Worldwide Current Trends and Future Growth of Surface Mining Market Research, Overview, Segmentation, Leading Player and Forecast to 2023 - iCrowdNewswire
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May 18, 2018 3:13 AM ET

Worldwide Current Trends and Future Growth of Surface Mining Market Research, Overview, Segmentation, Leading Player and Forecast to 2023

iCrowdNewswire - May 18, 2018

Market Research Future published a raw research report on Global Surface Mining Market that contains the information from 2014 to 2023. Global Surface Mining Market is expected to grow at CAGR 7.02% from 2017 to 2023.

Taste the market data and market information presented through more than 55 market data tables and 45 figures spread in 111 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “global surface mining market information from 2014 to 2023.”

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Mining is conducted in two ways underground and surface. Surface mines are large pits where dirt and rock are removed to expose the minerals. Surface mining is also known as opencast mining, which consists of three different techniques: strip mining, open-pit mining, and mountaintop blasting. These three processes are breaking up soil and rocks by explosives and then removing debris in that it uses Trucks and shovels to remove excess fragments and recovers a higher proportion of the coal deposits than underground mining.

As rising the urbanization and industrialization across the globe, the demand for power generation has been increased. This, in turn, has led to an increased demand for coal, which plays an important role in the energy production. Growing demand for coal, which is used for electricity generation purpose is expected to encouraging surface mining industry growth in the estimative period. Coal mining is expected to emerge as a high growing activity, and it involves the use of equipment such as scraper conveyors, road headers, and coal winning machines. Moreover, increasing population along with augmented economic activity has significantly boosted demand for coal for electricity generation and heating purposes.

An abundance of reserves of metallic and non-metallic minerals that can be exploited using surface mining and less capital requirement as compared to underground and marine mining acts as a major driving factor for the growth of surface mining market. Environmental mining activities may result in adverse environmental conditions including contamination and soil erosion, which may restrict market growth over the forecast period.

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The surface mining equipment market is divided into types such as open-pit mining, strip mining, mountaintop removal, and high wall mining and dredging. Strip mining is the largest application market for surface mining equipment and is expected to witness sluggish growth in the future due to increasing limitation on coal mining activities and coal-based power plants. Whereas, Open-pit surface mining equipment is used for extracting minerals or rocks from the earth and expected to grow in the forecasted period. Whereas, stringent environmental regulations and difficulties related to land acquisition can act as the restraint in the surface mining market. 

The global market can be segmented on the basis of geography into Asia Pacific, North America, Europe, and the Rest of the World. Among, the Asia Pacific is the largest regional market in the global surface mining market. The region is expected to maintain its leading position throughout the forecast period with rising demand from China and India. The Asia Pacific is expected to see the fastest growth for mining due to rising replacement of outdated machinery with advanced solutions. Latin America and Africa are also expected to observe considerable growth through the forecast period with growing mining sector.

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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)

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