Electric construction equipment market to skyrocket by 2027
September 20, 2022 By Don Horne
Electric Construction Equipment Market is estimated to grow from $9.2 billion in 2022 to $24.8 billion (USD) by 2027 at a CAGR of 22 per cent over the forecast period, according to a new report by MarketsandMarkets.
The increasing demand to minimize exhaust emissions, ventilation costs in underground mining and preference for the low noise construction machines in residential areas would create growth opportunities for the Electric Construction Equipment Market.
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The mining equipment is expected to hold the largest market share among the electric off-highway equipment types.
The mining application segment is currently leading the market in terms of value generation, globally. This is mainly because of the initiatives by the mining corporations and governments about the safety, environmental, and financial advantages of electric and hybrid-electric mining equipment.
Particularly, in the underground mining activities, harmful dust and gases are produced and usually has a hot to very hot temperature.
One of the major reasons for this heat and other toxic gases in the underground mines are the diesel-powered mining equipment. This demands a very efficient ventilation system with huge capital maintenance expenses. According to the International Council on Mining and Metals (ICMM), 40 per cent of an underground mine’s energy outlay is spent on operating ventilation systems to remove pollutants and heat from mining tunnels.
Such factors increase the overall operational cost of the mine while decreasing its production efficiency.
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