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Worldwide Mining Market to Reach $3.35 Trillion by 2026 from $2.06 Trillion in 2022
Dublin, July 27, 2022 (GLOBE NEWSWIRE) -- The "Mining Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
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%. 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.
Key Players
BHP Group
Vale S.A.
Rio Tinto
Glencore International
Anglo American plc.
China Shenhua Energy Company Limited
China Coal Energy Company Limited
The Metallurgical Corp. Of China
Coal India Ltd.
Corporacion Nacional Del Cobre De Chile
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Mining Market Characteristics
4. Mining Market Product Analysis
5. Mining Market Supply Chain
6. Mining Market Customer Information
7. Mining Market Trends And Strategies
8. Impact Of COVID-19 On Mining
9. Mining Market Size And Growth
10. Mining Market Regional Analysis
11. Mining Market Segmentation
12. Mining Market Segments
13. Mining Market Metrics
14. Asia-Pacific Mining Market
15. Western Europe Mining Market
16. Eastern Europe Mining Market
17. North America Mining Market
18. South America Mining Market
19. Middle East Mining Market
20. Africa Mining Market
21. Mining Market Competitive Landscape
22. Key Mergers And Acquisitions In The Mining Market
23. Recommendations
24. Appendix
25. Copyright And Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/6cnrei
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