– The rapid change in commodity prices due to the ongoing war between Russiaand Ukraine is expected to positively impact the mining market during the forecast period. Russia and Ukraine are global producers of metals such as nickel, copper and iron, and they are also involved in other essential raw materials such as neon, palladium and platinum. The sanctions from countries across the globe on the Russian invasion, have contributed to the surge in prices of these metals. For instance, the trading price of palladium was recorded at $2,700on February 25th 2022, which was 80% higher than the price in December 2021. Therefore, rapid growth in commodity prices due to the Russia-Ukraine war is expected to boost the mining market during the forecast period.
The global mining market size is expected to grow from $1.84 trillion in 2021 to $2.06 trillion in 2022 at a compound annual growth rate (CAGR) of 12.0%. Mining market growth is expected to continue at a CAGR of 12.9%, reaching $3.36 trillion by 2026.
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Mining Market Segments
The mining market is segmented by type into mining support activities, general minerals, stones, copper, nickel, lead, and zinc, metal ore, and coal, lignite, and anthracite. The coal, lignite, and anthracite market is the largest segment of the mining market by type, accounting for 62.4% of the total market in 2021. The general minerals market is expected to be the fastest-growing, segmented by type, going forward at a CAGR of 20.7% during the 2021-2026 period.
Drones in Mining
Drone technology has the potential to be most disruptive in the mining market. The drone technology is used for mining applications such as surveying, mapping, preserving safety, stockpile evaluation, inventory management, hot spot identification, and inspection. Drones or unmanned aerial systems (UAS) can access hard-to-reach areas and serve with insights for planning mine. They have shown tremendous growth in mining by allowing much greater data collection and intensifying productivity.
Regional Analysis
Asia Pacific has the largest mining market share, accounting for 70.5% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the mining market will be South America and the Middle East, where growth will be at CAGRs of 23.7% and 22.4% respectively from 2021-2026.
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