Market Research Report
Mining Machinery Battery Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938147|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Mining Machinery Battery Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 70 Pages||
The mining machinery battery market is expected to exhibit a growth rate of over 20% during the forecast period (2020 - 2025).
Automation and Electrification is Driving the Growth of Market
Mining industry is hugely affected by the fluctuating prices and demand of mining products and raw materials. This leads to generation of low profit margins for operators and miners. Moreover, the mining industry affected by stringent emission rules and import-export regulations by government. It has been found that by raising productivity, profit margins can be increased. This is causing companies to automate and electrify mining equipments by installing sensors and analyzing data generated by them.
Growth in Lithium Ion battery adoption is propelling the off-road commercial vehicle electrification market. Since 1990, cost of industry robots decreased by 50% while that of manual labor increased by 80%. Mining operations such as drilling and hauling are now fully automated. Operators are now reaping the benefits of automation by seeing increased productivity and safety. In last 7 years, employment in mining industry has fallen by 3.23% and productivity rose up by nearly 2%.
Machines use data analytics and statistical techniques to predict the equipment failure, availability of materials in the ground their quantity through drill and sample data. This practice will reduce and eventually end time consuming activities like face inspection and core logging.
Electrification is primarily under adoption to reduce the fuel consumption. Automotive manufacturers such as Volvo are partnering with technology and telecommunication companies such as Telia and Ericsson to develop 5g network for smooth operations of autonomous manufacturing and vehicles. The battery electric and autonomous HX2 load carrier developed by Volvo is nearly 50% more fuel efficient than its HX1 predecessor.
Asia-Pacific is the Fastest Growing Market
In China, government is reducing dependence on fossil fuels. This has boosted the coal mining in the country. In eastern China, government has fitted gas pipelines in households but failed to supply gas regularly. This has led to increased consumption of coal by people for heating purpose. China's largest coal producing province, Shanxi has provided relaxation on stringent government policies and plans to add nearly 11 million tons of coke producing capacities to meet growing demand.
In India, coal production grew by 5.17% between 2014 and 2019. Only 20% Indian reserves have been mined and this provide a big opportunity for miners. India is the second largest crude steel producer and rapid infrastructure development calls for more iron mining. Odisha government plans to auction 17 iron ore plots whose leases will expire in March 2019.
In order to reduce growing dependence on fossil fuels, China is investing heavily in exploration of new lithium deposits across the globe. China reportedly invested nearly USD 4.2 billion in South American countries such as Chile and Bolivia for lithium mining. China has also established a monopoly over African lithium mines in countries such as Democratic Republic Of Congo.
The mining machinery battery market is a moderately consolidated with players such as LG Chem, BYD, Panasonic, etc. dominating the market.
Key players are focusing on technological developments that includes the improvements in size reduction of batteries and increase in size density. For instance,