Smart Mining Market: Introduction
Transparency Market Research states that key players operating in the global smart mining market are likely to make significant investments in research and development activities. Market players are expected to focus on development and launch of new products, profitable partnerships, and consistent efforts toward expanding their product portfolio.
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According to the research report, the global smart mining market is likely to be worth US$ US$ 29.10 Bn by the end of 2031 from US$ 10.02 Bn in 2020, with a strong CAGR of 10.2% during the forecast period. Of the various equipment, automated excavators are projected to lead the global market. Their improved safety has been identified as their unique selling point. Geographically, Asia Pacific is estimated to stand out among all other regional markets.
Improved Safety Measures Boosts Demand for Smart Mining Equipment
The global smart mining market has been witnessing a soaring rise since the past few years, as the demand for resources has remained high. Smart mining equipment has been developed for concerns pertaining to mining operations at ease. The global mining industry benefits from the advent and uptake of Internet of Things (IoT). Automated excavators, load haul dumps, drillers & beakers, and robotic trucks have made mining and exploration activities safer in remote locations. The usage of technology for mining has allowed mining companies to maximize their profits in recent years. The research report states that the demand for smart mining equipment will gain additional momentum as the need to optimize production is a pressing one.
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The increasing focus on health and safety of machine operators has had a positive impact on the uptake of automated equipment. Furthermore, lack of skilled labor in the mining industry has prompted leading mining companies to opt for smart mining equipment, which is a far more reliable option. Stringent and supportive government policies and environmental laws are responsible for the growth of the global smart mining market. Furthermore, initiatives toward plant automation, incorporation of latest technologies, and investment in better mining infrastructure are projected to be the key growth drivers for the overall market.
Availability of Cheap Labor in Emerging Economies of Asia Pacific to Challenge Smart Mining Market
The capital-intensive nature of the smart mining equipment is expected to tug the market in the opposite direction. Furthermore, lack of awareness about technologies in developing economies is anticipated to hamper market growth. Abundance of cheap labor in emerging economies of Asia Pacific has been identified as a challenge to the global smart mining market. However, discovery of tougher terrains is expected to boost the demand for smart mining equipment in the near future.
Smart Mining Market: Key Players
Some of the leading companies in the global market are ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., and Komatsu Ltd. Analysts point to the fact that emerging economies, especially in Asia Pacific, are likely to offer several lucrative opportunities to these players in the near future.
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Global Smart Mining Market: Segmentation
Smart Mining Market by Automated Equipment
- Excavators
- Load Haul Dump
- Drillers & Breakers
- Robotic Trucks
- Other Automated Equipment
Smart Mining Market by Hardware Component
- Sensors
- RFID Tags
- Intelligent Systems
- Others
Smart Mining Market by Software Solution
- Logistics Software
- Data & Operation Management Software
- Safety & Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management Solutions
- Asset Management Solutions
Smart Mining Market by Service
- Support & Maintenance
- System Integration & Implementation Services
- Automated Equipment Training Services
- Consulting Services
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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