Surface Mining Market Size, Share, Growth Analysis, By Type(Strip Mining, Terrace Mining, Open-Pit Mining, and Others), By Application(Coal Mining, Metal Mining, Mineral Mining, and Others), By Region - Industry Forecast 2025-2032

Q: What is the global market size of Surface Mining Market?

Global Surface Mining Market size was valued at USD 27 billion in 2022 and is poised to grow from USD 28.89 billion in 2023 to USD 49.64 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

Report ID: SQMIG15J2076 | Region: Global | Published Date: April, 2024
Pages: 183 | Tables: 65 | Figures: 72

Surface Mining Market News

In December 2023, Epiroc, a leading name in the mining industry, announced the launch of new digital solutions specially designed for surface mining operations. These new solutions are slated to improve situational awareness for miners working in designated high-risk zones to improve safety.

In March 2021, Macmohan Holdings, a renowned mining company based in Australia, commenced providing surface mining surfaces to a coal mine in Queensland, Australia. The mine is majorly owned by Anglo American.

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Surface Mining Market size was valued at USD 27 billion in 2022 and is poised to grow from USD 28.89 billion in 2023 to USD 49.64 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

Surface mining companies should focus on reducing their environmental impact and opt for sustainable practices to keep their business relevant in the long run. Surface mining providers can also opt for automated and advanced mining practices to improve operational efficiency and maximize profitability. Mergers and collaborations are also slated to be popular strategies for market players around the world. 'Freeport-McMoRan Inc.', 'Caterpillar Inc.', 'BCM International Group', 'Barrick Gold Corporation', 'Atlas Copco AB', 'Anglo American plc', 'Epiroc', 'Hitachi Construction Machinery Co. Ltd.', 'Parenti Limited', 'Komatsu Ltd.', 'Macmohan', 'Vale S.A.', 'Sandvik AB', 'Rio TTint', 'LAXYO', 'BHP Billiton', 'American Mine Services'

Rapid industrialization and growing utilization of minerals and metals in different industrial applications has led to a robust increase in demand for metals and minerals. These elements are acquired through mining thereby promoting surface mining demand outlook.

Integration of Automation: surface mining companies should focus on incorporating automation in their operations to improve their operational efficiency and boost profitability. Companies should partner with leading automation providers to develop and deploy specialized mining automation solutions.

North America is estimated to hold a prominent chunk of the surface mining demand outlook. A series of mining rushes coupled with increasing investments in the mining industry allows this region to dominate the market. The United States is the leading country for mining operations in the world and this also helps North American region’s dominance. Increasing efforts of the United States to reduce reliance on imports from countries such as China has bolstered mining operations in the North American region, which is expected to favor surface mining market development in the long run.

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Surface Mining Market Size, Share, Growth Analysis, By Type(Strip Mining, Terrace Mining, Open-Pit Mining, and Others), By Application(Coal Mining, Metal Mining, Mineral Mining, and Others), By Region - Industry Forecast 2025-2032

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