The leading companies in the global smart mining market are constantly focusing on strengthening their market presence through extended service portfolio and mergers and acquisitions, finds Transparency Market Research (TMR) in a new study. Some of the key players in the market are ABB Ltd., Alcatel-Lucent, Atlas Copco, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., and Rockwell Automation Inc. “These players are making sizeable investments in research and development to launch cutting-edge products and services in the market,” says TMR’s lead analyst.
The global smart mining market is poised to expand at a CAGR of 14.7% between 2016 and 2024, rising from a value of US$5.98 bn in 2014 to US$22.28 bn by 2024. On the basis of software solutions, the data and operation management software segment dominated the market in 2014 in terms of revenue. With the rise in the amount of data to be handled, the need to install, manage, and maintain various operations is also escalating. Moreover, the popularity and demand for data analytics in mining vertical is growing rapidly. Owing to these factors, the demand for data and operation management software is likely to remain high throughout the forecast period.
Increasing Use of Cost-effective Equipment to Fuel Growth of Middle East and Africa
Geographically, Asia Pacific was the leading revenue contributor in 2014. The growth of the smart mining market in the Asia Pacific region is primarily driven by countries such as India, China, Japan, and Australia. The rising penetration of IoT in several industries and increasing adoption of innovative technologies are fuelling the growth of the region. On the other hand, the Middle East and Africa region is anticipated to experience significant growth during the same period. The growth of the region can be attributed to the improving economic conditions, rising use of cost-effective equipment, and increasing mining activities in many African countries.
Emergence of Advanced Technologies to Influence Growth of Smart Mining Market Positively
Declining mining reserves and deteriorating ore grade due to increasing mining activities have created a dire need for optimizing mining operations. Owing to the rising concerns regarding mining operations optimization, the global smart mining market is likely to tread along a healthy growth track.
“Smart mining systems offer benefits such as enhanced productivity and efficiency, improved environment and worker safety, and high cost-effectiveness,” says a TMR analyst. The increasing awareness regarding these benefits is fuelling the growth of the market. Moreover, the emergence of technologies such as the internet of things (IoT) and data analytics are ensuring compliance with the regulatory environment. This, in turn, is working in the favor of market’s growth.
Lack of Skilled Workforce Coupled with High Training Cost to Hamper Growth Prospects
The substantial capital investment required for the deployment of smart technologies is impeding the growth of the market. Furthermore, the lack of skilled labor and standardized rules required to successfully run such smart technologies are influencing the market’s growth negatively. Although training can mitigate the issue of shortage of skilled workforce, the hefty training costs coupled with prevailing volatile global economic conditions will continue to restraint the growth of the market. However, the increasing adoption of remote monitoring systems and rising investment in simulation technology are likely to open new avenues for the companies in the global smart mining market.
The information presented in this review is based on a Transparency Market Research report, titled,“Smart Mining Market - Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016-2024.”
Smart Mining Market: By Automated Equipment
Smart Mining Market: By Hardware Component
Smart Mining Market: By Software Solutions
Smart Mining Market: By Services
Smart Mining Market: By Region
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