An electric shovel is a machine which is equipped with a bucket (digger) and used to perform different operations such as mineral extraction, loading, and digging of earth, fragmented rocks, etc. Basically, the electric shovel is a type of cable/rope excavator, where the digging arm is powered and controlled by steel ropes and winches, instead of hydraulics like in more common hydraulic excavators. Even though the main function of electric shovel is to remove and excavate the overburden in mining operations, it can be used in the loading of different extracted minerals like coal. In addition, the electric shovel is used to perform various types of jobs such as digging cuts in road works, digging in gravel banks, and clay pits which further drives the growth for Electric Shovel Market. Apart from this, continuous innovation in terms of features and designs by leading manufacturers operating in electric shovel market is expected to increase the demand for electric shovel in upcoming years.
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Electric Shovel Market: Dynamics
The global electric shovel market is mainly driven due to the increasing mining activities across the globe. The growth of the mining industry is encouraged due to the continuing recovery in commodity prices, boosted by overall economic growth which in turn has also fueled the demand for electric shovel in the mining sector. Across the globe, over the past few years, the count of active mines has also increased, and this increased count of active mines is anticipated to raise the demand for electric shovel in the mining sector, during the forecast period. Besides, the growing demand from mineral-based commodities across the globe is expected to provide a further boost for the growth of electric shovel market. The electric shovel abilities such as digging the tough materials, removing big sized boulders plays an important role to drive the growth of electric shovel market. On the other hand, the emerging trend of equipment rentals business across the globe further fuels the growth of electric shovel market over the forecast period.
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Electric Shovel Market: Regional Lookout
The global electric shovel market is segmented into seven regions and are as follows: North America (USA and Canada), Latin America (Mexico, Brazil and Rest of Latin America), Europe (Germany, UK, Spain, France, and Russia), East Asia (Japan, China and South Korea), South Asia (India, Indonesia, Thailand, Malaysia, and Rest of South Asia), Middle East and Africa (GCC, South and North Africa), and Oceania (Australia and New Zealand). Among all the regions across the globe, owing to the growing mining activities in countries like China, the Asian electric shovel market is projected to capture a significant market share over the forecast period. Besides, the ever-increasing construction activities in Asian countries is further expected to boost the demand for electric shovel in upcoming years. Followed to the Asian region, the region Europe and Americas has significant market share in the global electric shovel market and expected to continue the same during the forecast period. On the other hand, the regions like MEA and Oceania are expected to show comparatively sluggish growth for electric shovel market during the forecast period.
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