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Surface Mining Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2021-2031
WILMINGTON, DELAWARE, USA, July 8, 2022 /EINPresswire.com/ — Transparency Market Research provides key insights into the global surface mining market. In terms of revenue, the global surface mining market is expected to grow at a CAGR of 3.2% during the forecast period, driven by numerous factors on which TMR offers in-depth insights and forecasts 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 globe.
Surface mining market: dynamic
Manufacturing and service industries have grown significantly in developing countries such as India, China, Mexico, Vietnam, Indonesia, and Brazil in recent years.
The construction and shipbuilding industries in Asia-Pacific have been growing at a rapid pace due to the significant increase in the number of projects. This should stimulate the demand for metals and minerals. In turn, this is expected to propel the surface mining market.
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Rising disposable income and increasing demand for durable goods such as automobiles and household equipment high in minerals or metals are expected to fuel the demand for surface mining.
Several international promoters are planning to establish their businesses through FDI incentive programs in emerging economies. This is believed to fuel industrialization, thereby indirectly boosting the economy of countries. Rise in industrialization is expected to propel the surface mining market primarily due to high demand for metal products.
Surface Mining Market: Major 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, driven by large-scale industrial activities and the presence of a large number of surface mining companies. The region has seen significant investment in the mining industry over the past decade, due to the high demand for metals and minerals. China is expected to dominate the surface mining market in Asia Pacific over the forecast period owing to the increase in mining demand in end-use industries such as mining coal and mining in the country. The demand for surface mining has increased in the coal mining industry in Asia-Pacific. In addition, many significant mining transactions have recently taken place in the region. This is expected to contribute to the growth of the market in Asia-Pacific.
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Europe held a vital share of the global surface mining market in 2020, owing to the presence of major coal mining players in the region. However, the market share of Europe is expected to decline over the forecast period, due to obstacles such as strict government regulations on coal-fired power plants and coal mining operations. This will likely lead to lower investment in new surface mining projects.
North America is also one of the key regions in the global surface mining market. The United States held a major share of the surface mining market in North America in 2020. It is expected to maintain its dominance during the forecast period, due to the presence of major mining companies in the country . The United States is one of the main users of surface mining systems. This provides significant opportunities for the surface mining market as surface mining is used to improve the performance of surface mining systems. Also, the expansion of the metal mining industry is expected to boost the demand for surface mining in the near future.
Latin America and the Middle East and 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
The major 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
Surface mining
Open pit mining
Moving to the top of a mountain
Dredging
Hillside mining
Surface Mining Market, By Application
Coal mine
Metal mining
Mining of minerals
Others (including bauxite mining)
Surface mining market, by region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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