Lower cost of remanufactured mining components and inventory issues of parts at the OEM’s end are the key growth drivers for remanufacturing components for mining equipment. The mining remanufacturing component market is projected to grow at a CAGR of 3.5% during the forecast period, to reach a market size of USD 5.0 billion by 2027 from USD 3.8 million in 2019.
The mining remanufacturing components market is dominated by global OEMs and comprises several regional players. Some of the key players in the mining remanufacturing components market are Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), and Epiroc (Sweden).
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The key strategy adopted by the leading players to gain traction in the market was expansion. For instance, in November 2018, the Liebherr Reman facility in Burlington, Canada was upgraded with a special contamination-free environment and equipped with component-specific assembly stations, a new state-of-the-art computer-controlled dyno, hydraulic test areas, and paint booth. These upgrades will help the facility to maintain high-quality control for its customers. In August 2017, Hitachi Construction Machinery announced the expansion of its Reman Centre in Lusaka, Zambia. The expansion has doubled the production area of the existing facility and would help to meet growing current and future demands for the product in the Southern African Development Community (SADC) region. In addition to this, the company has also doubled the size of its warehouse facility to enable sufficient parts to be kept on-hand, ensuring minimal production delays and meet the customer demand promptly.
Caterpillar (US) adopted a mix of new product development as well as partnership strategies to sustain its position in the global market. In November 2018, Cat Reman introduced Cat 3600, an engine prechamber assembly using state-of-the-art machining and laser weld technology. This remanufactured prechamber assembly was developed through a collaborative effort involving team members from manufacturing, salvage, marketing, and engineering. In February 2014, Caterpillar announced the expansion of its reman operations with the remanufacture of C175 engines in Corinth. This expansion includes a new large engine facility, which consists of C175 assembly, test, and paint operations. In addition to this, the Mississippi Reman campus consists of the Cardinal Drive facility, where the team remanufactures engines, cylinder heads, cranks, and blocks.
On the other hand, Komatsu (Japan) adopted partnership as a key strategy to sustain its market position. In October 2016, Komatsu and GE announced a ten-year partnership agreement to provide electrical remanufacturing services for mining equipment and vehicles. This partnership will help Komatsu and GE to improve Reman build process for large mining customers.
Mining Remanufacturing Components Market By Component (Engine, Hydraulic Cylinder, Axle, Transmission, Differential, Torque Convertor, Final Drive), Equipment (Excavator, Mine Truck, Wheel Loader, Dozer), Industry, Region - Global Forecast to 2027
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