Smart Mining Market to Garner $23.46 Billion by 2027, States the Report by Allied Market Research

A lead analyst at AMR highlighted the market across Asia-Pacific region is expected to exhibit the fastest growth rate throughout the forecast period.

Allied Market Research published a research report on the smart mining market. The findings of the report exhibits that the global market for smart mining market was pegged at $9.26 million in 2019, and is expected to hit $23.46 billion by 2027, portraying a CAGR of 16.3% from 2020 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.

“The players in the global smart mining market are focusing on developing their mining automation technologies by investing in research & development. Machine learning, artificial intelligence, and internet of things (IoT) can revolutionize the current smart mining products, thereby, increasing the mining efficiencies.” Said Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research.

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The report offers in-depth information based on the key determinants of the market to help market players in devising growth strategies and investments on opportunities. Improved effort toward safety & health of mineworkers, increase penetration of advanced technologies, and rise in demand for automation in mining equipment drive the growth of the global smart mining market. However, dearth of skilled labor and mining graduates impedes the market. In addition, increase in application of environmental laws concerning the mining industry and initiatives offered by government and mining companies are expected to create lucrative opportunities in the future.

The report provides a detailed scenario based on impact of the Covid-19 pandemic on the smart mining market globally. It helps the market players, new entrants, and investors to determine strategies according to the current scenario and improvise the business structure for the approaching time. The COVID-19 pandemic has negatively affected the global smart mining market mainly due to the halt in international trade, prolonged lockdowns, and hindrances in construction, mining, and maintenance activities, all across the world.

Based on type, the surface mining segment held the largest share in 2019, and is anticipated to rule the roost by 2027. Moreover, the segment is also expected to register the highest CAGR of during the forecast period.

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Based on category, the automated equipment segment dominated the market in 2019, accounting for highest revenue share. The segment would continue leading the industry throughout the forecast period. However, the component segment is projected to manifest the highest CAGR 17.4% of during the study period.

Based on core network technology, the fog computing segment is expected to showcase a significant growth by 2027. Where, on the other hand, based on network type, the massive machine type communications segment is anticipated to lead the trail throughout 2027.

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Based on region, the market is studied across Asia-Pacific, Europe, North America, and LAMEA. The global smart mining market across Asia-Pacific held the highest market share in 2019, and is expected to lead the trail by 2027. On the other hand, the market across LAMEA is anticipated to register the fastest CAGR of17.6% during the forecast period.

The frontrunner profiled in the report includes ABB Ltd., Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Robert Bosch GmbH, Sandvik AB, Cisco Systems, Inc., and Hexagon AB. The key players in the market adopted product launch and product development as their key strategies to cater to the increase in consumer demands.

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About Allied Market Research:

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 services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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.

This release was published on openPR.