Surface mining, including strip mining, open-pit mining, and mountaintop removal mining is a broad category of mining in which soil and rock overlying mineral deposits (the overburden) is removed, in contrast to underground mining, in which overlying rock is left in place, and the mineral is removed through shafts or tunnels. In most forms of surface mining, heavy equipment, such as earthmovers, first remove the overburden. Next, large machines, such as dragline excavators or bucket wheel excavators, extract the mineral. In early stages of moving materials out of surface mines, manual labor, horse drawn vehicles, and mining railways move materials. Current practices tend to use haul trucks on haul roads designed into the features of a mine.
COVID-19 scenario analysis:
COVID 19 Scenario
The COVID-19 has extremely affected the economy in the world in a negative wat, hence the surface mining machinery market also got affected abruptly and experienced a slowdown in the generation of revenue. There were strict regulations by governments of various countries, which caused reduction in demand for surface mining machinery in the current scenario. Furthermore, industries are focusing on innovations during the lockdown situation, such that it could help gain attention of majority of the players during the forecast period.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The key factors affecting the industry include the growing demand for metal and mineral commodities are anticipated to boost the industry growth in the coming years. The rise in mining activities and increasing demand for technically advanced solutions mainly in developing countries is projected to fuel the industry in the next few years. It helps in cost optimization due to its capability of crushing, cutting and loading in a single working pass.
The global Surface Mining Machinery market trends are as follows:
Recent acquisitions to boost the surface mining machinery market
The major companies are focusing on the up gradation according to the need in the market in the coming years. For instance, in April 2017, Komatsu announced that it had completed its acquisition of Wisconsin-based surface and underground mining equipment manufacturer Joy Global. Citing a belief that the mining industry will see a long-term rebound driven by increased demand for larger equipment in surface mining and further development of underground mining, Komatsu first announced the $3.7 billion deal in July 2016.
Though the original announcement stated Joy Global would operate as a separate subsidiary of Komatsu and would retain the Joy Global brand, Komatsu had opted to rename the 133-year-old company to Komatsu Mining Corp. Komatsu says Joy Global shares will be delisted from the New York Stock Exchange and will no longer be publicly traded.
Surge in advancements to boost the surface mining machinery
The boom in the demand for the Surface Mining Machinery to be utilized for the untapped business, are the main arena focused by the key players, and hence are bringing up the advancements in the forecast period. In November 2019, Volvo CE invested heavily in new technology here, and last year completed a successful project at Skanska’s Vikan Kross cement quarry near Gothenburg, Sweden. It was declared to be very beneficial to get a customer on board early to test concepts. The ‘Concept Lab’ idea with selected customers to see what is feasible is very different to how machines used to be developed in the past.
Key benefits of the report:
- This study presents the analytical depiction of the global Surface Mining Machinery industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Surface Mining Machinery market share.
- The current market is quantitatively analyzed to highlight the global Surface Mining Machinery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global surface mining machinery market analysis based on competitive intensity and how the competition will take shape in coming years.
Surface Mining Machinery Market Report Highlights
Key Market Players
BHP Billiton, Rio Tinto, Anglo American, Barrick Gold, Freeport-McMoran, Vale S.A, Goldcorp., Teck