Mining support companies are increasingly opting for 3D modeling technologies which reduce costs of discovery, improves prospecting and facilitates focused exploration. A geological 3D modeling tool provides computerized illustrations of earth crust based on geological and geophysical observations made on earth surface and earth crust. It also provides detailed mapping and visualization of structural data of prospective mining zones and supports companies in resource estimation of mines, thus aiding the stakeholders to better interpret the data .This technology enhances discovery efficiency and improves exploration success rate. For instance, BRGM, a leading geological exploration based in France, carried out 3D geological modeling at Gardanne coal basin.
THE BUSINESS RESEARCH COMPANY EXPECTS THE SUPPORT ACTIVITIES FOR MINING MARKET TO GROW TO $206 BILLION BY 2021
Asia Pacific was the largest region in the support activities for mining market in 2017, accounting for more than one-third of the market share. The USA was the largest country accounting for around 19% market share.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the coal exploration industry is registering a significant decline due to greater access to natural gas, wind and solar energy at lower prices and regulations designed to protect public health. The decline in coal mining is predominantly due to availability of advanced natural gas extraction technologies, significant decline in solar and wind energy production costs owing to decline in solar panels and wind turbine and generator prices along with stricter environmental regulations in many countries. China being one of the largest importers, miners around the globe opened new mines to feed this vast demand, but since China’s coal usage declined in 2014 and 2015 due to weak demand from manufacturing companies in the country, this further contributed to decline in coal mining exploration, thus leading to rapid decrease in coal mining exploration. For instance, Coal exploration in Australia has fallen from its high of $227 million in 3Q11 to $80 million in 3Q14 a 64% drop in expenditure within three years and this is a trend that is being seen globally.
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CIMIC Group Limited was the largest player in the mining support activities market, with revenues of $3 billion in 2016. CIMIC Group’s growth strategy aims at expanding into new markets and diversifying its product offerings. In 2016, the company entered the Canadian market after collaborating with KMC Mining, Edmonton-based contractor, to provide mining services in oil sands to a Canadian energy company.
Mining support activities comprises establishments primarily engaged in performing support activities on a contract or fee basis for coal, metal and nonmetallic mineral(except fuels) mining. Mineral exploration is the method of finding commercially feasible concentrations of minerals to mine.
Support Activities For Mining Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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