San Francisco, California, December 18, 2017: A recently added market study by TMR Research, titled, “Smart Mining Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” tries to help stakeholders in the market to take informed decisions. To that end, it furnishes detailed information on the growth drivers, restraints, trends, and competitive dynamics in the market. It also attempts to understand the size of the market and segments it based on different parameters.
The report anticipates the competition in the global market for smart mining to increase in the years ahead, owing to the foray of aspiring players. Focus on development of cutting-edge products by leveraging latest technologies will also serve to intensify the competition. Eventually, it would serve to promote growth in the market with an array of products that is expected to drive sales.
In fact, smart mining has revolutionized the mining industry big time with latest technologies, namely RFID tags, automated mining equipment, monitoring software, sensors, and innovative mine analytics to make processes seamless. They are fast supplanting manual labor to bring about efficiency in production.
Posing a challenge to the market, on the other hand, is the limited number of skilled workforce, lack of state-of-the-art infrastructure, requirement of high capital, and strict regulations pertaining to mining due to its fallout on the environment. However, constant thrust on further improving the processes with more sophisticated equipment is expected to help overcome such temporary setbacks, along with the rising mining activities across the world.
Coal mining, steel mining, non-metal mining, and gold mining are the main application areas of smart mining technology across the world. Depending upon automated equipment, the market for smart mining can be segregated into load haul dump, excavators, drillers and breakers, robotic truck, etc. Of them, the segment of automated excavators accounts for a considerable share.
Based on the type of software solution, the market for smart mining can be divided into data and operation management software, logistics software, connectivity solutions, safety and security systems, analytics solutions, asset management solutions, and remote management solutions. Data and operation management software, of them, are seeing a substantial demand. Services-wise, the market can be classified into support and maintenance, product training services, system integration and implementation services, and consulting services.
Geographically, the main segments of the global smart mining market are South and Central America, Europe, North America, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is a key market owing to the significant mining activities in large developing economies of China and India. Apart from that, North America and Europe are other crucial markets that are expected to see good growth in the near future. Mainly serving to stoke growth in the regions is the early adoption of modern technology such as Internet of Things (IoT) and other progressive mining technologies.
Presence of a copious number of players makes the global market for smart mining fragmented in nature. Some of the prominent names operating in market are Caterpillar Inc., Joy Global Inc., STONE THREE MINING PTY LTD, Sandvik AB, Komatsu Ltd., ABB Ltd., Hitachi Construction Machinery Co., Ltd., Alcatel-Lucent, Alastri, SYMBOTICWARE INC., SAP SE, Atlas Copco, Trimble Navigation Limited, Cisco Systems, Inc., Rockwell Automation, Inc., HEXAGON, and IntelliSense.io.
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