The global Surface Mining Industry Size is growing rapidly and is expected to surge in the years to come. The proliferation of automation in mining has leveraged benefits, such as the ability to increase productivity, cut maintenance times, increased safety, and reduced diesel emissions. Increasing mining activities and augmenting demand for technically advanced solutions are escalating the market on the global platform.
According to Market Research Future (MRFR), the global surface mining market would garner significant accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a phenomenal CAGR during the forecast period (2017-2023). Increased demand for power, driven by the rapid urbanization and industrialization across the globe is a key driving force for the market.
Coal is a vital resource for energy production; as a result, an increase in energy demand drives the market growth of surface mining. Increasing demand for metals, such as steel, lead, and nickel from various industries, fosters the growth of the market. Also, growing demand for minerals such as Silica which is used in glass manufacturing and calcium carbonate used in various medicines drives the growth of surface mining.
Moreover, increased disposable income plays a vital role in the upsurge in mining activities for coal, metals, and minerals, boosting the market for manufactured consumer goods. Conversely, stringent regulations for mining and the shortage of skilled and competent labor force are major factors hampering the growth of the market to an extent. Nevertheless, changed supply and demand dynamics would support market growth, boosting the numbers of mines.
Global Surface Mining Market – Segments
The report is segmented into three key market dynamics to widen the scope of understanding,
By Type : Terrace Mining, Strip Mining, and Open-Pit Mining, among others.
By Application : Coal Mining, Metal Mining, and Mineral Mining, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Surface Mining Market – Geographical Analysis
The Asia Pacific region dominates the global surface mining market. China, Australia, India, and Indonesia, are leading markets for surface mining equipment in the region. Increasing numbers of drilling activities in India and China are likely to provide various growth opportunities to the market. Asian countries are not only significant manufacturers but also the largest consumers of commodities, such as gold, diamonds, base metals, coal, among others.
Increasing demand for chromium and coal is estimated to provide a considerable impetus to the regional market growth. Furthermore, the presence of major OEMs, such as Komatsu and Hitachi drive the regional market. Government initiatives, focusing on environmental safety, foster the growth of the market.
In Latin America, growing mining activities and demand for coal for power generation have led to the increased demand for surface mining. In the North American region, a number of ongoing mining activities, especially in the US coupled with the augmented demand for coal and mineral mining are supporting the market growth.
Global Surface Mining Market – Competitive Analysis
Highly competitive by nature, the global surface mining market appears to be fragmented due to the presence of many players. To gain a competitive advantage, key players adopt strategies such as innovation, mergers & acquisitions, and brand reinforcement.
Extensive fuel consumption, greenhouse effects, and labor safety regulations are pushing miners to replace traditional machinery and improve productivity. Due to government regulations, miners, especially from developed countries, are getting affected, majorly. Manufacturers emphasize on developing new technology for surface mining, meeting new safety standards with high levels of efficiency.
Due to the significant performance challenges, the mining industry structure did not significantly change until 2016. Even the giant industry leaders such as Caterpillar Inc., Schlumberger, and Komatsu, were unable to create value.
However, tables started turning up in 2017, witnessing increasing M&A activities with considerable percentages. Key players are expected to be seen again marching towards success. Focusing on R&D to develop innovative technologies, these dynamic players would shift the market dynamics during the forecasted period.
Players leading the global surface mining market include Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Hitachi Construction Machinery Co., Ltd (Japan), Atlas Copco AB (Sweden), BHP Billiton (Australia), Rio Tinto (UK), Vale S.A (Brazil), Anglo American Plc. (UK), Barrick Gold Corporation (Canada), and Freeport-McMoRan Inc. (US), among others.