The global Surface Mining Market size was valued USD 25.83 Billion in 2018 and is estimated to reach USD 32.90 Billion by 2026.
This can be mainly associated with the consumption of metals and minerals across the globe in several end-user industries such as electronic and electrical, and machinery industries. Also, increasing demand for electricity is expected to drive the growth of the market positively. According to the World Bank, global metal consumption observed a positive growth of about 1.80% in 2016. Additionally, the increasing use of metals across the globe is promoting the expansion of global market. Apart from this, an abundance of mineral and metal ores in the world is expected to impact the growth of the market positively. Growing consumption of electricity has raised the demand for coals in the world. This factor is expected to augment the growth of the global surface mining market. Further, improvement in surface mining technologies is also responsible for the growth of the market. Also, the market is observing the launch of new and innovative surface mining solutions, which further enhances operational efficiency. This factor is expected to initiate current and future market growth prospects.
Surface mining is a kind of mining in which mineral deposits are collected by removing overlying rock and soil. The initial type of surface mining methods includes open-pit mining, strip mining, and mountaintop removal. Surface mining offers several advantages over underground mining, such as less complexity and low operational cost.
North America accounts for the largest market share of 32.3% in 2018. Presence of a large number of metallic, coal, and non-metallic resources in the region is forecasted to spur the growth of the market in this region. The abundance of non-metallic mineral ores in Canada is believed to stimulate the growth of the market in North America. U.S. and Canada are considered to be a significant contributor to the growth of the market in the North America region.
Further key findings from the report suggest
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global Surface Mining Market on the basis of Method, Mineral, End Users, and region:
Method Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Mineral Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Regional Outlook (Revenue in USD Million; 2016–2026)