Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Mining Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The mining market size is expected to see strong growth in the next few years. It will grow to $2825.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to a rise in infrastructure development, increasing merger and acquisition activities, the growing implementation of autonomous equipment, and increased construction activities, which will drive market growth. Key trends in the forecast period include a focus on the use of lidar (light detection and ranging), drone technology, product innovations, the launch of digital twins, the use of 3D mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery, and an increase in the use of telematics.
Governments worldwide are actively providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. This support encompasses various forms, including investments from public finance institutions such as bilateral development banks and export credit agencies, fiscal support through budget allocations and tax exemptions, and investments via majority state-owned mining and utility companies. An illustrative example is the Ministry of Mines in the Government of India, which, in 2021, enacted the Mines and Minerals Amendment Act 2021 and published The Mineral Conservation and Development Rules to foster the growth of the mining industry in India. Such government policies are expected to remain instrumental in supporting the mining market's growth.
The mining market is anticipated to experience growth propelled by an increasing demand for minerals and metals. Minerals, as naturally occurring substances with unique properties, and metals, such as gold, silver, and copper, are essential for various industries such as construction, electronics, automotive, and renewable energy. Notably, in May 2023, Natural Resource Canada reported that the 2021 value of Canadian mineral production reached $55.5 billion, reflecting a 20% increase from the $46.4 billion value in 2020. The rising demand for minerals and metals is a key driver for the mining market.
Major players in the mining market are actively pursuing strategic partnerships to drive revenues and promote innovation. Collaborations between mining companies, equipment manufacturers, and technology firms aim to enhance efficiency and sustainability. In May 2023, Gradiant Corporation partnered with Schlumberger NV and Rio Tinto Group to advance productivity and sustainability in the mining industry. This interdisciplinary partnership focuses on leveraging data-driven solutions and innovation to propel mining sustainability forward, demonstrating the industry's commitment to responsible practices.
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