Global Smart Mining Market: Snapshot
The radical transformations in the mining industry, wherein players are seeking to combat issues such as decreasing output, have augmented the demand for smart mining. Several mining companies are looking at exploring newer locations in order to better the results of their exploration and production activities. Smart mining market has been garnering serious attention against the backdrop of sinusoidal prices in the mining industry. The research report by Transparency Market Research states that the global smart mining market was valued at US$5.98 bn in 2014. However, the global market is projected to progress at a CAGR of 14.7% between 2016 and 2024, propel the market to reach a noteworthy valuation of US$22.59 bn by the end of 2024.
Introduction of smart mining technologies has changed the game for the mining industry in drastic ways. Adoption of technologies such as RFID tags, automated mining equipment, sensors, and innovative mine analytics and monitoring software have benefited the businesses of the global players. Today, this technological is gradually replacing manual labor and brining in indisputable efficiency through better connectivity for optimal production. Over the years, this technology has also resulted in improved recovery with negligible wastage. The growth of the global smart mining market is also attributable to environment-friendly and safer results its tools render to the users.
Emerging Economies Pave Way for Asia Pacific to Assume Lead in Global Smart Mining Market
In terms of geography, the global smart mining market is segmented into Asia Pacific, Europe, South and Central America, and the Middle East and Africa. Presently, the global market is being led by Asia Pacific. The region is estimated to retain its dominance as emerging economies of India and China are expected to offer lucrative opportunities. The Middle East and Africa is also likely to loosen the strings to their purses as the regional market is undergoing rapid technological developments, which will have a positive impact on the smart mining market. The uptake of IoT in developing economies has paved the way for the incipient growth of the global smart mining market.
On the basis of automated equipment, the global smart mining market is segmented into load haul dump, excavators, robotic truck, drillers & brakers, and other automated equipment. The automated excavators segment is expected to dominate the global market as it estimated for a share of 29.6% in the overall market in 2014. The hardware components available in the global market are RFID tags, intelligent systems, sensors, and others. Of these the intelligent systems are expected to see the highest uptake. The software solutions offered by vendors in the global market are data and operation management software, logistics software, safety and security systems, analytics solutions, remote management solutions, asset management solutions, and connectivity solutions.
Adoption of Smart Mining Technologies and Services Improves Productivity
Integration of smart mining solutions and technologies have allowed mining companies to better their processes and improve their revenues. Optimization of important processes, increased safety, and elimination of unnecessary processes with data integration and excellent communication with Internet of Things (IoT) has added a new dimension to the industry. Smart mining has largely brought forth a tremendous productivity for global players by bringing down operational costs.
Some of the leading players operating in the global smart mining market are Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Rockwell Automation, Inc., SAP SE, HEXAGON, STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, Atlas Copco, ABB Ltd., Caterpillar Inc., Komatsu Ltd., Sandvik AB, Cisco Systems, Inc., Alcatel-Lucent, and Trimble Navigation Limited.
This research study analyzes the market for smart mining in terms of revenue (US$ Mn). 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 eighteen countries – major players in the global smart mining market. The report features a detailed regional segmentation with market growth forecasts for the 2016−2024 period. For the research, 2014 has been taken as the base year, 2015 is estimated while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional as well as country-specific level from 2016 to 2024. 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.
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 dwindling resources, increasing operational costs, and subsequent falling productivity which has created need for efficient practices in the mining industry. 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.
The smart mining market was segmented on the basis of automated equipment (excavators, load haul dump, drillers & brakers, 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, product 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. 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 & Brakers
- 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
- Product Training Services
- Consulting Services
Smart Mining Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South and Central America
- Rest of South and Central America