Smart Mining Market revenue projected to go up by 2015-2021
Earlier, the mining industry was mainly dependent only on the labor force. Miners usually used tools such as iron chisels and hammers, compressed drills, pickaxes, and other manually operated tools for mining operations. Hence, to reduce the manual intervention in order to save the time utilized and associated costs there was a need for smart mining. The introduction of numerous smart mining technologies for carrying out mining operations thus has changed the picture of the mining industry. Some of trending smart mining technologies include several automated mining equipment, RFID tags, sensors, and various types of mine monitoring and analytics software.
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Increased focus on safety and health, rapid adoption of Internet of Things (IoT) solutions, and rise in adoption of autonomous equipment are some of the factors boosting the growth of the market. Advantages such as efficient connectivity among miners, optimal production and recovery time with minimum wastage, and safe and environment-friendly nature of the smart mining as compared to the traditional mining technology also impact the market growth in a positive way. Rising concerns about mining operation optimization along with increasing use of Internet of Things (IoT) solutions in mining operations are boosting the global market for smart mining. On the other hand, lack of highly skilled and qualified labor, availability of poor infrastructure, and strict government regulations regarding air, water, and environment are the key factors hindering the growth of the market.
The global smart mining market is segmented on the basis of automated equipment and service. Further, the automated equipment segment is sub-segmented as driller and breaker, mining excavator, load haul dump, robotic trucks, and other automated equipment. In addition, automated equipment segment holds the highest market share in the smart mining market. Based on the component, the global market is segmented as hardware component and software solutions. The hardware component segment is further sub-segmented as RFID tags, sensors, intelligent systems, and others. The software solutions segment is sub-segmented as logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions.
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Asia Pacific dominated the global smart mining market and is anticipated to continue this trend in the near future. Owing to the increased investments by mining companies on automated equipment and intelligent systems, the Asia Pacific market is expected to experience immense growth. North America is anticipated to witness lucrative growth following Asia Pacific.
Major players dominating the smart mining market are SAP SE, Rockwell Automation, Inc., Trimble Navigation Limited, Stone Three Mining Pty Ltd., Hexagon, Symboticware Inc., IntelliSense.io, Alastri, ABB Ltd., and Atlas Copco. Other key players influencing the global market are Caterpillar Inc., Joy Global Inc., Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Cisco Systems, Inc., Sandvik AB, and Alcatel-Lucent.
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Smart Mining Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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