central America mining remanufacturing components market is divided into coal, metal, and others. The metal segment held 47.0% share of South & Central America mining remanufacturing components market in 2022, amassing US$ 174.52 million. It is projected to garner US$ 228.71 million by 2030 to expand at 3.4% CAGR from 2022 to 2030.
Based on country, the South & Central America mining remanufacturing components market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 52.7% share of South & Central America mining remanufacturing components market in 2022. It was assessed at US$ 195.76 million in 2022 and is likely to hit US$ 236.41 million by 2030, registering a CAGR of 2.4% during 2022–2030.
Key players operating in the South & Central 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, 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 South & Central America, LLC (“TNA”). The acquisition was completed on October 31, 2022. Tiefenbach Control Systems, Gmbh (“TCS”) will retain minority interest in TNA.
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