The demand for surface mining equipment and services is also being driven by a growing emphasis on sustainable mining methods
The global Surface Mining Market The global surface mining market size was USD 27 Billion in 2022 and is expected to reach USD 49.64 Billion in 2032, and register a revenue CAGR of 7% during the forecast period. Many factors, including expanding urbanization and industrialization worldwide, rising demand for minerals and metals, and surface mining, are expected to drive market revenue growth. The term ‘surface mining’ describes the process of removing minerals or other geological materials from the surface of the ground. Coal, iron ore, gold, diamonds, and other minerals are frequently extracted using this method in the mining business.
Revenue growth of the surface mining market is being driven by rising demand for metals and minerals across numerous industries, including electronics, automotive, and construction. Urbanization and population growth have increased demand for infrastructure construction, which has in turn increased demand for minerals and metals. Also, the demand for surface mining equipment and services has been influenced by the expanding industrialization and construction activities in developing countries including India, China, and Brazil.
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Top Leading Players In The Global Surface Mining Market Are: BHP, Rio Tinto, Glencore, CHINA SHENHU, Vale, Freeport-McMoRan, Barrick Gold Corporation, Newmont Corporation, Anglo American, and Macmahon.
Some Key Highlights from the Report
- The surface mining market has been classified as strip mining, open pit mining, mountaintop removal mining, and others based on method. In 2021, open pit mining accounted for a sizable revenue share. Open pit mining is the extraction of material from the ground’s surface while leaving an open pit behind. To reach deeper depths, an open pit mine is frequently excavated using a series of benches. Furthermore, one of the primary advantages of open-pit mining is increased efficiency over deep-shaft mining technologies. Because mining takes occurs at the surface, space restrictions produced by tiny shafts and tunnels have no effect on the rate at which ore is extracted.
- Because of increased demand for surface mining in developed nations such as the United States and Canada, the North America market will account for the biggest revenue share in 2021. Canada is one of the top five producers of 13 major minerals and metals in the world, which is fueling this region’s market revenue growth. According to the United States Energy Information Administration, 64% of coal produced in the United States in 2020 came from surface mines, often known as strip mines. These mining methods remove dirt and rock from above coal seams or deposits.
- Vermeer and EcoGraf cooperated on March 2, 2022, to analyse surface mining technologies at Tanzania’s Epanko graphite project, which allows for the investigation of low-emission mining approaches. EcoGraf established a varied battery anode material company in order to provide high-purity graphite materials for the lithium-ion battery and advanced manufacturing sectors.
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Segments covered in the report:
By Mining Method Outlook:
- Open-pit Mining
- Strip Mining
- Mountaintop Removal Mining
By Mineral Type Outlook:
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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