Surface mining is one of the mining techniques where the overlying layer of soil and rock is removed and recovery of the essential minerals. This method of mining provides considerably better recovery, safety, flexibility, environmental conditions, and grade control as compared to other mining methods such as underground mining. Increasing mining activities and growing demand for technically advanced solutions mainly in emerging nations are estimated to fuel the industry in the upcoming period. It assures maximum utilization of mines and aids in reducing processing cost involved in crushing by producing small grains, thus eliminating the need for buying the additional crushing equipment.
There is seen an increased demand for power generation due to factors such as rapid urbanization and industrialization across the globe. This, in turn, has led to an increased demand for coal, which is a vital resource for energy production by the energy industries. Metal like steel is used across industries, includes construction, transportation, manufacturing, and a variety of consumer products. Increased disposable income has boomed the market for manufactured consumer goods. These factors play a vital role in the upsurge in mining activities for coal, metals, and minerals.
As per World Energy Council, coal provides around 40% of the world’s electricity. However, climate change mitigation demands, the transition to cleaner energy forms and increased competition from other resources are presenting challenges for the sector. Economic growth, along with the structural changes, strongly influence world energy consumption. As countries develop, the standard of living improves, and energy demand grows rapidly.
With declining commodity prices, unavailability of skilled manpower and constant technology advancements in the mining equipment market, the mining companies today are struggling. The opportunity for the new entrants and established firms can be the collaborations and partnerships with the giant energy and power companies, which utilize coal and other minerals for the production of electricity. However, factors such as stringent policies and regulations regarding the use of coal for power generation and the unavailability of skilled labor may hamper the growth of the global surface mining equipment market over the review period.
The global surface mining market is segmented by type of mining method (longwall extraction, room, and pillar extraction), application (coal mining, metal mining, mineral mining), and geography (The Americas, Europe, Asia Pacific, and RoW).
The key players of global surface mining market includes Komatsu Ltd (Japan), Caterpillar Inc (U.S.), Sandvik AB (Sweden), Atlas Copco AB (Sweden), Hitachi Construction Machinery Co., Ltd (Japan), BHP Billiton (Australia), Vale S.A (Brazil), Rio Tinto (U.K.). Anglo American Plc. (U.K.), Freeport-McMoRan Inc. (U.S.) and Barrick Gold Corporation (Canada)
Surface Mining Market by Segment
The global market can be segmented on the basis of geography into Asia Pacific, North America, Europe, and the Rest of the World. Countries like China, India, Indonesia, and others dominate the Asian mining sector. Flourishing mining activities in countries such as China and India are likely to show a potential growth opportunities to the surface mining market. Increasing demand for coal and chromium is estimated to provide intense growth.
An expanding role of governments and other agencies is focusing on environmental safety on a global platform. There are stringent fuel consumption, greenhouse effects, and labor safety regulations, which pushes miners, especially in developed countries, to replace traditional machinery to improve productivity due to government regulations. To meet new safety standards with high levels of efficiency, manufacturers prioritize new technology for surface mining. With growing mining activities in Latin America and demand for coal for power generation in emerging nations have led to the increased demand for surface mining by the mining companies.
|Market Size||2027: Significant Value|
|CAGR||Substantial CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Komatsu Ltd (Japan), Caterpillar Inc (U.S.), Sandvik AB (Sweden), Atlas Copco AB (Sweden), Hitachi Construction Machinery Co., Ltd (Japan), BHP Billiton (Australia), Vale S.A (Brazil), Rio Tinto (U.K.). Anglo American Plc. (U.K.), Freeport-McMoRan Inc. (U.S.) and Barrick Gold Corporation (Canada)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global surface mining market projected to grow at approximately 7.2% CAGR during the assessment period (2017-2023).
On the basis of applications, the metal mining segment holds majority shares in the global surface mining market.
Increased demand for power generation led by the rapid urbanization & industrialization across the globe is a major tailwind pushing the growth of the global surface mining market.
Asia Pacific holds the largest share in the global surface mining market, followed by North America and Europe, respectively.
Caterpillar Inc. (U.S.), Sandvik AB (Sweden), Komatsu Ltd (Japan), Hitachi Construction Machinery Co., Ltd (Japan), BHP Billiton (Australia), Atlas Copco AB (Sweden), Rio Tinto (U.K.). Anglo American Plc. (U.K.), Vale S.A (Brazil), Barrick Gold Corporation (Canada), and Freeport-McMoRan Inc. (U.S.), are some of the top players operating in the global surface mining market.