Chief growing factors of the Smart Mining Market
Improved effort toward safety & health of mineworkers, increase penetration of advanced technologies, and surge in demand for automation in mining equipment have boosted the growth of the global smart mining market. However, dearth of skilled labor and mining graduates hampers the market. On the contrary, increase in application of environmental laws concerning the mining industry and initiatives offered by government and mining companies are expected to create lucrative opportunities in the near future.
The global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027.
Smart mining technologies include integration of hardware and software to improve the mining productivities and reduce the operational time and costs. Mining companies emphasize on enhancing productivity by providing state-of-the-art software & solutions. These software & solutions are integrated with the equipment, personnel, and operations to obtain enhanced safety and higher material extraction from the mining operations. These technologies find applications in both underground and surface (open pit & open cast) mining operations.
Download Sample Report:
https://www.alliedmarketresearch.com/request-sample/1596
Surface mining segment dominated the market
By type, the surface mining segment held the largest share in 2019, contributing to nearly two-thirds of the global smart mining market. Moreover, the segment is expected to register the highest CAGR of 13.3% during the forecast period. This is due to the implementation of automation systems such as autonomous haulage system in open-pit mines that aims to provide cost reduction advantages to the mining operations.
The automated equipment segment held the lion’s share
The automated equipment segment dominated the market in 2019, accounting for more than two-thirds of the global smart mining market. This is due to the fact that the adoption of automated equipment has improved the productivities of the mining operations, as well as reduced the operational costs. However, the component segment is projected to manifest the highest CAGR of 14.0% during the study period, owing to owing to the ease of implementation.
Get detailed COVID-19 impact analysis on the smart mining Market: https://www.alliedmarketresearch.com/request-for-customization/1596
Asia-Pacific, followed by North America, held the largest share
The global smart mining market across Asia-Pacific, followed by North America, held the largest share in 2019, contributing to more than one-third of the market. This is due to the large-scale mining operations in these countries. However, the market across LAMEA is anticipated to register the fastest CAGR of 14.2% during the forecast period. Africa and Latin America regions have abundant mineral resources, which are mined on an extensive scale. The large-scale mining activities attract mining companies to introduce new technologies for the extraction of minerals at lower investment costs. This attributes to increase in market growth in the region
Major market players
- ABB Ltd.
- Cisco Systems, Inc.
- Caterpillar Inc.
- Hitachi Ltd.
- Hexagon AB
- Robert Bosch GmbH
- Komatsu Ltd.
- Sandvik AG
- Rockwell Automation Inc.
- Trimble Inc.
Inquire for Purchase Report: https://www.alliedmarketresearch.com/purchase-enquiry/1596
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5305,
UK: +44-845-530-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975