Excavator Remanufactured Components Market is expected to reach US$ 2,739.25 million by 2030

Additive Manufacturing in Remanufacturing Industry Driving Excavator Remanufactured Components Market Growth

According to our latest market study on "Excavator Remanufactured Components Market Forecast to 2030 – Global Analysis – by Component and Industry," the market was valued at US$ 1,882.22 million in 2022 and is expected to reach US$ 2,739.25 million by 2030; it is anticipated to record a CAGR of 4.80% from 2022 to 2030. The excavator remanufactured components market report emphasizes the key factors driving the market and showcases the developments of prominent players.

The high cost of new excavators, increased demand for refurbished excavators, and rapid growth of the construction sector are among the factors contributing to the growing excavator remanufactured components market size. The key players in the market are launching remanufacturing programs to produce excavator components, such as engines, transmission systems, cylinders, and axles. These excavators are used for digging holes, trenches, and foundations at mining and construction sites. Excavators are also used in the forestry and agricultural work. Excavators are widely used in general grading and landscaping for the construction industry.

Excavator Remanufactured Components Market Share – by Region, 2023

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Source: The Insight Partners Analysis

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 or 60% more than new components, and most cost savings come from lower material and energy costs.

Major technologies of remanufacturing engineering include additive remanufacturing, precision machine tools, and CNC automation technology, which are used to repair the structure and function of high-value-added key metal parts of excavators. These excavators’ components are remanufactured by reducing their use and maintenance 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.

The increase in infrastructure development projects across the globe is driving the demand for excavator remanufactured components. Construction activities require excavators to build public infrastructure such as roads, bridges, tunnels, dams, and airports. According to the World Bank Report, the global infrastructure development investment reached ~US$ 3.9 trillion annually and is growing rapidly with significant investments for smart city projects across the globe.

Components such as engine, transmission, axle, and hydraulic cylinders are remanufactured with the help of various additive manufacturing processes. 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. Additive manufacturing or 3D printing is in the nascent stages, and additive manufacturing can be integrated with remanufacturing. Many 3D printing and mining vehicle manufacturing companies are taking steps toward using this technology as a mainstream process. In April 2022, Boliden, a Swedish mining business, collaborated with Sandvik Mining and Rock Solutions to test 3D printing technology for machine parts. In addition, Caterpillar, one of the key excavator manufacturers, is focusing on additive manufacturing for component remanufacturing. Thus, the rising adoption of additive manufacturing in the remanufacturing industry is expected to fuel the growth of the excavator remanufactured components market in the coming years. The US Department of Energy has increased its commitment to US$ 258 million under the contract to build the heavy rare earth component of Lynas' rare earth processing facility, up from the previously disclosed US$ 120 million contribution. Such government initiatives have driven the mining sector, ultimately supporting the mining industry’s growth.

The significant adoption of excavators in the construction and mining industry in Europe, particularly in countries such as Germany, Russia, France, Italy, Spain, and the UK, is expected to have a positive impact on the excavator remanufactured components market share in Europe. Germany, the largest producer of metal mining in the EU, was growing rapidly with the increasing government support for public infrastructure in 2022. For instance, in 2022, as per the European Commission, the European construction industry has shown a growth of 3.0% within an overall economic environment. In 2022, Europe’s GDP increased by 3,5% in both the eurozone and the EU as a whole, showing a growth of 5.3% and 5.4%, respectively, compared to 2021. Also, the construction of new houses represents 20.6% of the total investment in construction across Europe. These are the major driving factors for the excavator remanufactured components market size in Europe.

The substantial increase in construction activities in Europe, particularly in the residential and commercial sectors, creates a favorable scenario for the excavator remanufactured components market growth. The demand for excavator remanufactured components is expected to remain strong, providing opportunities for businesses in this sector to thrive and expand their operations.

The excavator remanufactured components market analysis is carried out by identifying and evaluating key players in the market across different regions. AB Volvo, Atlas Copco, Caterpiller Inc., Epiroc AB, Hitachi Construction Machinery Co. Ltd., J C Komatsu Ltd., Liebherr Group, Bamford Excavators Ltd., SRC Holding Corporation, and Swanson Industries are among the key players covered in the excavator remanufactured components market report. Apart from these, several other market players are also covered for in-depth market analysis.

The report includes growth prospects in light of current excavator remanufactured components market trends and driving factors influencing the market growth.

• In May 2023, Komatsu Ltd. and Toyota Corporation collaborated 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 April 2021, Hitachi Construction Machinery Co., Ltd. has established its part remanufacturing plant for producing medium to large-sized hydraulic excavator on its premises of Cibitung, Factory of P.T. Hitachi Construction Machinery Indonesia.