Smart Wearables Market for Mining: Introduction
- Over the last few years, mining companies have been increasingly focusing on the automation process, as the process reduces time and increases profitability. Companies are taking initiatives to implement digitization in mining fields. This has led to rise in investments in modernization of facilities to increase productivity and reduce budgets as well as timelines.
- Mines are located in remote locations and have critical operations. Thus, safety of workers and the environment is a priority of governments and mining companies.
- The automation process ensures safety of systems at locations. It can predicate unanticipated events by analyzing the historical data. Currently, several automation companies are developing Internet of Things (IoT) platforms to connect mines from multiple locations. With the help of smart wearables, mining employees can continually remain connected with the systems. This can be beneficial in monitoring the working environment as well as employee health.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
Key Drivers and Restraints of Smart Wearables Market for Mining
- Implementation of stringent government rules and regulations about health and safety is one of the key drivers of the smart wearables market for mining. Mining is considered one of the dangerous industries to work in. Major reasons for accidents include mechanical failure, human errors, natural causes, and faulty procedures and training while dealing with emergency situations. International agencies and governments are enforcing stringent rules and regulations regarding health and safety of workers as well as the environment in order to limit accidents. Thus, enactment of stringent rules and regulations by governments regarding health and safety is expected to boost the global smart wearable market for mining during the forecast period.
- The high cost of smart wearables is the major factor hampering the smart wearables market for mining. Smart wearable devices are costlier and are delicate; as a result, companies are reluctant to use them. Thus, high cost of smart wearables is a prominent factor adversely affecting the global smart wearables market for mining.
Global Smart Wearables Market for Mining Segmentation
- The global smart wearables market for mining can be segmented based on device type and application
- In terms of device type, the global smart wearables market for mining can be divided into smart eyewear, virtual reality headsets, smart helmets, sensor embedded in clothing, smart watches, and others. Demand for smart watches is high in the mining industry. These watches can monitor the health of an employee. These watches can also be used as security key as they scan the barcode.
- Based on application, the market can be segregated into open pit mines and underground mines. Currently, demand for smart wearables is high in underground mining, as the number of underground mines is more. These mines need continuous surveillance due to harsh working conditions.
Global Smart Wearables Market for Mining: Regional Segmentation
- Based on region, the global smart wearables market for mining can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global smart wearables market for mining in 2018. The market in the region is expected to expand at a significant pace during the forecast period, as demand for smart wearable is high in the mining industry in countries such as China, India, and Japan.
- North America is projected to account for vital share of the global smart wearables market for mining in the near future. The U.S. is a major hub of smart wearable companies. This is likely to boost the market in North America in the near future.
- The market in Europe is estimated to expand at a steady CAGR during the forecast period. Stringent rules and regulations enacted by various governments in the region are compelling companies operating in the market to install smart wearable devices and related systems for the health and safety of their employees.
Expanding operations in future? To get the perfect launch ask for a custom report
- In October 2018, Samsung Electronics Co., Ltd. announced it had acquired Zhilabs, one of the leading Artificial Intelligence based network and service analytics. The acquisition is expected to help the company enhance its 5G capabilities. The acquisition lays the foundation for Samsung Electronics Co., Ltd. to strengthen its 5G solutions with automation functions to finely tune customer experiences in the 5G era.
- In November 2019, Google announced it had acquired Fitbit Inc., a leading smart wearable manufacturer in world, for around US$ 2.1 Bn. Fitbit Inc offers products such as activity trackers. The acquisition is expected to help Google increase its reach and market share in the smart wearables market.
Key Players Operating in Market:
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- ANSELL LTD.
- Apple Inc.
- SAMSUNG ELECTRONICS CO., LTD.
- Wearable Technologies Limited
- Alphabet Inc
Global Smart Wearables Market for Mining: Research Scope
Global Smart Wearables Market for Mining, by Device Type
- Smart Eyewear
- Virtual Reality Headsets
- Smart Helmets
- Sensors Embedded in Clothing
- Smart Watches
Global Smart Wearables Market for Mining, by Application
- Open Pit Mines
- Underground Mines
Global Smart Wearables Market for Mining, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.