Smart Mining Market
Smart Mining Market (Automated Equipment - Excavators, Load Haul Dump, Drillers and Breakers, and Robotic Truck; Hardware Component - Sensors, RFID Tags, and Intelligent Systems; Software Solutions - Logistics Software, Data and Operation Management Software, Safety and Security Systems, Connectivity Solutions, Analytics Solutions, Remote Management Solutions, and Asset Management Solutions; Services -Support and Maintenance, System Integration and Implementation Services, Automated Equipment Training Services, and Consulting Services) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast - 2017 - 2025
Press Release :
Global Smart Mining Market: Snapshot
Rising concerns about mining operation optimization and introduction of Internet of Things (IoT) solutions in mining has resulted in the mining industry beginning explorations in remote locations. Uncertain commodity price environment has put tremendous pressure on demand and supply side of the mining industry. Resource nationalization coupled with declining productivity and increasing operational cost have created a dire need for optimizing mining operations by increasing efficiencies to withstand the regulatory environment. As a consequence, mining companies across the globe have started integrating information and operational technologies to improve performance. Smart mining solutions and technologies are enabling mining companies to maximize commercial outcomes through optimizing several processes, improving safety, and removing redundant processes through data integration and seamless communication using the Internet of Things (IoT). With this background, the global smart mining market is estimated to be worth US$16.25 bn by the end of 2025 from US$6.80 bn in 2016. During the forecast years of 2017 and 2025, the overall market is estimated to register a CAGR of 10.2%.
Smart mining has become imperative for mining companies to optimize production and improve bottom line. Smart mining has enabled mining companies to optimize production and increase efficiencies by up to 40%, thus justifying the price spent on smart mining technologies. Services such predictive analytics achieve cost savings up to seven times than reactive analytics, ensuring enhanced safety and production. Automation technologies have been successfully implemented, and are expected to justify their cost as the technology improves. Smart mining technologies will certainly open different avenues for mining companies to increase their profitability, thus becoming an affordable solution against volatile global economic conditions.
Automated Excavators to Lead with Largest Share in Global Market
The market has been segmented on the basis of automated equipment, hardware component, software solution, services, and geography. Based on automated equipment, the market has been segmented into excavators, load haul dump, drillers & breakers, robotic truck, and other automated equipment. The automated excavators segment held the largest share of around 30% of the smart mining market in 2016. In terms of hardware component, the market has been segmented into sensors, RFID tags, intelligent systems, and others. Intelligent electronic systems for smart mining accounted for the largest share of the smart mining market in 2016.
In terms of software solution, the market has been segmented into logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. Data and operation management software for smart mining accounted for the largest share of the smart mining market in 2016. In terms of services, the market has been segmented into support and maintenance, system integration and implementation services, product training services, and consulting services. Support and maintenance services for smart mining accounted for the largest share of the smart mining market in 2016.
Asia Pacific Emerges as Key Region as Developing Economies Pick Up Pace
The smart mining market has been segmented into five regions: North America, Asia Pacific, Europe, South and Central America, and Middle East and Africa. Asia Pacific was the largest market for smart mining in 2016. Asia Pacific was followed by Europe and North America in 2016. The market in Middle East & Africa is expected to witness significant growth in the near future due to rapid economic development along with increasing mining activities in many African countries. Increasing use of IoT solutions in several countries such as China and India is propelling the market for smart mining at a significant rate.
Key players in the smart mining market are Rockwell Automation, Inc., SAP SE, Trimble Navigation Limited, HEXAGON, STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Komatsu Ltd., Sandvik AB, Cisco Systems, Inc., and Alcatel-Lucent.
Smart Mining Market - Snapshot
Smart mines are on the up, but they are by no means ubiquitous. This is because there remains a number of barriers to the adoption of new technologies within the mining sector. On the one hand, mines are internally competitive and siloed, so that mines run by the same company compete with each other when it comes to safety, productivity and other measures. The internal politics and lack of cooperation within mining companies hinder the implementation of new technologies, which require concerted efforts from all departments in order to facilitate integration and systems innovation. As individual mines are separate and competitive, each and every mine also has to be convinced separately of the need for new technologies.
Moreover, mining operators commonly lack trust in cloud services and IoT solutions as they generally have a very protective attitude towards their data. This stems not only from an industry-wide distrust of new technologies but also from negative experiences in the past with large, “reliable” companies, who have, for example, experienced hacking scandals.
Smart mines with technologies already integrated can more easily automate their operations than those who lag behind on technological adoption. Mining operators can build on their existing wireless network of embedded sensors, for example, through installing automation software that allows them not only to remotely control both static and moving assets, but actually to programme automated interaction between them both. Automated trucks are one great example of this, relying on both the physical network of sensors and the remotely programmed and controlled software to autonomously carry out mining operations that previously needed a fleet of truck drivers. Digitizing a mine in one way – for instance installing a wireless network of sensors to carry out remote readings – can thus facilitate further digitization, like the automatization of key mining processes.
Global Smart Mining Market: Overview
This research study analyzes the market for smart mining in terms of revenue (US$ Mn) and volume (Units). The smart mining market has been segmented on the basis of automated equipment, component (hardware component and software solutions), service, and geography. The geographical segmentation includes regions which are further divided into nine countries, which are the major players in the global smart mining market. The report features a detailed regional segmentation with market growth forecasts for the 2017−2025 period. For the research, 2015 has been taken as the base year, 2016 is estimated while all forecasts have been given for the period from 2017 to 2025. Market data for all the segments has been provided at the regional as well as country-specific level from 2017 to 2025. The report provides a broad competitive analysis of companies engaged in the development of information and communication technologies for the smart mining business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global smart mining market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the global smart mining market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the structure and profitability of the global smart mining market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
Global Smart Mining Market: Research Methodologies
The high-level analysis in the report provides detailed insights into the smart mining business globally. There are currently numerous drivers of the market. The most prominent drivers include the rising concerns about mining operation optimization and the introduction of Internet of Things (IoT) solutions in mining. As the ore grade falls, mining companies are forced to explore reserves at remote locations which has been made possible using information and communication technology. Market attractiveness analysis was carried out for the smart mining market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
Global Smart Mining Market: Segmentation
The smart mining market was segmented on the basis of automated equipment (excavators, load haul dump, drillers & breakers, robotic truck, and other automated equipment), hardware component (sensors, RFID tags, intelligent systems, and others), software solution (logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions), services (support and maintenance, system integration and implementation services, Automated Equipment training services, and consulting services) and geography. The smart mining market has been segmented into five regions: North America, Asia Pacific, Europe, South and Central America, and Middle East and Africa. Regional data has been provided for each sub-segment of the smart mining market.
Global Smart Mining Market: Competitive Landscape
Key players in the smart mining market include Rockwell Automation, Inc., SAP SE, Trimble Navigation Limited, HEXAGON, STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Komatsu Ltd., Sandvik AB, Cisco Systems, Inc., and Alcatel-Lucent. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments
Smart Mining Market: By Automated Equipment
- Load Haul Dump
- Drillers & Breakers
- Robotic Truck
- Other Automated Equipment
Smart Mining Market: By Hardware Component
- RFID Tags
- Intelligent Systems
Smart Mining Market: By Software Solutions
- Logistics Software
- Data And Operation Management Software
- Safety And Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management Solutions
- Asset Management Solutions
Smart Mining Market: By Services
- Support And Maintenance
- System Integration And Implementation Services
- Automated Equipment Training Services
- Consulting Services
Smart Mining Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
By Automated Equipment
By Hardware Component
By Software Solutions