Increasing Focus on Safety and Compliance Fuels Australia and New Zealand Testing, Maintenance, and Prevention Solutions in Mining Market Growth
According to our latest study, "Australia and New Zealand Testing, Maintenance, and Prevention Solutions in Mining Market Size and Forecast (2021–2031), Country Share, Trend, and Growth Opportunity Analysis – by Component, Application, and Country," the market was valued at US$ 207.61 million in 2023 and is expected to reach US$ 358.52 million by 2031; it is estimated to record a CAGR of 7.1% from 2023 to 2031. The report includes growth prospects owing to the current Australia and New Zealand testing, maintenance, and prevention solutions in mining market trends and their foreseeable impact during the forecast period.
The increasing focus on safety and compliance in the mining industry necessitates the need for testing, maintenance, and prevention solutions. Both Australia and New Zealand have regulatory frameworks, such as the Work Health and Safety Act 2011 in Australia and the Health and Safety at Work Act 2015 in New Zealand, which impose strict obligations on mining companies to maintain the safety of their workforce. Mining companies are required to ensure that all workers, whether above-ground or underground, are shielded from workplace hazards, which may include exposure to toxic gases, dust, heat, noise, and mechanical hazards from heavy equipment.
Australia and New Zealand Testing, Maintenance, and Prevention Solutions in Mining Market Share (%) – by Component, 2023 and 2031
Australia and New Zealand Testing, Maintenance, and Prevention Solutions in Mining Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Hardware (Electrical Test Tools, Process Calibration Tools, Vibration Testing Tools, Drywells, Intrinsically Safe Multimeters, Temperature Calibrators, Power Quality Analyzers, Thermal Cameras and Mounted Thermal Cameras, Ultrasonic Acoustic Imagers, Motor Alignment Tools, Network Testing Tools, and Others) and Services], Application (Surface Mining and Underground Mining), and Country
Australia and New Zealand Testing, Maintenance, and Prevention Solutions in Mining Market 2031
Download Free Sample
Source: The Insight Partners Analysis
The mining industry is one of the most high-risk sectors, with workers frequently exposed to hazardous conditions such as toxic gases, machinery malfunctions, underground collapses, and explosions. Recent years have seen a disturbing rise in mining accidents, prompting mining companies to focus more on improving safety standards and operational reliability. For instance, in June 2024, Anglo-American announced that it faced an underground fire at its Grosvenor metallurgical coal mine in Queensland, Australia. The mine is located in Moranbah, a coal mining town situated approximately 1,000 km (621 miles) north of Brisbane, the state capital. This incident occurred at the same site where a 2020 explosion resulted in critical injuries to five workers. Hence, the rise in the frequency and severity of mining accidents is a powerful catalyst driving the demand for testing, maintenance, and prevention solutions in the mining industry.
Megger, Fluke, FLIR System, Testo, Yokogawa, Siemens, Honeywell, Ventia, SGS SA, and Metso are among the key players profiled in the Australia and New Zealand testing, maintenance, and prevention solutions in mining market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the Australia and New Zealand testing, maintenance, and prevention solutions in mining market forecast based on component and application. Based on component, the market is bifurcated into hardware and services. In terms of revenue, the hardware segment held a larger Australia and New Zealand testing, maintenance, and prevention solutions in mining market share, and it is expected to record a higher CAGR during the forecast period.
The testing, maintenance, and prevention solutions in Australia's mining industry is driven by the increasing emphasis on quality in mining operations. The growing government investment in the country is likely to fuel the need for testing, maintenance, and prevention solutions in the mining industry. Australia's mining industry is welcoming the federal government's commitment to support the search for new mineral bodies as the country competes with China and Indonesia in the crucial minerals field. In May 2024, the Australian Prime Minister announced the next federal budget that would have a US$ 566.1 million investment over ten years, beginning in 2024–2025, to deliver data, maps, and other tools to the resource mining industry to aid in discoveries.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com