Surface Mining Market to Gain Valuation of US$ 54.18 Bn by 2031, States TMR Report

- Rising adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in the mining industry is fueling business prospects in the surface mining market

- Growing focus of governments of several nations in surface mining activities to cater to the increasing demand from different end-use industries is bolstering market growth

ALBANY, N.Y., Jan. 11, 2022 /PRNewswire/ -- Analysts at Transparency Market Research (TMR) expect the global surface mining market to register growth at a CAGR of 3.2% during the forecast period, from 2021 to 2031.

The growth of the surface mining market can be attributed to many factors such as increasing urbanization and industrialization, expanding construction industry, and improving disposable income in many developed and developing nations.

Asia Pacific is a dominating region in the surface mining market, owing to increased industrialization and presence of sizable number of enterprises involved in the surface mining activities in many countries of the region. Moreover, the Asia Pacific market is projected to be driven by expansion of regional mining industry, owing to rising demand for minerals and metals. China is a prominent country offering lucrative prospects in the surface mining market due to increase in the demand for mining in varied end-use industries, including mineral mining and coal mining in the country.

The market is anticipated to gain promising business prospects in North America due to the presence of considerable number of mining firms in several regional countries such as the U.S. Moreover, the regional market is expected to be fueled on the back of expansion of the metal mining industry in the region.

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Surface Mining Market: Key Findings

• Several developing nations across the globe are mainly focusing on their infrastructure development. Hence, the number of construction projects is being increased in many emerging economies such as China, Brazil, and India. Moreover, these countries are also experiencing a wave of rapid industrialization. These factors are resulting in revenue-generation opportunities in the surface mining market.
• Companies in the mining industry are increasing the adoption of technological advancements for performing different surface mining activities. Hence, they are investing in machine learning (ML) and artificial intelligence (AI). This factor is driving the growth prospects in the surface mining market.
• Many automation service providers are focused on the development of Internet of Things (IoT) platforms that can help in establishing connection between plants from different locations. The use of this technology will allow remote monitoring of hazardous work locations with the help of smart devices and hence, reduce the number of visits to such locations.

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Surface Mining Market: Growth Boosters

• Rising industrialization and urbanization across developing nations is anticipated to drive the expansion of surfacing mining market
• Increase in construction activities, owing to rising infrastructure development in emerging economies, is creating promising sales prospects in the market
• With improving spending power, people across the globe are increasing the demand for long-lasting products, including automobiles and different household equipment that have high contents of metal and mineral. These factors are boosting the demand for surface mining, which, in turn, is bolstering market growth.

Surface Mining Market: Competition Landscape

• Players in the global surface mining market are focusing on the expansion of their businesses in newer geographies in order to capture untapped markets
• Several enterprises from the surfacing mining industry are incorporated distributed control system, SCADA, safety instrumented system, industrial asset management, and manufacturing execution system in order to achieve automation. The strategy is helping them to maintain safe work environment for workers.

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Surface Mining Market: Key Players

Some of the key players profiled in the report are:

• American Mine Services
• Perenti Global Limited
• BCM International Group
• Macmahon
• Mining Plus
• LAXYO
• BAI GROUP LLC
• GMS Mine Repair & Maintenance
• Banks Group
• Technica Mining
• DAY Group

Surface Mining Market Segmentation

Methodology        

• Strip Mining
• Open-pit Mining
• Mountaintop Removal
• Dredging
• Highwall Mining

Application

• Coal Mining
• Metal Mining
• Mineral Mining
• Others (including Bauxite Mining)

Region         

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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