The global market revenue is expected to expand at a lucrative CAGR over the forecast period. Surface mining is a form of mining in which soil and rock covering the mineral deposits are removed. It is the other way of underground mining, in which the overlying rock is left behind, and the required mineral deposits are removed through shafts or tunnels. Technological advancements and increasing investments in discovery of new oil and gas fields is expected to fuel market demand over the forecast period. Moreover, rising consumption of electricity across the globe is widening demand for coal which further is anticipated to supplement growth of the target market.
The global surface mining market report has been segmented on the basis of type, application, and region.
On the basis of type, the target market is segmented into strip mining, terrace mining, open-pit mining, and others. The strip mining segment is the fastest growing segment of the global market.
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On the basis of application, it is segmented into coal mining, metal mining, and mineral mining. The coal mining segment is the fastest-growing segment during the forecast period, owing to increased demand for coal, which is a vital resource for energy production by the energy industries.
Based on region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is estimated to be a fastest-growing regional segment of the global market. Emerging countries such as India and China are expected to offer better opportunities owing to rising population and urbanization, along with growth in the infrastructural development that boost demand for surface mining market. Moreover, presence of large number of companies involved in mining activities is envisioned to strengthen growth of target market.
Key players operating in the global surface mining market include Komatsu Ltd, Caterpillar Inc., Sandvik AB, Atlas Copco AB, Hitachi Construction Machinery Co., Ltd, BHP Billiton, Vale S.A, Rio Tinto, Anglo American Plc., Freeport-McMoRan Inc., Barrick Gold Corporation and others.
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