Press release
Smart Mining Market to Reach US$22.59 bn by 2024, Investments Prompted by Promise of Reduced Operational Costs.
The global mining industry has witnessed as significant transformation in the past few decades. The prime reason behind such transformation is the introduction of numerous smart mining technologies for carrying out mining operations. These smart mining technologies include several automated mining equipment, sensors, RFID tags, and various types of mine monitoring and analytics software.
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Previously, the mining industry was largely dependent only on the labor force. Miners mainly used iron chisels & hammers, pickaxes, compressed drills, and other manually operated tools for mining operations. Introduction of such smart technologies not only enables efficient connectivity among miners but also allows optimal production and recovery with minimum wastage. They are also much safer and environment-friendly as compared to the traditional mining technology. Operational costs associated with smart mining technology are also very less as compared with the traditional technology. However, deployment of smart technologies in a particular mine involves very high capital cost. Mining companies across the world also lack skilled labor force to successfully run such smart technologies and they are investing aggressively in training their existing workforce in order to ensure efficient operations.
The global smart mining market has been segmented on the basis of automated equipment and service. However, on the basis of component, the market has been segmented into hardware component and software solutions. Automated equipment holds the highest market share in the smart mining market. Key players in the smart mining market are Rockwell Automation, Inc., SAP SE, Trimble Navigation Limited, HEXAGON, STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Komatsu Ltd., Sandvik AB, Cisco Systems, Inc., and Alcatel-Lucent.
Rising concerns about mining operation optimization coupled with increasing use of Internet of Things (IoT) solutions in mining operations have driven the global market for smart mining in the past few decades. Despite several fluctuations in the commodity prices, the global smart mining market was valued at US$ 5,981.2 Mn in 2014 and is projected to reach US$ 22,589.5 Mn by 2024 at a CAGR of 14.7% from 2016 to 2024
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Smart Mining Market: By Automated Equipment
Excavators
Load Haul Dump
Drillers & Brakers
Robotic Truck
Other Automated Equipment
Smart Mining Market: By Hardware Component
Sensors
RFID Tags
Intelligent Systems
Others
Smart Mining Market: By Software Solutions
Logistics Software
Data and Operation Management Software
Safety and Security Systems
Connectivity Solutions
Analytics Solutions
Remote management Solutions
Asset management Solutions
Smart Mining Market: By Services
Support and Maintenance
System Integration and Implementation services
Product Training Services
Consulting Services
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