Contract Mining Services Market Declining, -3% CAGR Expected Through 2027- Research Report Insights
VALLEY COTTAGE, New York, May 9, 2019 /PRNewswire/ -- Global demand for contract mining services accounted for the revenues of around US$ 12 billion in 2018. A new Research Report Insights (RRI) study envisages more than -2% Y-o-Y decline in the revenues of contract mining services market, in 2019, and ahead. The study underscores two key factors as the market growth influencers, which include commodity prices and automation of the mining industry.
Over 60% of the overall demand for contract mining services is for underground mining activities, as indicated by the report. Gold mining and iron ore mining firms will remain the key end users of contract mining services, collectively generating over half of the total revenues of contract mining services market.
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Australia to Account for APEJ's Lead, South African Mining Industry to Uplift MEA's Prospects
Asia Pacific excluding Japan (APEJ) will remain the leading regional market for prominent providers of contract mining services. The continuous demand for coal mining in APEJ is cited as a strong factor bolstering the contract mining services market growth in the region. The price and demand for coal as a global resource fluctuates frequently and Asia's coal mining industry is anticipated to register promising growth in forthcoming years. With focus of developing Asian countries intensifying on the enhancement of steel production, it is highly likely that the demand for coking coal will see an upsurge in forthcoming years. The report opines that this scenario will particularly benefit APEJ and may create multiple potential opportunities for contract mining services providers in the near future.
While APEJ currently accounts for an approximate share of 30% in the global market value, followed by Middle East and Africa (MEA), research points to major contribution from Australian and African mining countries. While Western Australia has been an important contributor to the global contract mining industry, majorly owing to its rich mineral wealth. Decline in the high grade ore heads against rising mineral output are highly likely to enable Australian market for contract mining services to maintain the pace. On the other hand, relatively lower mining costs and a high number of untapped mining sites are cited as the key boosters for South Africa's contract mining services market.
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According to the report, North America and Europe are likely to hold a collective revenue share of more than 30% in the global contract mining services market. The Canadian mining industry's fall has been attributed for the declining performance of contract mining services market in North American region. Recently, the Mining Association of Canada (MAC) has pointed out that the mining industry in Canada is rapidly eroding in recent years owing to a sharp decline in number of mining projects, dwindling investments in mining, and concerns regarding metal and mineral prices in the country.
Contract Mining Service Providers Focused on Equipment Based on Cutting-edge Technologies
According to RRI's analysis, strategic mergers, acquisitions, and partnerships between contract mining service providers are expected to remain preferred developmental strategies among key players. Innovations based on next-generation technological advances will also be an important strategy adopted by several contract mining service providers. In line with the mining industry's automation gathering momentum, Upsurge in demand for robotics, IoT, and other next-gen technologies in mining operations is expected to fillip the employment and digging costs in the mining industry. Most of the established contract mining services providers in the market are offering specialized contract mining services for different applications such as medical, automotive, excavation, scrap, transportation, and recycling, among others. Several contract mining service providers are also eyeing newer application opportunities arising in a multitude of verticals.
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While CIMIC Group and Downer Group are likely to maintain prominent revenue shares in the global contract mining services market, the report also covers in-depth strategic profiles of several other players actively partaking in the market competition. Some of the profiled market participants include Laxyo Group, Downer Group, PYBAR Mining Services, Exact Mining Group, BGC Contracting Pty Ltd, CIMIC Group, Macmahon, Byrnecut Group, Mining Plus, Saumya Mining, SGS SA, The Redpath Group, Brierty, and Ledcor IP Holdings Ltd.
The study has examined the global market scenario for contract mining services over the period of 2019-2027, projecting nearly -3% CAGR in terms of revenues. More insights based on the research, can be availed.
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