Press release
Global Surface Mining Market to Reach $36.55 Billion by 2029, Growing at 4.6% CAGR
Surface Mining Market
The surface mining market is experiencing considerable growth due to the surge in construction projects. Construction, which entails the creation, modification, repair, refurbishment, upgrades, and destruction of structures, benefits greatly from surface mining. Materials necessary for modern construction such as sand, gravel, limestone, and gypsum are sourced through surface mining. As reported by Invest India, a domestic organization promoting and facilitating investment, it is estimated that the Indian construction sector will reach a worth of $1.4 trillion by 2025. Concurrently, India's real estate industry is projected to reach $1 trillion by 2030, contributing 13% to India's GDP. Consequently, the boom in construction projects propels the forward momentum of the surface mining market.
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What growth opportunities are expected to drive the surface mining market's CAGR through 2034?
The growth trajectory of the surface mining market has been consistent in the past few years. The sector will see an increase from $29.32 billion in 2024 to $30.53 billion in 2025, experiencing a Compound Annual Growth Rate (CAGR) of 4.1%. Factors that have contributed to the development during the historic period include a rising demand for minerals and natural resources, worldwide economic growth, an increase in industrialization, the presence of extensive surface mining deposits, and growth in urbanization and infrastructure.
Predictions indicate that the surface mining market will witness consistent growth in the upcoming years. The market is anticipated to reach $36.54 billion by 2029 with a compound annual growth rate (CAGR) of 4.6%. This projected growth during the forecast period can be credited to the integration of automation and autonomous mining systems, the rising necessity for rare earth elements, the increasing attention towards sustainable and environment-friendly mining methods, the usage of cutting-edge geological and surveying technologies, and the escalating trend of automation. Noteworthy trends expected during the forecast period encompass advancements in mining equipment technology, amalgamation of the internet of things (IoT) in mining processes, more prevalent use of data analytics for predictive maintenance, the expansion of surface mining to untouched geographical areas, and partnerships between mining corporations and tech providers for digital transformation.
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What are the emerging trends shaping the future of the surface mining market?
The emergence of strategic collaborations is a predominant trend in the surface mining sector, with leading companies utilizing partnerships to solidify their market presence. An example of this trend occurred in September 2023 when MACA, an Australian firm specializing in mining, civil, and mineral processing contracts, teamed up with Sandvik Mining and Rock Solutions, a Sweden-based company. The collaboration aimed to update MACA's surface mining fleet at the Gruyere open pit gold mine in Western Australia intending to boost efficiency and productivity. This coincided with a five-year contract extension for MACA at the Gruyere mine. In a separate instance in October 2022, Australian mining company BHP collaborated with EDF Renewables, a French energy firm, to cultivate a renewable energy ecosystem in South Africa, comprising solar and wind capacity to aid sustainable mining procedures.
Which growth-oriented segments of the surface mining market are leading the industry's development?
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
Subsegments:
1) By Strip Mining: Contour Strip Mining, Area Strip Mining
2) By Open Pit Mining: Hard Rock Open Pit Mining, Soft Rock Open Pit Mining
3) By Terrace Mining: Steep Slope Terrace Mining, Flat Terrain Terrace Mining
4) By Other Types: Mountaintop Removal Mining, Placer Mining
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What regions are leading the charge in the surface mining market?
North America was the largest region in the surface mining market in 2024. 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
What companies are at the forefront of innovation in the surface mining market?
Major companies operating in the surface mining market include 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, ere*x 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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What Is Covered In The Surface Mining Global Market Report?
•Market Size Forecast: Examine the surface mining market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the surface mining market for a structured understanding.
•Key Players Overview: Analyze major players in the surface mining market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the surface mining market.
•Segment Contributions: Evaluate how different segments drive overall growth in the surface mining market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the surface mining market.
•Industry Challenges: Identify potential risks and obstacles affecting the surface mining market.
•Competitive Landscape: Review strategic developments in the surface mining market, including expansions, agreements, and new product launches.
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