Increased investments in industrialisation are key to the growth of the Namibian mining sector; he is according to a report by OG Analysis titled, ‘The Namibia Mining Market, Size, Share, Outlook and Growth Opportunities 2020-2026’.
The report presents a comprehensive analysis of the country’s mining. It gives key trends and critical insights into Namibia mining markets along with key drivers, restraints, and growth opportunities are presented in the report.
The report says, increased investments in the use of automation in mining activities, and advancements in logistics and transportation sectors are expected to drive Namibia mining market size.
“Namibia mining industry is undergoing rapid shifts with companies focusing on increased productivity, efficient mineral processing, and cost-efficient methods. Key factors such as the emergence of new mining methods, electrification of mining equipment, rise in underground exploration, and living standards of the public are expected to boost Namibia’s mining market size.”
According to the report, the global mining market is poised to register a growth of 5.7% CAGR over the forecast period.
With the ongoing trend towards modernization of mining such as growing demand for automation, adoption of wireless technologies, and the use of the latest technologies such as IoT and AI are supporting countries worldwide to strengthen their mining markets, the need to invest in automation cannot be over emphasized.
However, the report laments the stringent regulatory policies, volatility in crude oil prices, and fluctuations in foreign currency exchange prices as areas that pose challenges to Namibia mining market growth.