Smart Mining Solution Market
Smart Mining Solution Market (Automated Equipment: Excavators, Load Haul Dumpers, Drillers & Breakers, Robotic Trucks, and Others; and Solution Type: Hardware (Sensors, RFID Tags, Intelligent Systems, and Others), Software (Logistics Software, Data & Operation Management Software, Safety & Security Systems, Connectivity Solutions, Analytics Solutions, Remote Management Solutions, and Asset Management Solutions), and Services (Support & Maintenance, System Integration & Implementation Services, Product Training Services, and Consulting Services)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
- Energy & Natural Resources
- 253 Pages
Smart Mining Solution Market - Emphasis on Achieving Operational Efficiency and Miners’ Safety to Trigger Growth
While the mining sector continues to face the brunt of global recession downturns, mining companies find the need to determine ways to sustain in a market that is also categorized by a widening talent gap, rising stakeholder demands, and deteriorating access to key aspects such as water and energy. Today’s scenario has made it vital for miners to concentrate on differentiating their business models to generate long-term value, with which they can not only attract more investors but also generate significant profits. Smart technology incorporation continues to remain a go-to approach in order to attain this success. Rise in the adoption of technology, globally, is not just changing the demand dynamics of some commodities, but is also modifying the traditional approach to mining.
The deployment of smart mining solutions allows mining companies to boost production efficiency by using real-time monitoring and communication, and reduce labor expense. In a recently published extensive study on the smart mining solution market by Transparency Market Research (TMR), analysts showcase a positive viewpoint of the industry. The study unveils the key elements driving industry growth, while listing the developments made by market competitors.
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Contemplating the Past; Tracing the Role of Digital Solutions in Mining
Since the beginning of civilization, individuals have utilized mining techniques to extract minerals from the surface of the Earth. Discoveries have highlighted the extraction of flint pebbles from deposits in Britain and France, back in the New Stone Age. In ancient times, as far back as 3000 BCE, Egyptians mined copper. In the initial stage, mining was slow-paced, hazardous, and involved the use of heavy and complex equipment. However, with progress in time, the mining industry has witnessed the development of safe and accurate methods of discovering and mining substances found in the Earth. Mining technology has made tremendous advances in the past three decades, in wake of the Industry 4.0 Revolution.
With the rising adoption of sensor technology, Industrial Internet of Things (IIoT), and smart devices and gadgets, the demand for smart mining solutions has risen tremendously, translating into significant market numbers. The smart mining solution market is expected to reach a valuation of ~ US$ 9.2 Bn in 2019. Continuous innovations in technology and the growing applicability of smart mining solutions are expected to drive the growth of the market, registering a CAGR of 11.5% throughout the period of forecast.
Impact of Undercurrents on Smart Mining Solution Marketplace
Artificial Intelligence: Disrupting the Smart Mining Space
Technologies such as Artificial Intelligence are not just bringing transformations across several industries, but also laying the ground for the mining sector, for becoming a digitally disrupted and supported industry. Apart from offering real-time tracking, predictive maintenance for equipment, and environmental and emission monitoring, AI-enabled systems and solutions are driving operational excellence and safety. Protecting fatal open-cast accidents on mining sites is made possible with such futuristic systems.
Autonomous Vehicles: Changing the Face of Future Mining Capabilities
Autonomous and remote-controlled vehicles are becoming the new face of the automotive sector. Beyond this, their significance continues to grow across the mining space, wherein, miners would be able to operate vehicles remotely without human intervention. Another significant development witnessed across the mining sector is the deployment of drone solutions for both, surface and underground mining.
Smart Wearable Devices: Promise for Miners’ Safety
Mining safety continues to remain a major concern for mine operators, compelling them to adopt effective tools that can help improve on the safety quotient. The Internet of Things provides a bunch of alternatives in the form of wearable safety technology, including glasses, smart jackets, and helmets to ensure the safety of miners.
Although the smart mining solution market continues to proliferate, certain aspects are likely to impact the market negatively. High expenses associated with deployment technology, unavailability of adequate infrastructure, and lack of skilled labor workforce to run smart technologies are likely to impede market growth.
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Key Strategies for Smart Mining Solution Providers
Strengthen Data & Operation Management Software Portfolio
Data and operation management plays a crucial role in the mining industry, as major emphasis is given to achieving operational efficiency. The integration of mine operations with data and operation management solutions enables workforces to connect with equipment in real time, and perform automated execution, predictive production scheduling, and respond to changes within seconds. With significant demand for such solutions, leading smart mining solution market players strategize to expand this portfolio.
Direct Investments towards Robotic Equipment Development
Optimal performance, reduced operational costs, and greater efficiency in functioning, all associated with the use of robotic equipment, are capturing the attention of miners. Smart mining solution providers are, therefore, ruminating over the profitable avenues associated with robotic trucks, further directing investments towards the development of the same. Robotic or self-driven trucks have been successfully used across regions such as Australia over the past few years, and are presently employed in North America and Latin America.
Explore Opportunities in Marine Mining
There has been a significant rise in interest for extracting deep sea mineral deposits over the past couple of years. This is attributed to the depletion of the terrestrial deposits of metals. Moreover, the increasing demand for metals for the production of electronic devices and green technologies has resulted in the rise in marine mining activities. As smart mining solutions ease processes across deep-sea mining, resulting in lower environmental impact, significant opportunities are witnessed for smart mining solution market competitors.
Mapping the Competitive Landscape
In March 2019, ABB launched a digital portfolio - ABB Ability MineOptimize. This system has digitalization at its core, and connects all automation, electrification, and digital offerings to optimize all the processes, ranging from designing and building to operation and services in any underground or open-pit mine and minerals processing plant.
In 2018, Hexagon’s mining division acquired Guardvant, a provider of integrated safety solutions for the mining sector. This acquisition strengthens Hexagon’s safety portfolio.
In July 2018, Newmont Mining Corporation and Caterpillar entered into a collaboration agreement to improve automation technology for underground hard rock mining vehicles. The collaboration aims at enhancing the existing technology, and accelerate the validation and deployment of new features.
The smart mining solution market consists of several established players, with a high concentration of small- and medium-sized players. Technology or service providers operating in the smart mining solution market comprise companies engaged in developing hardware and software solutions and services for the mining industry. The pricing of products and services or brand image and technological processes of manufacturers play a vital role in the smart mining solution market. Collaborations between mining companies and smart mining solution providers are majorly witnessed. Apart from this, companies continue to focus on incorporating cutting-edge technology in their offerings.
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TMR Analysts Weigh in on Market Opportunities
Key focus on increasing production, improvement in safety, process optimization and automation, cost reduction, and compliance with environment-related regulations are driving the use of automated equipment across the mining space. Owing to this, TMR analysts cite the high growth potential in the smart mining solution industry. Asia Pacific is the leading region in the global smart mining solution market, and is likely to offer substantial opportunities to vendors and service providers involved in the development and delivery of hardware and software platforms for smart mining, during the forecast period. Rise in the demand for metals and minerals from various sectors, and strong growth of the manufacturing sector in the region, particularly in China, have laid the foundation for the smart mining solution business in Asia Pacific. New players could consider expansion across this region. Increase in international mandates and increased focus on the development safe mining infrastructure, coupled with the incorporation of automation technologies, are major factors assisting new players in entering the smart mining solution market.
Smart Mining Solutions
- The implementation and integration of the Internet of Things (IOT), big data, and artificial intelligence in mining has revolutionized the industry, making operation, process, and cost optimization much easier. Smart mining solutions have resulted in enhanced productivity, environment performance, accountability, safety, and local community support.
- Digital transformation (smart mining solutions) of the mining industry has enabled companies to obtain real-time data, data modelling, and data visualization in order to take more quick, effective, and efficient decisions in a shorter span of time, thereby increasing overall productivity and efficiency of their operations.
Rise in Demand for Metal in Manufacturing, Construction, and Other Industries
- Manufacturing and service industries have been expanding significantly, especially in developing countries such as India, China, Mexico, Vietnam, Indonesia, and Brazil, since the last few years. This has boosted the demand for metals and minerals in these countries, thereby putting pressure on the mining industry to meet the increasing demand. These countries are some of the fastest growing economies in the world. The industrial sector contributes significantly to the GDP of these countries.
- Growth of construction and shipbuilding industries in Asia Pacific at a rapid pace due to the significant rise in the number of projects is also expected to boost the demand for metals and minerals. Furthermore, growth in disposable income and rise in demand for durable goods such as automobiles and household equipment with high mineral or metal content are anticipated to fuel the demand for minerals and metals.
- Increase in the demand for metal and minerals in various end uses is likely to propel the mining industry. Mining companies are adopting smart solutions to boost their productivity and output levels in order to cope up with the rising demand for metals and minerals. Therefore, an increase in the demand for metals and minerals is likely to propel the demand for smart mining solutions in the near future.
- The mining industry is plagued by high cost operations. If not kept in check, they can disrupt a company’s operations. However, the integration of smart mining solutions helps save costs at several nodes, by not only providing real-time data and its analysis, but also accelerating the decision-making process. This can help in cutting down several uncontrollable costs. Therefore, rise in the demand for cost optimization is projected to augment the smart mining solution market during the forecast period.
- Increase in process optimization is another factor that is likely to drive the demand for smart mining solutions. Process optimization helps increase profitability, reduce lag time between operations, and enhance the efficiency of operations and processes.
Lack of Skilled Workforce Likely to Hamper the Smart Mining Solution Market
- The mining industry is facing a shortage of skilled workforce. A large percentage of the workforce is nearing the retirement age. The rate of replacement has been low due to the decline in interest of the youth in mining related activities. This is a major threat to the sustainability of the mining industry.
- The industry requires skilled workforce to operate advanced and smart mining equipment. The workforce needs to be capable of not only operating but also effectively understanding the various aspects of smart mining solutions in order to run operations continuously. Thus, lack of skilled workforce is expected to hamper the smart mining solution market during the forecast period.
Increasing Interest in Deep Sea Mineral Deposits
- Marine mining is gaining momentum due to the presence of large and untapped deposits of metals and minerals under the seabed. Deposits of metals and minerals on land are declining due to the depletion of terrestrial reserves for metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt.
- Marine mining entails the retrieval of mineral deposits from the sea and the area of the ocean below 200 meters, in order to meet the increased demand for metals and minerals in various end uses, including green technologies such as batteries, solar panels, and wind turbines.
- Advanced technologies are required for the exploration and extraction of marine mineral deposits. Sensors, Remotely Operated Vehicles (ROVs), and other smart technologies play a vital role in marine mining. These can provide new opportunities to the smart mining solution market in the near future.
Recent Developments, Expansions, Acquisitions, and New Contracts
- In May 2019, Sandvik AB delivered AutoMine and OptiMine solutions to Codelco's Chuquicamata mine, which is transforming its operation from open-pit to underground. The company’s AutoMine fleet system would form the first step in implementing a fully-automated mining solution at El Teniente, with the OEM's underground trucks. Codelco is already using the OptiMine suite of digital optimization tools at the mine.
- In May 2019, Hindustan Zinc announced that it is collaborating with Epiroc AB on the digitalization of its Sindesar Khurd mine, a zinc-lead operation, in Rajasthan, India. The latter’s flagship product, Mobilaris Mining Intelligence (MMI), is a "decision support system" and "Google for your mine" for asset tracking. The product integrates planning, production & maintenance, and sensor data, in underground mines.
- In May 2018, Sandvik AB added Sandvik TH545i to its existing i-series truck family of Sandvik TH551i and Sandvik TH663i, which was launched in July 2017. The new Sandvik TH545i is designed for intelligent mine operations and improved productivity. The truck features a Sandvik Intelligent Control System with data collection and reporting as a standard feature. The Sandvik TH545i comes with automation compatibility, and can be equipped with an optional AutoMine Trucking OnBoard Package. An added intelligent feature of this truck is an integrated weighing system (IWS), which is available as an option for all intelligent Sandvik trucks, supporting improved efficiency and ensuring full utilization of the truck's payload capacity.
Asia Pacific Anticipated to be Highly Lucrative in the Global Smart Mining Solution Market
- Asia Pacific led the global smart mining solution market in 2018. The smart mining solution market in the region is likely to expand at a substantial pace during the forecast period, due to the rise in industrialization and rapid urbanization in developing economies such as China and India; and growth in mining activities in the region, especially in China, India, and Australia, where mining is one of the major industries.
- Europe accounted for a key share of the global smart mining solution market in 2018. Increase in environmental regulations on mining activities is expected drive the demand for smart mining solutions in order to optimize mining activities and lower greenhouse gas emissions from mining operations.
- The smart mining solution market in North America is anticipated to expand in the near future, due to increasing investments in automation and process optimization in mining in the U.S. and Canada. Countries in the region are some of the largest mining countries, and are investing significantly in smart mining solutions.
Large Players Dominating the Global Smart Mining Solution Market
- The global smart mining solution market is highly fragmented, with the presence of a large number of local, regional, and global players.
- The report contains information about the main players present in the smart mining solution market. Key players operating in the global smart mining solution market are
- Atlas Copco
- Caterpillar Inc.
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd
- Rockwell Automation, Inc.
- SAP SE
- Symboticware Inc.
- Stone Three Mining Pty. Ltd.
- Hexagon AB
- Trimble Navigation Limited
- ABB Ltd.
- Joy Global Inc.
- Sandvik AB.
- Cisco Systems, Inc.
TMR’s recent study on the smart mining solution market provides readers an overall market outlook with the help of comprehensive assessment of the global market scenario. The TMR report on the smart mining solution market assesses the industry with respect to the historical and current market situation, and offers a forecast for the period of 2019-2027. Report readers are able to make key decisions pertaining to their business with the help of the key findings and exclusive smart mining solution market insights included in the study. TMR’s report also includes an assessment of the key smart mining solution market dynamics that are expected to impact the market in the coming future. The smart mining solution market assessment study also provides a thorough understanding of the key industry trends and developments made by the players in the smart mining solution market. The TMR report is divided into distinct sections that allow readers to gain an individual understanding of the smart mining solution market.
Key Questions Answered in the Report
- How much revenue is the smart mining solution market expected to generate by the end of 2027?
- Which smart mining automation equipment is likely to generate the highest revenue by 2027?
- What are the key factors that are expected to drive the growth of the smart mining solution market in the next five years?
- Which countries are likely to provide profitable avenues for smart mining solution market competitors?
- What are the business strategies incorporated by key smart mining solution market competitors in order to expand their market presence?
The first section in the TMR report on the smart mining solution market begins with a preface that includes the report scope, market segmentation, and research highlights. Following this is the executive summary that showcases the smart mining solution market aspects covered in the study. This section provides a concise understanding of the market elements, and enables readers to understand the aspects covered in the study. The next chapter in the smart mining solution market study is the market overview, including product overview and market indicators. Ahead of this, the report includes market dynamics that provide an understanding of the market drivers, restraints, and opportunities. This chapter further includes details of the market value forecast, along with Porter’s Five Forces Analysis, value chain analysis, and the regulatory scenario.
The next section includes a detailed segmentation analysis of the smart mining solution market. Assessment involves the division of the smart mining solution market on the basis of automated equipment, solution type, and region. Analysis of key segments in the smart mining solution market, year-on-year growth projections, and basis point share analysis included in the report further helps readers recognize lucrative areas.
The TMR report on the smart mining solution market provides an evaluation of the regional landscape of the market. Regional examination helps market players make strategic decisions pertaining to their business, including regional investments and expansion. Country-level and segment-wise individualized analysis of individual regions helps readers of the smart mining solution market report evaluate the potential of the market in individual geographies. Supported by year-on-year growth projections, and global value and volume share, this chapter is an essential part of the report on the smart mining solution market.
The report on the smart mining solution market provides a holistic competitive evaluation with details of the leading market players. This section highlights the nature of the smart mining solution market with the help of the market share held by leading players along with other emerging companies. A unique dashboard view of the competitors in the smart mining solution market allows readers to understand the strategies implemented by key players and their performance in the smart mining solution market, featuring focus areas of smart mining solution market players. The competitive structure of key players in the smart mining solution market is also included in the study.
The TMR study on the smart mining solution market is based on a detailed evaluation of the market, with the inclusion of comprehensive primary and secondary research. Detailed assessment of the smart mining solution market in terms of competitive scenario is supported by individual-level analysis of various aspects related to the market. An assessment of the historical and current global market for smart mining solutions, focusing on key market segments, major regions, growth drivers, and other qualitative inputs, help TMR’s analysts derive crucial predictions and forecast analysis for the smart mining solution market. Readers can access the smart mining solution market report to gain a forecasted market analysis for the period of 2019–2027.
Smart Mining Solution Market Taxonomy
Load Haul Dumpers
Drillers & Breakers
Middle East & Africa