Dragline Excavator Market

COVID-19 Impact analysis

• The COVID-19 pandemic ceased the production of various products in the dragline excavator industry, which is attributed to the global lockdown. This has hampered the growth of dragline excavator market in the years and a similar trend is expected be seen in the first half of 2022.
• The major demand for dragline excavator was previously noticed from giant developed and developing countries including the U.S., Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for dragline excavator.
• Further, the long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Dragline excavator manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• Dragline excavator manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

Increase in private-public partnerships (PPPs) to promote infrastructural development is one of the important driving factors for the dragline excavator market. PPPs have been implemented in various countries, such as South Korea, India, and others. The boost in PPPs and surged investments through private channels can assist in boosting the infrastructure industry, thereby driving the demand and growth of the dragline excavator market. Furthermore, heavy investment in the mining industry by both private and public entities is driving demand in the dragline excavator market. Furthermore, rise in road construction activities owing to the rapid urbanization in developing countries such as India, China, and others is anticipated to provide a boost to the dragline excavator market. However, the dearth of skilled labor for efficient operation of dragline excavators is one of the restraining factors hindering the growth of the market. Contrarily, technological developments in dragline excavator products such as adoption of remote operation, use of the internet of things (IoT), and other industry 4.0 technologies can not only boost the efficiency of the equipment but also result in a lower number of accidents caused due to mishandling of the equipment. This is anticipated to create lucrative opportunities for the growth of the dragline excavator market during the forecast period.

Market Trends

• Due to a rise in demand in the mining industry. Many government-owned companies across the world are demanding dragline excavators and related equipment. For instance, in January 2020, Coal India invited bids for the supply, installation, and commissioning of six electrical walking dragline excavators with their spare parts. The ceiling bid was $158,704.45.
• Moreover, business expansion strategies assist in enhancing the geographic footprint of the company and help in gaining significant market share for dragline excavator products. For instance, in July 2019, Komatsu Mining, a manufacturer of mining equipment along with draglines, invested $285 million in its to-be built 57-acre South Harbor Campus. It will include modern manufacturing facilities, research and development facilities, along with others.
• Also in July 2021, Caterpillar adopted a business expansion strategy and opened its 57,000 square-foot Clayton Machine Development Center for the design and development of equipment and machines. Caterpillar invested $30 million in this new facility. This facility will bring all the engineers under the same roof to optimize the functionality.

Key Benefits of the Report

• This study presents the analytical depiction of the dragline excavator industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the dragline excavator market share.
• The current market is quantitatively analyzed to highlight the dragline excavator market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed dragline excavator market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions Answered in the Dragline Excavator Report

• Who are the leading global players in the "dragline excavator market”?
• What are the current and future trends?
• What is "dragline excavator"?
• What is "dragline excavator market” prediction in the future?
• What are the challenges faced in the "dragline excavator market”?
• What are the driving factors and opportunities in the market? 
• What are the key benefits of the "dragline excavator market” report?