The global surface mining market was reach to the USD 39,748 million by 2030 with a CAGR of 3.20% by 2030 during the forecast period. The factors which are responsible for driven the growth of the global surface mining market are rapid urbanization and industrialization across the globe. The demand for coal was increased as it was a critical resource for the energy production by the energy industries. The steel was used in various industries such as construction, transportation, manufacturing and various types of consumer products.
The manufactured consumer goods market growth was fueled by the increased disposable income. This factor plays a very important role in mining activities for coal, metals and minerals which are effective for the surface mining market growth. Due to the lockdown in covid 19 pandemic, the international trade, roadblocks in construction, mining and maintenance activities gets halt. This leads to the low consumption of products which has a significant influence on the surface mining market.
The supply chain interruptions and labor shortage has reduced the value of new contracts in real estate. The demand of surface mining products gets decreased in many industries which has a great impact on the market growth. There are various factors which driven the growth of the surface mining market such increased demand for metallic and non-metallic minerals, abundant deposits, low capital requirements and increase in energy consumption.
The major factor responsible for the restraint of surface mining market was the lack or shortage of skilled labor. The major restraint for the surface mining market share was the Land Acquisition Act. From raw data, the advanced data analytics are used to provide the visualizations, insights and suggestions.
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The global surface mining market was segmented on the basis of type, application, and category.
On the basis of type, the global surface mining market was divided into strip mining, open pit mining and terrace mining.
On the basis of application, the global surface mining market was divided into coal mining, metal mining and mineral mining.
On the basis of category, the global surface mining market was divided into Automated Equipment which includes Excavator, Robotic Truck, Driller & Breaker, and Load Haul Pump; Components includes Hardware such as sensors, RFID tags & intelligent systems, Software such as data and operation management software, safety and security systems, connectivity solutions & analytics solutions, Services such as support and maintenance (engineering service), system integration (deployment service) & consulting services.
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The global surface mining market was spread in the following regions – North America includes S., Canada & Mexico; Europe includes Germany, Sweden & UK; Asia Pacific includes China, India, Japan, Australia & LAMEA; Latin America; Middle East; Africa.
The key players which are involved in the global surface mining market are – Komatsu Ltd (Japan), Caterpillar Inc (US), Sandvik AB (Sweden), Atlas Copco AB (Sweden), ABB Ltd. (Switzerland), Hitachi Construction Machinery Co. Ltd. (Japan), BHP Billiton (Australia), Vale S.A (Brazil), Cisco Systems Inc. (US), Anglo American Plc. (UK), Freeport McMoRan Inc. (US) and Barrick Gold Corporation (Canada).
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