What Is The Current and Historic Market Size Analysis Of The Mining Support Activities Market?
The mining support activities market has seen considerable growth due to a variety of factors.
• The market size for mining support activities has seen robust growth in the last few years. It's expected to increase from $310.56 billion in 2024 to $335.73 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%.
Factors contributing to the growth in the historical period include the global economic situation, advancements in technology, and geopolitical elements.
What are the Market Size and Expected Growth Rates for the Mining Support Activities Market?
The mining support activities market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the mining support activities market is projected to witness a robust growth in the upcoming years. The market is anticipated to burgeon to $448.76 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 7.5%.
Factors like automation, digitalization, and global infrastructure development are expected to drive this growth during the forecast period. Various trends, including electrification and lightweighting, superior materials, additive manufacturing, digital connectivity, and collaboration and partnerships are expected to define the forecast period.
Which Key Drivers Are Propelling The Mining Support Activities Market's Growth?
The support activities for the mining market are likely to be bolstered by governmental policies favoring the mining industry. Through various means such as subsidies and promoting foreign direct investments (FDI), governments are backing the mining industry. The level of support offered by the government ranges from investments through public finance institutions like bilateral development banks and export credit agencies into mining projects, fiscal support via budget allocations and tax exemptions, to investments via majority state-owned mining and utility companies. For example, The Ministry of Mines of the Indian Government, has enacted the Mines and Minerals Amendment and put forth The Mineral Conservation and Development Rules to bolster the growth of the mining sector in India and bring it under regulation. Such policies by the government are anticipated to continue to foster mining processes and consequentially stimulate the expansion of the support activities for mining market.
What Are The Key Segments Within The Global Mining Support Activities Market?
The mining support activities market covered in this report is segmented –
1) By Type: Coal Mining Support Activities, Metal Mining Support Activities, Nonmetallic Minerals Mining Support Activities
2) By Service Provider Type: Independent Contractors, Companies
3) By Application: Mining Companies, Construction Companies, Other Applications
Subsegments:
1) By Coal Mining Support Activities: Underground Coal Mining Support, Open-Pit Coal Mining Support, Coal Exploration Services, Coal Mine Development Services, Coal Mine Operation and Maintenance Services
2) By Metal Mining Support Activities: Gold and Silver Mining Support, Copper Mining Support, Iron Ore Mining Support, Lead and Zinc Mining Support, Other Metal Mining Support Activities
3) By Nonmetallic Minerals Mining Support Activities: Stone Mining Support, Sand and Gravel Mining Support, Clay and Ceramic Material Mining Support, Lime Mining Support, Other Nonmetallic Mineral Mining Support Activities
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Which Emerging Market Trends Are Altering The Mining Support Activities Industry?
The incorporation of GIS technology in mining firms is on the rise for monitoring vital aspects including sustainability, geological structure, and compliance with regulations. This technology amasses, keeps track of, assesses, and presents information related to geographical or spatial data. It effectively combines various exploration data like geophysical photos, geochemistry, geological charts, radiometric surveys, boreholes, and mineral reservoirs, facilitating the smooth discovery of new mineral resources. GIS technology also comes with 3D visualization tools, integrating data from multiple sources. It also finds use in related industries such as production, mine closure, and reclamation. As per GISGIG's report, it's projected that the worldwide GIS market will hit the $12.7 billion mark by 2024.
Who Are the Key Players In The Mining Support Activities Market?
Major companies operating in the mining support activities market include:
• Metallurgical Corporation of China Limited
• PT United Tractors Tbk
• Perenti Global Ltd
• NRW Holdings Limited
• Weir Group plc
• Major Drilling Group International Inc.
• Aveng Limited
• Boart Longyear Ltd.
• Foraco International SA
• Ausdrill Limited
• CIMIC Group Limited
• Downer Group
• DRA Global Ltd.
• Dyno Nobel
• Emeco Holdings Limited
• FLSmidth & Co. A/S
• Geotech Ltd.
• Golder Associates Inc.
• Hatch Ltd.
• Hexagon AB
• Imdex Limited
• Komatsu Ltd.
• Lycopodium Limited
• Macmahon Holdings Limited
• Mineral Resources Limited
• Monadelphous Group Limited
• Orica Limited
• Outotec Oyj
• Sandvik AB
• Sedgman Limited
• SRK Consulting (UK) Ltd.
• Thiess Pty Ltd
• Worley Limited.
What Are The Regional Insights Into The Mining Support Activities Market?
Asia-Pacific was the largest region in the mining support activities market in 2023. Western Europe was the second largest region in the mining support activities market. The regions covered in the mining support activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
