Surface Mining Market: Introduction
Transparency Market Research delivers key insights on the global surface mining market. In terms of revenue, the global surface mining market is estimated to expand at a CAGR of 3.2% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global surface mining market.
The global surface mining market has been positively impacted by rapid industrialization and urbanization across the world.
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Surface Mining Market: Dynamics
Manufacturing and service industries have been expanding significantly in developing countries such as India, China, Mexico, Vietnam, Indonesia, and Brazil since the past few years.
Construction and shipbuilding industries in Asia Pacific have been developing at a rapid pace due to the significant rise in the number of projects. This is expected to boost the demand for metals and minerals. In turn, this is anticipated to propel the surface mining market.
Increase in disposable income and rise in demand for durable goods such as automobiles and household equipment with high mineral or metal content are anticipated to fuel the demand for surface mining.
Several international developers plan to establish their businesses through FDI incentive schemes in emerging economies. This is estimated to fuel industrialization, thereby indirectly boosting the economy of countries. The increase in industrialization is projected to propel the surface mining market, primarily due to the high demand for metal products.
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Surface Mining Market: Prominent Regions
In terms of value, Asia Pacific dominated the global surface mining market in 2020. The region is expected to remain highly lucrative during the forecast period, due to large-scale industrial activities and presence of a large number of surface mining companies. The region has witnessed significant investments in the mining industry in the past decade, due to high demand for metals and minerals. China is expected to dominate the surface mining market in Asia Pacific during the forecast period due to the rise in demand for mining in end-use industries such as coal mining and mineral mining in the country. The demand for surface mining has been increasing in the coal mining industry in Asia Pacific. Furthermore, many important recent mining deals have taken place the region. This is anticipated to contribute to the growth of the market in Asia Pacific.
Europe held a vital share of the global surface mining market in 2020, due to the presence of major players in coal mining in the region. However, market share of Europe is anticipated to decline during the forecast period, owing to barriers such as strict government regulations on coal-fired power plants and coal mining operations. This is likely to lead to a decline in investments in new surface mining projects.
North America is also one of the key regions of the global surface mining market. The U.S. held a major share of the surface mining market in North America in 2020. It is likely to continue its dominance during the forecast period, owing to the presence of major mining companies in the country. The U.S. is one of the major users of strip mining systems. This offers significant opportunities to the surface mining market, as surface mining is used as a performance enhancer for strip mining systems. In addition, the expansion of the metal mining industry is projected to drive the demand for surface mining in the near future.
Latin America and Middle East & Africa are emerging economies. These regions play a vital role in the global surface mining industry. Chile, Peru, Brazil, Mexico, South Africa, and Ghana have abundant mineral resources.
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Surface Mining Market: Key Players
Key players operating in the global surface mining market are Perenti Global Limited, American Mine Services, Macmahon, BCM International Group, LAXYO, Mining Plus, GMS Mine Repair & Maintenance, BAI GROUP LLC, Technica Mining, Banks Group, and DAY Group.
Global Surface Mining Market: Segmentation
Surface Mining Market, by Methodology
- Strip Mining
- Open-pit Mining
- Mountaintop Removal
- Dredging
- Highwall Mining
Surface Mining Market, by Application
- Coal Mining
- Metal Mining
- Mineral Mining
- Others (including Bauxite Mining)
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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