Surface Mining Market Subjected to Expand to Showcase Rampant Growth by 2023

 

The Surface Mining Market growth is hampered by the non-availability of labor for mining process due to occupational hazards related to the nature of the work. There has been a decline in the availability of workforce for mining operations in particular, as it is considered more hazardous. Although there are various government policies and regulations safeguarding the working conditions of the labor working in mines, there has been apprehension among the skilled working class.

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With declining commodity prices, unavailability of skilled manpower and constant technology advancements in the mining equipment market, the mining companies today are struggling. The opportunity for the new entrants and established firms are collaborations and partnerships with the giant energy and power companies, which utilize coal and other minerals for the production of electricity. A World Bank study shows that mining industry work more closely with electricity utilities to meet the growing energy demands. Miners can become major and reliable customers for electricity utilities or independent power producers (IPPs) which can develop better infrastructure on low cost , rather than supplying own energy on site. On disccussion with world bank which involved the Ministers of Mining and Natural Resources from both Ghana and Guinea, the Director of Zambia’s energy utility ZESCO, along with other private sector representatives, where the need for collaboration among several parties to make the partnerships work in respective countries or operations given their enormous potential was highlighted. This could be an opportunity to position both the new and the established companies to reduce costs and expand its client base across the globe.

Global Surface Mining Market, By Application

The market for global surface mining equipment has witnessed the fastest growth in the metal mining due to rapid industrialization in the Asia Pacific countries such as India and China. The healthy economic development across the Asian countries has led to the growth in demand for consumer goods. The manufacturing of the consumer goods demand metal on a large scale and thus widens the scope of metal mining across the globe. Based on applications, the market has been divided into applications such as coal mining, metal mining, and mineral mining.

Global surface mining equipment market varies across the type of mining methods. Once an ore body is outlined and sufficient information has been achieved for further analysis, the process of selecting the appropriate method of mining begins. There are few mining methods that are used, based on the basic principles of mining:

Longwall Extraction method includes driving of two long roadways and joining them at the end with the help of a perpendicular drive. This is used in horizontal and tabular deposits and can be applied to both hard and soft rock. Here the production must be maintained at a steady rate to avoid disruption and stoppages in the caving operation. Various modern equipment and advanced mining technology are used in successful caving operation. The resource recovery is very high in this technique as the maximum material can be extracted without much spillage and leakage. The method is designed for thin-bedded deposits of uniform thickness and large horizontal extent.

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Key Players

The key players of global Surface Mining market includes 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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