New York, May 31, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Mining Global Market Report 2022” – https://www.reportlinker.com/p06282204/?utm_source=GNW
The global mining market is expected to grow from $1843.33 billion in 2021 to $2064.72 billion in 2022 at a compound annual growth rate (CAGR) of 12.0%. The mining market is expected to grow to $3358.82 billion in 2026 at a CAGR of 12.9%.
The mining market consists of sales of minerals, metals and other valuable materials such as sand and gravel, coal and stone extracted from the earth crust by entities (organizations, sole traders and partnerships) that undertake the process of extraction.
The main types of mining are mining support activities, general minerals, stones, copper, nickel, lead, and zinc, metal ore, coal, lignite, and anthracite.General minerals include mine construction sand and gravel, industrial sand, kaolin and ball clay, clay and ceramic and refractory minerals, potash, soda and borate mineral, phosphate rock, or other chemical and fertilizer minerals mining.
The various processes used for mining are underground mining and surface mining. The different service providers include independent contractors and companies.
Asia Pacific was the largest region in the mining market in 2021.North America was the second largest region in the mining market.
The regions covered in the mining 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 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 operating in the metal ore mining market.
These government policies will continue to support the growth of the mining market.
Power generation companies are increasingly using alternate sources of energy such as natural gas, nuclear power and renewable to produce clean and sustainable electricity.The decreasing cost of installation of renewable sources of energy is also driving the use of these sources for power generation.
This is expected to act as a restraint on the demand for coal in power generation.According to the US Energy Information Administration (EIA), the coal’s share of the total world energy consumption is expected to decline from to 22% in 2040.
Renewable are expected to be the fastest growing energy source, with their consumption increasing at an average rate of 2.3% per year till 2040. The continuous shift to alternative sources for power generation will restrain the mining market.
The use of renewable energy is helping mining companies reduce power costs and control emissions in the mines.As the solar or wind projects are built close to the mine sites, the cost of connecting to the power grid is also reduced.
Site-appropriate renewable energy sources are reliable, consistent and also economical.BHP and RioTinto have started using renewable energy sources in their mines.
According to a report published by EY, RioTinto aims to generate 10% of 20MW – 25MW power demand from renewable energy in one of their mines, and expects to reduce its diesel use by approximately 4 million liters, and its CO2 emissions by 12,000 tons.Also, in 2020, Rio Tinto approved the development of a large-scale solar photovoltaic and battery storage system for its western Australian Koodaideri mine.
The solar plant will be one of Australia’s largest photovoltaic installations at a mining site once completed. According to a report by Fitch Solutions, renewable energy used by mining companies from various sources include 57% of solar thermal, 37% of solar PV, and 4% of wind energy
The countries covered in the mining 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.
Read the full report: https://www.reportlinker.com/p06282204/?utm_source=GNW
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