In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Surface mining refers to a category of mining in which mineral deposits are obtained by removing overlying soil and rock. Major type of surface mining methods includes strip mining, open-pit mining and mountaintop removal. Surface mining offers various advantages over underground mining such as low operational cost and less complication.
Global surface mining market is anticipated to flourish at a significant CAGR over the forecast period. Factors such as increasing consumption of coal and rising demand for metals and minerals are anticipated to fuel the growth of the surface mining market during the forecast period. Moreover, rising consumption of electricity across the globe is widening the demand for coal which further is anticipated to supplement the growth of the surface mining market.
North America captured the largest percentage of market share in overall surface mining market and is expected to continue its dominance over the forecast period. Presence of high number of coal, metallic and non-metallic reserves in the region is anticipated to drive the growth of the surface mining market in the North America region. According to U.S. Energy Information Administration, U.S. demonstrated coal reserves were estimated to be 476 billion short tons. Similarly, abundance of non-metallic mineral ores in Canada is believed to strengthen the growth of surface mining market in North America. According to Mining Association of Canada, in 2014, total mining establishments in Canada was held to be 1,192, out of which, 1,120 reserves were non-metallic mining establishments. U.S. and Canada are believed to be the major contributor to the growth of the surface mining market in the North America region.
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Europe surface mining market is expected to grow at a substantial rate over the forecast period. Presence of large number of companies in the region is envisioned to strengthen the growth of the surface mining market. Asia Pacific is poised to showcase significant growth over the forecast period. Apart from this, rising number of reporting mines in major countries such as India and others bodes well for the growth of the surface mining market. According to Indian Ministry of Statistics & Programme Implementation, total number of reportable mines increased from 1,781 units in 2009-10 to 2,488 units 2013-14. Countries such as China, India and Australia are the major contributor to the growth of surface mining market.
Based on mining method, global surface mining market is segmented into open-pit, strip mining, mountain removal mining and other, out of which, mountain removal mining segment is anticipated to grow at highest CAGR in overall surface mining market during the forecast period.
Our in-depth analysis has segmented global surface mining market into the following segments:
Global surface mining market is further classified on the basis of region as follows:
Increasing consumption of minerals and metals across the globe is anticipated to intensify the growth of the global surface mining market. In addition, growing demand for electricity is anticipated to positively drive the growth of the surface mining market. According to World Bank, global metal consumption witnessed a positive growth of about 1.8% in 2016. Additionally, growing consumption of metals across the globe is facilitating the expansion of global surface mining market.
Apart from this, abundance of mineral and metal ores in the world is expected to positively impact the growth of the surface mining market. Increasing consumption of electricity has increased the demand for coals in the world. This factor is anticipated to supplement the growth of the global surface mining market. Further, advancement in surface mining technologies bodes well for the growth of the surface mining market. In addition, the market is witnessing the launch of new and innovative surface mining solutions and technologies which further increases the operational efficiency. This factor is likely to spearhead current and future market growth prospects.
In contrast, stringent environmental legislations are expected to hamper the growth of surface mining market.