The Business Research Company’s Metal Ore Global Market Report 2021 – COVID-19 Impact and Recovery
LONDON, GREATER LONDON, UK, September 28, 2021 /EINPresswire.com/ — Mining companies are starting to use cognitive computing to enhance the decision-making capabilities in mining operations. The ability of cognitive computing to give insights on future trends of the industry and make real-time decisions are some of the driving factors for mining companies to implement this technology. The key areas where cognitive computing and predictive technology helps mining companies include giving accurate information on drilling locations, depth to be drilled, predicting the equipment failure in advance and autonomous transportation. Goldcorp is using IBM Watson to analyze drilling reports and geological survey reports. This approach assists geologists with the exploration process and by helping them make more accurate, data-driven decisions.
Major players covered in the global metal ore industry are Rio Tinto Plc, Vale SA, BHP Billiton Ltd, Fortescue Metals Group Ltd, Barrick Gold Corp.
The global metal ore market size is expected to grow from $186.65 billion in 2020 to $212.63 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $258.12 billion in 2025 at a CAGR of 5%.
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Asia Pacific was the largest region in the global metal ore market, accounting for 74% of the market in 2020. North America was the second largest region accounting for 9% of the global market. Africa was the smallest region in the global metal ore market.
TBRC’s global metal ore market report is segmented by type into gold ore, iron ore, all other metal ores, silver ore, uranium ore, vanadium ore, by organization size into large enterprises, small and medium enterprises.
Metal Ore Global Market Report 2021 – By Type (Gold Ore, Iron Ore, All Other Metal Ores, Silver Ore, Uranium Ore, Vanadium Ore), By Organization Size (Large Enterprises, Small And Medium Enterprises), COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provides metal ore market overview, forecast metal ore market size and growth for the whole market, metal ore global market segments, and geographies, metal ore global market trends, metal ore global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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