Global Smart Mining Market: Rising Demand for Automation to Make IoT Integral for Operations and Processes.
The global smart mining market is dominated by numerous players specializing in a variety of fields, as smart mining inherently represents a combination of different technological fields. The leading companies in the global smart mining market include Trimble Navigation Limited, Hitachi Construction Machinery Co. Ltd., Sandvik AB, Alcatel-Lucent, ABB Ltd., Symboticware Inc., Cisco Systems, Caterpillar Inc., Joy Global Inc., Hexagon, Rockwell Automation Inc., Atlas Copco, SAP SE, Alastri, Komatsu Ltd., and Stone Three Mining Pty Ltd.
The global smart mining market was valued at US$5.9 bn in 2014. Exhibiting a robust 14.7% CAGR between 2016 and 2024, the market’s valuation is expected to rise to US$22.6 bn by the end of 2024.
Automated Excavators to Dominate Demand from Smart Mining Market
The global smart mining market is segmented on the basis of equipment type into robotic trucks, automated excavators, drillers and brakers, load haul dumps, and others. Of these, automated excavators were the dominant revenue generators for the global smart mining market in 2014, accounting for a share of 29.6% in the market. The importance of enhancements in excavators to the overall mining sector is likely to ensure steady dominance of the automated excavators segment in the smart mining market in the coming years.
By hardware component, intelligent electronic smart mining systems are likely to retain a high degree of dominance in the global smart mining market in the coming years, followed by sensors, RFID tags, and others. The rising demand for comprehensive monitoring systems in the mining sector is also illustrated in the dominance of the data and operation management software segment in the global smart mining market. Other key software segments of the smart mining market include safety and security systems, analytics solutions, logistics software, remote management solutions, connectivity solutions, and asset management solutions.
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Regionally, Asia Pacific is likely to remain the leading contributor to the global smart mining market by the end of 2024. While Europe and North America are likely to follow Asia Pacific in the global hierarchy, the Middle East and Africa are likely to emerge as key markets due to the steady growth of the mining sector in several countries in the region.
Steady Incorporation of IoT Solutions Vital for Smart Mining Market
The global smart mining market is driven primarily by the acknowledgement of the rising scarcity of extracted substances and the inefficiencies in the current paradigm of the mining sector. This has led to a growing demand for solutions to improve the workflow of the mining sector. Digital monitoring of mining operations helps maximize the efficiency of mining operations, which has become the key objective for the mining sector.
The steady development of the Internet of Things (IoT) has been beneficial for the smart mining market. IoT technologies and systems have improved the operations in the smart mining sector immensely and have enabled a higher degree of automation. The rising use of IoT technologies in several sectors across the world is likely to lead to steady development of the sector, which could become a driver of prime importance for the global smart mining market in the coming years.
On the other hand, the high initial investment requirements of the smart mining industry and the lack of global standards regarding the specifications of smart mining equipment are likely to keep the global smart mining market in check. However, the growing concerns regarding the effects of the mining sector on the environment could generate a significant investment influx into the smart mining sector in the coming years.
The global smart mining market is segmented as follows:
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
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