The surface mining market involves the process of extracting minerals, ores or coal by removing the overlying bedrock and soil. This includes open-pit mining and strip mining methods where large earth-moving equipment such as dump trucks, excavators and draglines are used to extract minerals close to the ground level. The rising need for coal in power plants, cement production and metallurgical industries has largely contributed to the Surface Mining Market Demand
Global surface mining market is estimated to be valued at US$ 55.03 Bn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the surface mining market include BHP, Rio Tinto, Vale, Glencore, CRH PLC among others. Surface mining provides cost-effective and efficient mineral extraction compared to underground mining techniques. Key players are focusing on capacity expansion and acquisitions to meet the growing coal demand globally. The growing demand for electricity and industrial development in emerging economies have significantly boosted coal consumption. Surface mining allows for large-scale, low-cost extraction of coal reserves to meet energy requirements. Countries like China, India and Indonesia are witnessing rapid growth in coal-fired power plants development which is propelling the surface mining market size.
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