Press release
Surface Mining Global Market Report 2024 - By Report, Share, Size, Industry Trends, Outlook By 2033
Surface Mining Market
Surface Mining Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $35.2 billion In 2028 At A CAGR Of 4.4% :
The surface mining market size has grown steadily in recent years. It will grow from $28.39 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to growing demand for minerals and natural resources, global economic growth, growing industrialization, availability of large-scale surface mining deposits, increasing urbanization and infrastructure development.
The surface mining market size is expected to see steady growth in the next few years. It will grow to $35.2 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to implementation of automation and autonomous mining systems, rising demand for rare earth elements, growing focus on sustainable and environmentally friendly mining practices, adoption of advanced geological and surveying technologies, rising trend of automation. Major trends in the forecast period include technological advancements in mining equipment, integration of internet of things (iot) in mining operations, increased use of data analytics for predictive maintenance, expansion of surface mining into new geographical regions, collaboration between mining companies and technology providers for digital transformation.
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Surface Mining Market Major Segments
The surface mining market covered in this report is segmented -
1) By Type: Strip Mining, Open Pit Mining, Terrace Mining, Other Types
2) By Mineral: Metallic Ore, Non-Metallic Ore, Coal Mining
3) By End User: Metal, Electric Power Industry, Manufacturing, Other End Users
Key Driver - Growing Construction Activities Drives The Market
The rise in construction projects is significantly contributing to the growth of the surface mining market going forward. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structure. Surface mining is helpful for construction sites for erecting structures and infrastructure components required for modern living, such as sand, gravel, gypsum, and limestone. For instance, according to Invest India, an India-based investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. In addition, the real estate industry in India is expected to reach $1 trillion by 2030 and will contribute 13% to India's GDP. Therefore, the rise in construction projects drives the surface mining market going forward.
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Prominent Trend - Strategic Partnerships And Collaborations Among Market Players
Strategic partnerships have emerged as a key trend gaining popularity in the surface mining market. Major companies operating in the surface mining market are looking for partnerships to strengthen their position in the market. For instance, in June 2021, Parenti Global, an Australia-based surface mining company, partnered with Sandfire Resources, an Australia-based mining and exploration company. Through this partnership, Parenti Global would expand its surface mining portfolio in Africa. Furthermore, in September 2023, MACA, an Australia-based mining, civil, and minerals processing contracting company, partnered with Sweden-based Sandvik Mining and Rock Solutions to replace their surface mining fleet at the Gruyere open pit gold mine in Western Australia. This partnership aims to enhance the efficiency and productivity of MACA's surface mining operations at the Gruyere mine, where they were recently awarded a five-year contract extension.
Surface Mining Market Players
Major companies operating in the surface mining market report are Perenti Limited, American Mine Services LLC, Macmahon Holdings Limited, Bayswater Constructions Pvt. Ltd., Laxyo Energy Limited, Mining Plus Pty Ltd., Technica Group Inc., Banks Group Ltd., Day Group Ltd., Goldcorp Global Mining Pvt. Ltd., Rio Tinto Company Limited, The Broken Hill Proprietary Company Limited, Komatsu Ltd., Caterpillar Inc., Sandvikens Jernverks AB, Atlas Copco AB, Hitachi Construction Machinery Co. Ltd., Coal India Limited, Joy Global Inc., Metso Corporation, Terex* Corporation, Liebherr-International AG, HD Hyundai Infracore Co. Ltd., Volvo Construction Equipment AB, CNH Industrial NV, Joseph Cyril Bamford Excavators Ltd., Sany Heavy Industry Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Wirtgen GmbH, Bell Equipment Limited, BEML Limited, FLSmidth & Co. A/S, GHH Fahrzeuge GmbH, Haver & Boecker Niagara GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the surface mining market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surface mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Surface Mining Market Report Structure
3. Surface Mining Market Trends And Strategies
4. Surface Mining Market - Macro Economic Scenario
5. Surface Mining Market Size And Growth
…..
27. Surface Mining Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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