Press release
The 2024 Global Market Trends in Mining Support Activities
As per the report, the mining support activities market size has grown strongly in recent years. It will grow from $283.99 billion in 2023 to $304.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The mining support activities market size is expected to see strong growth in the next few years. It will grow to $407.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
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Government Policies Fueling Growth In The Mining Support Activities Market
Government policies to support the mining industry is expected to drive the support activities for mining market. Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. The amount of government support includes the support through governments' public finance institutions such as bilateral development banks and export credit agencies investing in mining projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. For instance, in 2021, the Ministry of mines of the Government of India, enacted the Mines and Minerals Amendment Act 2021, and published The Mineral Conservation and Development Rules to facilitate the growth of Mining industry in India and to regulate the industry.These government policies will continue to support the mining processes and thus are projected to increase the growth of support activities for mining market.
Increasing Focus On Introducing GIS (Geographic Information System) Technology In The Mining Industry To Gain A Competitive Edge
GIS technology is increasingly being used by mining companies to monitor critical factors such as sustainability, geological composition, and compliance. GIS systems capture, record, evaluate and present spatial or geographic data. GIS integrates exploration datasets such as geophysical images, geochemistry, geologic maps, radiometric surveys, boreholes, and mineral deposits leading to efficient discovery of new mineral deposits. This technology also provides 3D visualization tools as it integrates data from various data sources. They are also used in allied industries such as production, mine closure, and reclamation. For instance, according to GISGIG, the global GIS market is expected to reach $12.7 billion by 2024.
The mining support activities market covered in this report is segmented -
1) By Type: Coal Mining Support Activities, Metal Mining Support Activities, Nonmetallic Minerals Mining Support Activities
2) By Service Provider Type: Independent Contractors, Companies
3) By Application: Mining Companies, Construction Companies, Other Applications
Subsegments Covered: Coal Mining Drilling Services, Coal Mining Exploration Services, Coal Mining Draining Services, Other Coal Mining Support Activities, Metal Mining Drilling Services, Metal Mining Exploration Services, Metal Mining Draining Services, Other Metal Mining Support Activities, Nonmetallic Minerals Mining Drilling Services, Nonmetallic Minerals Mining Exploration Services, Nonmetallic Minerals Mining Draining Services, Other Nonmetallic Minerals Mining Support Activities
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Major companies operating in the mining support activities market include Metallurgical Corporation of China Limited, PT United Tractors Tbk, Perenti Global Ltd, NRW Holdings Limited, Weir Group plc, Major Drilling Group International Inc., Aveng Limited, Boart Longyear Ltd., Foraco International SA, Ausdrill Limited, CIMIC Group Limited, Downer Group, DRA Global Ltd., Dyno Nobel, Emeco Holdings Limited, FLSmidth & Co. A/S, Geotech Ltd., Golder Associates Inc., Hatch Ltd., Hexagon AB, Imdex Limited, Komatsu Ltd., Lycopodium Limited, Macmahon Holdings Limited, Mineral Resources Limited, Monadelphous Group Limited, Orica Limited, Outotec Oyj, Sandvik AB, Sedgman Limited, SRK Consulting (UK) Ltd., Thiess Pty Ltd, Worley Limited.
Contents of the report:
1. Executive Summary
2. Mining Support Activities Market Report Structure
3. Mining Support Activities Market Trends And Strategies
4. Mining Support Activities Market - Macro Economic Scenario
5. Mining Support Activities Market Size And Growth
…..
27. Mining Support Activities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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