Major companies in the mining support activities market include CIMIC Group Limited; PT United Tractors Tbk; Downer EDI Mining-Blasting Services Pty Ltd; Barminco Ltd and Boart Longyear Ltd.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mining Support Activities Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018846/?utm_source=GNW
The global mining support activities market is expected to grow from $163.7 billion in 2020 to $187.68 billion in 2021 at a compound annual growth rate (CAGR) of 14.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $222.63 billion in 2025 at a CAGR of 4%.
The mining support activities market consists of sales of mining support services and related goods by entities (organizations, sole traders and partnerships) that perform support activities on a contract or fee basis for coal, metal and nonmetallic mineral (except fuels) mining. Support activities include exploration of minerals, drilling, draining of mines and other support activities. The mining support activities market is segmented into coal mining support activities; metal mining support activities and nonmetallic minerals mining support activities.
Asia Pacific was the largest region in the global mining support activities market, accounting for 54% of the market in 2020. Western Europe was the second largest region accounting for 16% of the global mining support activities market. Middle East was the smallest region in the global mining support activities market.
GIS technology is increasingly being used by mining companies to monitor critical factors such as sustainability, geological composition and compliance. GIS systems capture, record, evaluate and present spatial or geographic data. GIS integrates exploration datasets such as geophysical images, geochemistry, geologic maps, radiometric surveys, boreholes, and mineral deposits leading to efficient discovery of new mineral deposits. This technology also provides 3D visualization tools as it integrates data from various data sources. They are also used in allied industries such as production, mine closure and reclamation. For instance, according to GISGIG, the global GIS market was valued at $6.3 billion in 2017 and expected to reach $12.7 billion by 2024.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the support activities for mining market in 2020 as governments globally imposed lockdowns and restricted the movement of people and goods to contain the virus. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the support activities for mining market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Government policies to support the mining industry is expected to drive the support activities for mining market. Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. The amount of government support includes the support through governments’ public finance institutions such as bilateral development banks and export credit agencies investing in mining projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. For instance, in 2019, the government of India approved the increase of iron ore leasing areas in Orissa from 10 square kilometers to 58 square kilometers and encouraged the private auction of these ores by private companies such as TATA steel. These government policies will continue to support the mining processes and thus are projected to increase the growth of support activities for mining market.
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