Over the past few years, the mining industry world over has undergone predictable but paradigmatic shifts in the way mines are managed, operated, and monitored. A majority of changes are foregrounded in the adoption of a spectrum of automation and digital technologies. The demand for smart mining technologies has been driven primarily by the pressing need for improving operational efficiencies, achieving cost-optimization, and reducing waste. Unarguably, the digitization of the mining industry and the adoption of a range of intelligent software, including various advanced data analytics platforms, are factors that have optimized the production processes. Essentially, this is transforming the overall decision-making process in favor of the mining industry, enabling companies to consolidate their revenues.
The successful integration of smart mining technologies in deep-earth mines in order to gain sustainable return on investments presents interesting challenges. On the other hand, emerging game-changing technologies, notably drones and robotics, and improving technical expertise of workers in the mining industry will open up exciting opportunities in the coming years. The worldwide smart mining market is projected to rise at a CAGR of 14.7% from 2016 to 2024. According to Transparency Market Research, expanding at this pace, the global market is forecast to reach a valuation of US$22.59 bn by the end of 2024.
The major hardware components of smart mining comprise RFID tags, sensors, and intelligent systems. Of these, intelligent systems are projected to witness the leading adoption in the smart mining process. The extensive uptake of these intelligent systems in the global market is attributed to the vast adoption of artificial intelligence technologies in improving the production and operational efficiencies in mining. In addition, the intensifying need for increasing the safety of workers.
Some of the automated equipment used in smart mining are excavators, load haul dump, robotic trucks, drillers and brakers; of these, the excavator segment is projected to be lead the global market during the forecast period.
The growing adoption of cloud computing models and the rising prominence of Internet of Things (IoT) platforms in the mining infrastructures are key trends expected to open up lucrative avenues for several manufacturers of hardware components and automated equipment.
A professor at Brock University has recently partnered with Jannatec Technologies, a Canadian company focused on designing technologies for improving the safety of mining processes, to develop a cooling vest for miners working in deep-earth mines. The vest equipped with unobtrusive and non-invasive sensors that can smartly adjust to body heats. The development of the vest is considered a significant advancement from earlier cooling technologies, since it can monitor the humidity levels and surrounding air temperatures, claims the makers. The research is funded by grant from Ontario Centres of Excellence. The aim of making the smart cooling vest is to help increase the life of the existing deep-earth mines by enabling the mining workers to reach deeper down. This is also expected to help mining companies save huge amounts invested in drilling new mines.
Download or View Report Brochure & ToC for more Professional and Technical Insights: http://www.transparencymarketresearch.com/report-toc/11372
Which region is predicted to offer abundant lucrative opportunities for market players in the coming years?
The major regional markets for smart mining are Europe, South and Central America, the Middle East and Africa, and Asia Pacific. Of these, Asia Pacific is currently the leading market and is projected to retain its dominance throughout the forecast period. A major chunk of demand for smart mining technologies comes from emerging markets such as China and India. The growth of is fueled by the mainstreaming of intelligent systems and data analytics technology in mining processes. The rising prominence of IoT platforms in several developing countries in the regions is further catalyzing the growth of this regional market.
Meanwhile, the Middle East and Africa market is predicted to pick up pace in the coming years, driven by robust technological advancements in the mining industry in recent years.