Mining Support Activities Global Market Report 2022

Major companies in the mining support activities market include The Metallurgical Corp of China, Hochtief AG, PT United Tractors Tbk, Perenti Global Ltd, NRW Holdings Limited, The Weir Group plc, Major Drilling Group International Inc, Aveng Limited, Boart Longyear Ltd., and Foraco International SA.

The global mining support activities market is expected to grow from $236.12 billion in 2021 to $267.58 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The mining support activities market is expected to grow to $438.17 billion in 2026 at a CAGR of 13.1%.

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 main types of mining support activities are coal mining support activities, metal mining support activities and nonmetallic minerals mining support activities.The coal mining support activities include activities such as exploration for coal and traditional prospecting methods, such as taking core samples and making geological observations at prospective sites on a contract or fee basis.

The services are provided by independent contractors and companies to mining companies, construction companies and others.

Asia Pacific was the largest region in the mining support activities market in 2021.Western Europe was the second largest region in the mining support activities market.

The regions covered in the mining support activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

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 had 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.

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 is expected to reach $12.7 billion by 2024.

The countries covered in the mining support activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Vietnam, Bangladesh, Ukraine, and Iran.