The global smart mining is extremely fragmented owing to the presence of several leading companies, states Transparency Market Research (TMR) in a research report. The uncertain price environment has put extreme pressure on the demand and supply in the smart mining market. Declining productivity along with the nationalization of resources and mounting cost of operations has triggered the need to optimize mining operations by enhancing efficiencies by adhering to the regulatory environment. As a result of this, mining companies worldwide are focusing on the integration of operational and information technologies in order to enhance their performance. Companies operating in the global smart mining market are striving to raise awareness regarding the benefits of smart mining among end-users are also investing in research and development activities in order to launch high-end products and services in the global smart mining market. The leading participants in the market are Alcatel-Lucent, Cisco Systems, Inc., Sandvik AB, Komatsu Ltd., Joy Global Inc., Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., Atlas Copco, ABB Ltd., IntelliSense.io, Alastri, STONE THREE MINING PTY LTD, Trimble Navigation Limited, SAP SE, and Rockwell Automation Inc., among others.
According to a TMR analyst, “The global smart mining market is anticipated to expand at a 14.7% CAGR between 2016 and 2024. The market was worth US$5.98 bn in 2014 and is likely to rise to a valuation of US$22.59 bn by the end of 2024.”
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Data and Operation Management Software to Gain Prominence among End Users
In terms of software solution, the global smart mining market has been classified into asset management solutions, remote management solutions, analytics solutions, connectivity solutions, security and safety systems, data and operation management software, and logistics software. Amongst these, the segment of data and operation management software in the smart mining market held the leading position in the market in 2014 and is expected to maintain a dominant position until the end of the forecast period. Owing to the herculean task of managing data and keeping track of the humungous mining operations, the adoption of this software is likely to trigger over the coming years. Based on services, the global smart mining market is segmented into consulting services, product training services, system implementation and integration services, and support and maintenance. Support and maintenance services are likely to grow in popularity and account for the leading share by the end of 2024.
Region-wise, the global smart mining market has been categorized into Asia Pacific, the Middle East and Africa, Central and South America, and Europe. Asia Pacific emerged as the leading market in the global smart mining market in 2014 closely trailed by Europe and North America in the exact order. The growing number of exploration and mining activities in the region is expected to magnify the adoption of smart mining techniques.
Use of Advanced Technology to Trigger Deployment
Robust technological advancement is expected to influence the smart mining market positively. While a completely advanced and connected mining site may be still a few years away, Internet of Things is being increasingly adopted in mining vehicles and equipment. In order to increase the efficiency of the processes and decrease the downtime, mining companies are employing advanced tools for the purpose of predictive maintenance. Growing investment in simulation technology is further expected to bode well for the market’s growth. Remote monitoring systems and their adoption is expected to gain traction in the coming years, thus bolstering the market for smart mining.
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This review is based on a Transparency Market Research report titled, “Smart Mining Market – Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016 – 2024.”
Smart Mining Market: By Automated Equipment
-Load Haul Dump
-Drillers & Brakers
-Other Automated Equipment
Smart Mining Market: By Hardware Component
Smart Mining Market: By Software Solutions
-Data and Operation Management Software
-Safety and Security Systems
-Remote management Solutions
-Asset management Solutions
Smart Mining Market: By Services
-Support and Maintenance
-System Integration and Implementation services
-Product Training Services
Smart Mining Market: By Region
-Rest of Europe
-Rest of Asia Pacific
-Middle East and Africa