Smart Mining Market to Reap Excessive Revenues by 2022
Factors such as an increased focus on safety & health, rapid adoption of IoT solutions, and a rise in adoption of autonomous equipment have boosted the overall market growth. However, the 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.
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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.
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 the 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 the installation of these resources at underground mining sites. However, the growing adoption of smart mining technologies in underground mining applications is expected to boost market growth during the forecast period.
Hardware segment generated the highest revenue in the component market in 2014. It accounted for around 41% in 2014, owing to an 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.
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The advent of remote-controlled trucks at an iron ore mine resulted in increased safety of workers and operators. However, the manufacturer offered mining equipment to meet the safety standards as regulated by Mining Federal Agencies and contribute to a sustainable environment without affecting the landscape. Moreover, increased adoption of infrared sensors and safety and security solutions at mining sites has led to a remarkable growth of the smart mining market." states Deepankar Bose, Manager, Construction & Machinery Research, AMR. 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 People's 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.
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.
• Asia-Pacific region is expected to witness rapid growth in terms of revenue, registering a CAGR of 15.9% from 2016 to 2022.
• Surface mining segment has witnessed significant growth in 2014 and is anticipated to dominate the overall market by 2022, registering a significant CAGR of 16.0%.
• In 2014, the hardware component segment accounted for the highest revenue share of over 41% and would dominate the market throughout the forecast period.
• The remote management solutions segment is expected to grow at the highest CAGR of 17.1% during the forecast period.
• Support and maintenance (engineering services) is expected to generate the highest revenue in the service market during the analysis period.
• 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 are some of the prominent players operating in the market.
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