The convergence of information and communications technology (ICT) principles has significantly influenced operations in a number of industries in the past few years. In an intrinsically complex industry like mining, where operations are often based in remote, uncharted and ever riskier areas, the versatility, maintainability, safety, and reliability offered by technologically advanced operational systems can make a huge difference.
The cost of extracting minerals and producing energy resources has also continued to rise globally. At the same time, prices of commodities are declining and mining companies are faced with constricting profit margins and an increased need for optimizing the performance of mining operations. This has led to an increased demand for progressively smarter and connected products in the mining industry.
This report outlines the present state of the global smart mining market, presenting resourceful data pertaining to key technologies in the market, recent technological and product development, and the market’s performance across key regions. The report also underlines the major factors that are expected to have a significant influence on the overall development of the global smart mining market over the period 2016 through 2024. These include the key drivers, challenges, and trends.
Smart Mining Market: Trends and Opportunities
The global smart mining market is projected to gain significant traction over the next few years as mining companies look for solutions that reduce operational costs, ensure employee safety, and enhance production potential. Recent technological and product developments in the market have significantly improved automation of mining operations. This has led to increased adoption of smart mining systems across the world.
The report examines the key components involved in a typical smart mining setup and the various automated equipment commonly deployed across different types of mines.
The key components used in smart mines fall into three broad categories: hardware, software solutions, and services. The hardware segment can be sub-segmented into sensors, RFID tags, intelligent systems, and other hardware products. The numerous software solutions employed for managing various mining operations include logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. The smart mining services market can be segmented into support and maintenance, system integration and implementation services, product training services, and consulting services.
The key types of equipment utilized for smart mining operations include automated drillers and breakers, robotic trucks, load haul dumps, and mining excavators.
Global Smart Mining Market: Region wise Outlook
The global smart mining market has been segmented into five major regions: Asia Pacific, Europe, North America, and the Rest of the World.
Asia Pacific is the largest market for smart mining, followed by North America. Presence of some of the world’s biggest mining companies is a major driver of the smart mining market in Asia Pacific. Rising investments by mining companies for the integration of smart systems and automated equipment in mining operations to enhance production capabilities is likely to drive the smart mining market in the region during the forecast period.
Smart Mining Market: Competitive Scenario
Major companies operating in the global smart mining market are focused on mergers and acquisitions of smaller players to enhance their product portfolio and gain a competitive edge. The report offers a detailed overview of the competitive landscape of the market, wherein it presents exhaustive business profiles and other details concerning some of the most prominent players in the market. Companies profiled in the report include Atlas Copco, Hitachi Construction Machinery Co. Ltd., ABB Ltd., Joy Global, Inc., Alcatel-Lucent, Caterpillar, Inc., Outotec Oyj, Cisco Systems, Inc., and Komatsu Ltd.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.