Report : Mine Planning Solutions Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud and On- Premises) and Application (Surface Mining, Underground Mining)
Rising Demand for Mineral Resources Worldwide to Support the Growth of Mine Planning Solutions Market Growth
According to our latest market study on “GlobalMine Planning Solutions Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud and On-Premises), Application (Surface Mining and Underground Mining), and Geography”the market was valued US$ 676.8 million in 2019 and is expected to reach US$ US$ 1,659.9 million by 2027; it is estimated to grow at a CAGR of 12.3% during 2020–2027.The report highlightskey factors driving the market growth, and prominent players and their developmentsin the market.
With the rising world population, the consumption and demand for minerals are surging. . Also, the demand for minerals is rising, owing to the discovery of new minerals and applications. Additionally, a low-carbon future may offer opportunities for mineral-rich economies. The surging demand for metals and minerals is resulting in pushing governments worldwide to make efficient investments in their mining sector. As per a report published by the World Bank, by 2050, the production of minerals, such aslithium, graphite, and cobalt, is expected to increase by 500%. The report cited that the reason for increased production is due to growing need for clean energy technologies. It is estimated that more than 3 billion tons of metals and minerals will be required to install geothermal, solar, and wind power.
Further, the rising adoption of technologies by the mining companies is expected to boost the demand for mine planning solutions. Moreover, several countries across the worldare introducing initiatives to use cleaner energy and transportation system. Since these are more mineral-intensive compared to their fuel-based alternatives, the increasing demand for minerals is expected to offer prosperous opportunities to the mining sector. Additionally, the ongoing political instability, protectionism, and trade wars have pushed countries to invest in their own mining sectors than importing them from other countries.
COVID–19 Impact on Mine Planning Solutions Market
North America’s mining activities are increasing due to the surge in the consumption of precious metals and base metals in several applications. Further, a rise in commodity prices is also fueling the mining sector's growth in the region. Several international players are investing in the gold mining sector in Canada that provides a steady macroeconomic environment as well as the companies there enjoys favorable government support. At present, the US is the world’s worst affected country due to COVID-19 outbreak with more than 4.90 million confirmed cases and more than 1,59,000 deaths, as per the recent WHO Situation Report- 202 dated 9thAugust 2020. The high number of COVID cases hasresulted in a negative impact on country’s and region’s economy and there has been a decline in business activities and growth of various industries operating in the region. The developed countries like the US are major regions for the growth of mine planning solutions market and the ongoing interruptions in the growth of mining industry due to cancellations and postponement of various big projects due to COVID-19 outbreak is affecting the revenue of key market players operating in the North America region.
The Report Segments the Global Mine Planning Solutions Market as Follows:
Mine Planning Solutions Market – by Component
Mine Planning SolutionsMarket – byDeployment
Mine Planning SolutionsMarket – byApplication
Mine Planning SolutionsMarket– byGeography