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Surface Mining Market Research 2024 - Outlook, Overview And Forecast To 2033
Surface Mining Market Research
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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, 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
Surface Mining Market 2024 Key Insights:
• 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%.
• Growing Construction Activities Drives The Market
• Strategic Partnerships And Collaborations Among Market Players
• North America was the largest region in the surface mining market in 2023
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