Smart Mining Market
View detail summary of this report : https://www.alliedmarketresearch.com/smart-mining-market
The global smart mining market is expected to garner $15,837 million by 2022, registering a CAGR of 14.9% during the period 2016-2022. Asia-Pacific region is expected to dominate the global market throughout the analysis period, registering the highest CAGR of 15.9% during the forecast period. Surface mining segment is expected to grow at the highest CAGR of 16% during the forecast period.
Factors such as increased focus on safety & health, rapid adoption of IoT solutions, and rise in adoption of autonomous equipment have boosted the overall market growth. However, dearth of highly skilled and qualified labor, availability of poor infrastructure, and stringent government regulations regarding air, water, and environment are the key restraining factors of the market.
Equipment manufacturer and software & service providers upgrade their equipment to improve the health and safety of workers. Therefore, renowned companies, such as Hexagon AB, and Komatsu Limited among others offer safety & security solutions, remote management software solutions, and other security solutions to improve productivity and achieve operational excellence. In addition, market players have focused on manufacturing mining products that do not affect landscape and vegetation.
Get Sample PDF Brochure at: https://www.alliedmarketresearch.com/request-sample/1596
Surface mining segment accounted for about 63% of the overall market revenue in 2014, which was more than that of the underground mining segment. Increase number of fatal accidents during surface mining has resulted in higher adoption of smart mining technologies in the mining industry. Smart mining requires strong infrastructure development, which is difficult for mining companies to implement due to the complexities involved in installation of these resources at underground mining sites. However, growing adoption of smart mining technologies in underground mining applications is expected to boost the market growth during the forecast period.
Top Key Players: ABB Group, Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Alastri, Caterpillar, Inc., Hitachi Construction Machinery Co., Ltd., Joy Global, Inc., Cisco Systems, Inc., and Hexagon AB
Excavator segment generated the highest revenue in the automated equipment market in 2014, accounting for around 31% share of revenue. High adoption of GPS technology and collision avoidance systems in automated excavators have facilitated smoother mining activity and increase in overall productivity.
Hardware segment generated the highest revenue in the component market in 2014. It accounted for around 41% in 2014, owing to increase in demand of these components at digital mining sites. Remote management solution is projected to be the fastest growing segments in the software & solutions market registering a CAGR of 17.1% from 2016 to 2022. In addition, support & maintenance segment is expected to generate the highest revenue in 2014 as support and maintenance are essential services at mining sites.
Moreover, intense competition and technological advancements in the Chinese market has led to significant adoption of automated equipment at mining sites. Implementation of Law of the Peoples Republic of China on Safety in Mines mandates the installation of ventilation system in underground shafts, gas controls, and dust control system, and fire-extinguishing systems to ensure safety during mining.
Buy this Report at: https://www.alliedmarketresearch.com/checkout/698191
Automation in mining not only improves safety but also simplifies complex operations. Rio Tinto and BHP Billiton have established remote operation centers in Western Australia to improve worker productivity and achieve effective mine operations. In addition, the country focuses on establishing broadband networks to collect, monitor, and process data for process optimization. The network enables efficient use of resources, and facilitate efficient water and electricity usage for maintaining environmental and economic sustainability.
Asia-Pacific region generated the highest revenue in the global market, accounting for over 31% share in 2014. China witnessed tremendous growth in terms of adopting innovative technologies in the mining sector, followed by Australia, Japan, and South Korea. China is projected to grow at rapid rate registering a CAGR of 16.0% during the forecast period, owing to technology adoption and maintain ecological balance. In 2014, North America and Europe collectively accounted for about half of the total revenue of the smart mining market. Increasing use of cost-effective equipment in LAMEA region would create lucrative opportunities for the market. This region is expected to witness a notable growth, registering a CAGR of 15.3% during the forecast period.
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: +1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Mining Market here
News-ID: 1162611 • Views: 855
More Releases from Allied Analytics LLP
Molecular Diagnostics Market Insights 2030: Grow at a CAGR of 9.86%
The growth of infectious diseases and various types of cancer has led to the growth of the Molecular Diagnostics Market. In addition, increasing awareness and acceptance of personalized drugs and increasing biomarker recognition drive the growth of the market. However, stricter regulatory requirements for the approval of new nuclear diagnostic techniques are expected to hinder market growth over the forecast period. On the other hand, increasing adoption of nuclear diagnostics
(Circulating Fluidized Bed) CFB Boiler Market to Grow $1,042.0 Million by 2030, …
The global (Circulating Fluidized Bed) CFB Boiler Market is projected to reach $1,042.0 million by 2030, growing at a CAGR of 8.8% from 2021 to 2030. CFB boiler offers several advantages over other convectional boilers such as minimal bed area, owing to utilization of high velocity of fluidizers, enhanced rate of combustion efficiency, and high sulfur retention to use of finer & smaller particles and minimal number of feed points
Cuttings re-injection services Market to Grow $259.7 Million by 2030, with a CAG …
The cuttings re-injection services market is projected to cross $259.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030. Factors propelling the cutting re-injection services market growth are its advantages such as its potential to discard other wastes that would have to be taken to shore for disposal, allowing utilization of less expensive drilling fluid, no need of offshore transportation, cuttings can be injected if pre-treated,
Refinery vacuum distillation units Market to Grow $2.7 Billion by 2030, with a C …
The global refinery vacuum distillation units market is projected to cross $2.7 billion by 2030, growing at a CAGR of 2.0% from 2021 to 2030. The global refinery vacuum distillation units market growth is driven by increase in petroleum products in the coming future. Furthermore, oil is a major component employed in the process of power generation. With the rising consumption rate of electricity across the world, the demand in