According to our latest market study on “Smart Mining Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software and Solution, and Service) and Mining Type (Underground Mining and Surface Mining),” the market was valued at US$ 9,334.5 million in 2020 and is projected to reach US$ 23,055.4 million by 2028; it is expected to grow at a CAGR of 13.3% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Surface mining is the oldest and the most common mineral removal method from the earth. It is predominantly utilized to obtain iron, copper, aluminum, coal, crushed stone, gravel, phosphates, and sand. The surface mining method offers considerably better recovery, safety, flexibility, grade control, and environmental conditions. Surface mining involves open-pit mining, strip mining, and mountaintop removal mining. The smart surface mining helps the user in illustrating the problem related to mining, calculating how individual collisions contributed to the overall damage noticed on the machine.
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Competitive Landscape: Smart Mining Market: ABB Ltd.,Alastri,Caterpillar Inc.,Intellisense.io,Hexagon AB,Hitachi, Ltd.,MineSense,Rockwell Automation, Inc.,SAP SE,Trimble Inc.
The growth of the surfacre mining is driven by growing demand for both non-metallic and metallic minerals, an abundance of reserves that can be exploited utilizing surface mining, increasing energy consumption, the lesser capital requirement, technological advancements in mining, and growing concerns amid countries about energy security.
The additional factors that are propelling the market growth include increasing use of coal, growing electricity consumption across the globe; rising need for minerals and metals; increasing environmental regulations, rapid urbanization, and industrialization; and growing demand for metal such as steel in numerous industries, namely transportation, construction, manufacturing, and various consumer products. However, strict environmental rules and regulations associated with land acquisition and utilization of coal to generate power coupled with the scarcity of skilled labor are various factors that may deter the growth of the surface mining segment over the assessment period.
The research on the Smart Mining market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Smart Mining market on the basis of end user, product type, application, and demography for the forecast period 2021–2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
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This research provides detailed information regarding the major factors influencing the growth of the Smart Mining Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
Impact of COVID–19 Pandemic on Smart Mining Market
North America is known to adopt highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world’s worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people’s reluctance about joining the work floors, governments of several Countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
Based on component, smart mining market is segment into hardware, software & solution, and service. In terms of mining type, underground mining and surface mining are the segments covered under mining smart market. On the basis of geography, the smart mining market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
The research provides answers to the following key questions:
1.What is the estimated growth rate of the market for the forecast period 2021–2028? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Smart Mining market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Smart Mining market?
4. What are the prominent market trends influencing the development of the Smart Mining market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Smart Mining market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?
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