Smart Mining Market: Digital Revolution to Transform the Mining Sector

Adoption of automated vehicles and technology will continue to gain traction in the mining industry, as operational efficiency and safety gain centre stage. During the forecast period 2015-2020, the global smart mining market is anticipated to increase at a compound annual growth rate (CAGR) of 14.5%, and rake in US$ 13 Bn in revenues. The key areas which are currently witnessing increasing automation include surface drilling technologies, simulator training, and machine guidance.

The key trends expected to shape up the adoption of smart technologies include,

Robust Adoption of Internet of Things (IoT)

Rapid advancement in technology will continue to influence mining operations. While a fully connected mining site may be still be a few years away, IoT is increasingly being adopted in mining equipment and vehicles. To increase operational efficiency and reduce downtime, miners are using advanced tools for predictive maintenance. The use of IoT in scheduling and predicting maintenance and repair tasks is expected to play a key role in its widespread adoption.

Investment in Simulation Technology

Simulation technology is gaining traction among miners owing to its proven benefits in responding to emergency situations. While the technology per se is highly efficient, shrinking budgets have resulted into limited adoption. However, the technology is poised to witness widespread adoption in the long run.

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Growing Use of 3D Imaging

3D imaging is being widely used for exploration of mines, and this trend is expected to become stronger in the future. It is anticipated that adoption of this technology will grow on account of its growing use in planning and targeting of drill holes.

Implementation of Remote Monitoring Systems

Remote monitoring systems enable miners to collect data from the site in real-time and transmit it to the local centre in real time. A significant percentage of mining companies have successfully adopted remote monitoring systems in their operations. Implementation of remote monitoring systems is anticipated to witness an uptick in the near future.

Smart Mining Market: End-user Survey Analysis

FMI conducted an end-user survey with leading mining operators based in Middle East & Africa (MEA), ASEAN, Oceania, and BRIC. Some of the key findings of the survey include,

Over 88% respondents agreed to using smart mining technology solutions in both surface and underground mining

Smart mining will witness the highest adoption among miners in Oceania, followed by ASEAN

Nearly 31% respondents that did not use smart mining technology solutions currently planned to deploy these solutions in the next one year

Companies operating in both (surface & underground) mining types managed over 70% of logistics and production operations in-house

Survey results concluded that among all the mining operations, major volumes of the production process is managed in-house

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Smart Mining Market: Analysis and Forecast by Automated Equipment

Excavator machines and load haul dumps will witness the highest level of automation during the forecast period 2015-2020. Collectively, these two equipment segments are expected to account for 50% revenue share of the overall smart mining market in 2020.

Asia Pacific excluding Japan (APEJ) will continue to remain the largest market for smart mining globally. North America and Western Europe will remain the other lucrative markets for smart mining equipment and services during the forecast period. APEJ accounted for nearly 35% revenue share of the market in 2015; by 2020, the revenue share is expected to reach 38.6%. US$ 1.63 billion worth of smart mining equipment and services were sold in North America in 2015. The North America smart mining market is anticipated to increase at a CAGR of over 12% through 2020 and rake in nearly US$ 3 billion in revenues.

Leading Players in Global Smart Mining Market

The leading players in the global smart mining market include Hitachi Construction Machinery Co. Ltd., ABB Ltd., Komatsu Ltd., Outotec Oyj, Copco, Caterpillar Inc., Atlas Joy Global Inc., Cisco Systems Inc., and Alcatel-Lucent. In addition to raising awareness among end-users, these players are investing in R&D to launch cutting-edge products and services in the market.

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This release was published on openPR.