Press release
Smart Mining Market at CAGR of 16.3% Growth Opportunities With Future Industry Trends by 2027
Smart Mining Market
The global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027. In 2019, in terms of revenue, Asia-Pacific dominated the market, accounting for over one-thirds of the global smart mining market share.
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The surface mining operations mainly benefit by utilizing the autonomous robotic fleet used for loading, hauling & dumping (LHD) operations. In addition, increased awareness regarding harsh influences of mining atmospheres caused by UV radiations, noise, dust, chemical hazards, poisonous gases, and others on the mine workers drives the dependency on robotic equipment. The robotic equipment allows remotely controlled operations, which eliminate the exposure of these polluted environment on workers. This acts as one of the major driving factors for the global smart mining market growth.
Further, constant technological developments in software & solutions allow the mining companies to obtain proper risk management; thus, reducing the unplanned expenditure. For instance, by integration of data analytic solutions, the sustainability, safety, and profitability of the mining site can be ensured to a great extent.
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Top Players:
The key players profiled in this report include 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 global smart mining market is divided on the basis of type, category, and region.
By type, the market is segmented into underground mining and surface or open pit mining.
By category, the market is classified into automated equipment and component. The automated equipment includes excavators, load haul dump, drillers & breakers, robotic trucks, and other automated equipment.
By component, the global smart mining market is categorized into hardware, software & solution, and services. Hardware component encompasses sensors, RFID tags, intelligent systems, and others.
By software & solution, it is segmented into logistics software, data & operation management software, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions.
By services, it is divided into support & maintenance (engineering services), system integration (deployment services), and consulting services.
The global smart mining market is analyzed across four geographical regions that include North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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