Smart Mining Market Forecast 2017-2025 Explored In Latest Research

Global Smart Mining Market: Snapshot

The market for smart mining has gained a considerable momentum across the world. The advent of smart mining technologies has changed the dynamics of the mining industry in a major way. The increasing uptake of latest technologies, such as automated mining equipment, RFID tags, sensors, monitoring software, and innovative mine analytics are benefiting the businesses of the leading players in the mining industry. These technologies are gradually replacing the manual labor and are bringing in efficacy through enhanced connectivity for optimum production.

Companies involved into mining activities are increasingly adopting Internet of things (IoT). Along with this, the increase in the uptake of autonomous equipment is propelling the global smart mining market significantly. The growth of this market is also attributed to the eco-friendly and safer results offered by its tools. However, the lack of the skilled workforce, absence of state-of-art infrastructure, and the implementation of stringent government norms and regulations regarding air, water, and the environment may limit the growth of this market in the near future. Nonetheless, the increasing trend of automation, improvement in digital mining concepts, and the rising investment in rich mining infrastructure are anticipated to boost this market noticeably in the years to come. Coal mining, non-metal mining, steel mining, and gold mining are the main application areas of smart mining technology across the world.

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Global Smart Mining Market: Overview 

In the last few years, the global market for smart mining has witnessed several changes, especially in terms of technology. The use of several sensors, automated mining equipment, analytical and monitoring software, and RFID tags is expected to help the key players in the overall development of the global smart mining market. This is also estimated to help the leading players in reducing their dependency on labors and enhance the productivity in the next few years. As a result, the global smart mining market is likely to register a progressive growth rate in the forecast period.

Global Smart Mining Market: Key Trends

The increasing concerns associated with the mining operating optimization is one of the important factors projected to encourage the growth of the global smart mining market in the next few years. In addition, the introduction of the Internet of Things is predicted to contribute extensively towards the development of the overall market. On the other hand, the requirement of high capital investment and the undefined standards related to the smart mining technology are anticipated to restrict the growth of the global smart mining market in the coming years.

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Global Smart Mining Market: Market Potential 

The global smart mining market is expected to witness a substantial growth throughout the forecast period, The increasing mining activities in order to fulfill the rising demand for consumers worldwide is likely to accelerate the growth of the overall market in the coming few years. Key players in the global smart mining market are making notable efforts to introduce new and effective technology to increase the production capacities of the mines. In addition, the rising concerns related to the environment across the global smart mining market are estimated to generate lucrative opportunities in the near future.

Global Smart Mining Market: Regional Outlook

The global smart mining market has been divided on the basis of geography into South and Central America, Asia Pacific, the Middle East and Africa, North America, and Europe. As per the market intelligence study, Asia Pacific is anticipated to lead the global smart mining market throughout the forecast period. A substantial growth from India and China and the rising number of mining activities are projected to encourage the growth of the Asia Pacific smart mining market in the next few years.

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Furthermore, Europe and North America are anticipated to witness a healthy growth in the next few years. The robust economic growth of several developing countries in these two regions and the rising adoption of the Internet of Things are expected to generate promising growth opportunities for the key players operating in the smart mining market. Moreover, advancements in the mining technology and the advent of innovative devices and systems are supplementing the growth of the overall market in the next few years.

Global Smart Mining Market: Competitive Analysis

At present, the global smart mining market is extremely fragmented in nature with a presence of a large number of players. Some of the key players operating in the smart mining market across the globe are Caterpillar Inc., Joy Global Inc., Sandvik AB, Komatsu Ltd., STONE THREE MINING PTY LTD, ABB Ltd., Hitachi Construction Machinery Co., Ltd., Alastri, SYMBOTICWARE INC., SAP SE, Trimble Navigation Limited, Alcatel-Lucent, Rockwell Automation, Inc., Cisco Systems, Inc., HEXAGON, Atlas Copco, and IntelliSense.io.

The rising number of players entering the smart mining market is anticipated to strengthen the competitive scenario of the overall market in the coming years. The robust growth of the global smart mining market can be attributed to the rising focus of key players on innovations and technological developments. Moreover, the expansion of the product portfolio is predicted to supplement the growth of the market throughout the forecast period.

Smart Mining Boosted by Need to Optimize Processes

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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Smart Mining Market – Evolving Industry Trends and key Insights by 2024

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.

Which automated equipment and hardware components are expected to witness substantial adoption in smart mining technologies?

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.

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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.

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