As per The Business Research Company’s Mining Global Market Report 2023, the global mining market will grow from $2022.6 billion in 2022 to $2145.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The mining industry revenue is then expected to grow to $2775.5 billion in 2027 at a CAGR of more than 6%. Going forward, major mining industry drivers such as a rise in infrastructure development, increasing merger and acquisition activities, increasing implementation of autonomous equipment and increasing construction activities will drive the mining industry growth.
The global mining market is slightly fragmented, with a large number of small players, as per the mining industry overview. BHP Group Limited was the largest competitor with 3.38% share of the market, followed by Rio Tinto Group, Glencore plc, Vale S.A., China Shenhua Energy Company Limited, Anglo-American plc, China Coal Energy Company Limited with, Jiangxi Copper Corporation Limited with, Yankuang Energy Group Company Limited and Zijin Mining Group Company Limited.
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Major mining industry companies are adopting the following technologies in their businesses:
1. Lidar (Light Detection And Ranging)
LiDAR is gaining popularity among the mining industry trends. Mining companies are using LiDARs to capture geospatial information of the natural surface and mine infrastructure, and to calculate the production volumes with proper planning. For instance, in November 2021, Burgex Inc Mining Consultants, a US-based mining consulting services company, integrated a Velodyne lidar sensor to its ExynPak mining equipment, for simultaneous localization and mapping of surface and underground mining environments. It helps in mine planning and mineral exploration projects and allows workers to identify faults, slopes and other geological features in real-time.
2. Use Of 3D Mine Visualizers
Mining companies are using 3D mine visualizers to obtain a real-time digital model of a mine. A 3D mine visualizer generates a three-dimensional model of the mine layout and transfers it directly to the operator. 3D mine visualizers significantly enhance the productivity of large mining environments. It is a valuable tool in operations planning, analyzing problematic areas and tracking mine development over time. For instance, in July 2021, Tech Soft 3D, a US-based software company, introduced its HOOPS Visualize, a graphics engine for the MineRP Platform that delivers powerful 3D visualization capabilities to easily visualize very large and complex geological models.
3. Drone Technology
Drone technology has the potential to be the most disruptive among the mining market trends. Drone technology is used for mining applications, such as surveying, mapping, preserving safety, stockpile evaluation, inventory management, hot spot identification and inspection. For instance, in February 2023, Coal India arm MCL, an India-based coal producing company, launched drone technology in coal mines for environmental monitoring, volume measurement and photogrammetric mapping of mines for digitalization of the mining process.
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The global mining market is segmented –
1) By Type: Mining Support Activities, General Minerals, Stones, Copper, Nickel, Lead, And Zinc, Metal Ore, Coal, Lignite, And Anthracite
2) By Process: Underground Mining, Surface Mining
3) By Service Provider: Independent Contractors, Companies
As per the mining market outlook, the top growth potential in the market by type will arise in the metal ore market, which will gain $212.2 billion of global annual sales by 2027. Asia Pacific was the largest region in the market, accounting for 64.3% of the global market in 2022. The mining market size will gain the most in China at $192.2 billion.
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