The global surface mining equipment market is projected to have a steady growth at a striking 7.02% CAGR over the assessment period (2017-2023). Surface mining put merely, is amid the oldest and the most common mineral removal method from the earth. It is predominantly utilized to obtain aluminum, iron, copper, coal, phosphates, crushed stone, gravel and sand. The materials acquired through surface mining accounts for about two-thirds of solid minerals of the world. As opposed to underground mining, this mining method offers considerably better recovery, flexibility, safety, grade control and environmental conditions. Mining is categorized into surface and subsurface mining of which the former is highly preferred as it cost-effective, is safer and has fewer complications with water and electricity. The key benefits of surface mining include affordable to extract the metal or ore compared to underground mining, the process is faster, minimal chances of death of workers due to toxic fumes thereby making it safer than underground mining. Surface mining is broadly categorized into 5 main types which are used for various resources and in various degrees namely high wall mining, dredging, mountain removal, open-pit mining and strip mining. No matter the type, every surface mining technique will help in removing waste material.
There are numerous factors that is propelling the growth of the surface mining market. These factors according to the Market Research Future (MRFR) report include burgeoning demand for both non-metallic and metallic minerals, abundance of reserves which can be exploited utilizing surface mining, lesser capital requirement in comparison to marine and underground mining, increasing energy consumption, technological advancements in mining, and increasing concerns amid countries about energy security. The additional factors that is propelling the market growth include increasing environmental regulations, growing consumption of coal, growing need for minerals and metals, increasing electricity consumption across the globe, growing need for solutions that are technically advanced especially in emerging nations, industrialization, rapid urbanization, increased disposable income and demand for metal such as steel in numerous industries including manufacturing, transportation, construction and various consumer products. On the contrary, strict environmental difficulties and regulations associated to land acquisition and utilization of coal to generate power coupled with scarcity of skilled labor are factors that may deter the surface mining market growth over the assessment period.
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Market Segmentation
MRFR report offers a complete segmental analysis of the surface mining market on the basis of type and application.
Based on type, the surface mining market is segmented into open-pit mining, terrace mining and strip mining.
Based on application, the surface mining market is segmented into mineral mining, metal mining and coal mining.
Regional Analysis
Based on region, the surface mining market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the APAC region will reign the market over the assessment period owing to increasing investment in Malaysia, Australia, Indonesia and China. Governments are making high investments in metal and mineral extraction that is predicted to fuel the demand for surface mining. Also, growing need for solutions that are technically advanced chiefly in emerging nations coupled with increasing mining activities are prognosticated to bolster market demand in this region. Moreover, stringent regulations laid down by the government is compelling mine operators in deploying advanced equipment and machineries for matching safety regulations and reducing emission. The surface mining market in North America is predicted to experience a rapid growth over the assessment period on account of early acceptance of surface mining services and solutions in this region and advancements in technology. On the other hand, the surface mining market in Latin America and Africa is projected to experience considerable growth owing to the developing mining sector.
Key Players
Leading players profiled in the surface mining market include Barrick Gold Corporation (Canada), Freeport-McMoRan Inc. (U.S.), Anglo American Plc. (U.K.), Rio Tinto (U.K.), Vale S.A (Brazil), BHP Billiton (Australia), Hitachi Construction Machinery Co., Ltd (Japan), Atlas Copco AB (Sweden), Sandvik AB (Sweden), Caterpillar Inc (U.S.), and Komatsu Ltd (Japan).
April 2019- Komatsu has launched its first ever surface mining dill rigs that features autonomous capabilities both for greater productivity and safer operation. It has specially been designed for working in different applications from hard rock mining to coal.
