Press release
Smart Mining Market Grow With CAGR Of 14.9% | Focuses On Top Companies, Region And Opportunities
The smart mining market is estimated to reach $15,837 million, registering at a significant CAGR of 14.9% from 2016 to 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. The surface mining segment is expected to grow at the highest CAGR of 16% during the forecast period.
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The 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.
The excavator segment generated the highest revenue in the automated equipment market in 2014, accounting for around 31% share of the revenue. High adoption of GPS technology and collision avoidance systems in automated excavators have facilitated smoother mining activity and an increase in overall productivity.
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Key Findings
o Asia-Pacific region is expected to witness rapid growth in terms of revenue, registering a CAGR of 15.9% from 2016 to 2022.
o The 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%.
o In 2014, the hardware component segment accounted for the highest revenue share of over 41% and would dominate the market throughout the forecast period.
Top Industry 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 are some of the prominent players operating in the market.
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