Global Smart Mining Market Generated a revenue of $5,328 million in 2014 and would reach a market size of $15,837 million by 2022 – Acute Market Reports
The global smart mining market generated a revenue of $5,328 million in 2014 and would reach a market size of $15,837 million by 2022 with a growing CAGR of 14.9%. Smart mining refers to the use of information, autonomy, and technology to facilitate high productivity, improved safety, and low operational costs during mining. Mining companies have focused on improving productivity by offering innovative software & solutions. Smart mining, also known as telerobotic mining, includes remote-controlled robotic machinery for reducing the risk for miners and improving mineral extraction. Caterpillar, Inc. uses robots at Gabriela Mistral mine, Antofagasta to improve efficiency of maintenance services.
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Increased focus on safety & health, rapid adoption of IoT (internet of things) solutions, and rise in adoption of autonomous equipment drive the market growth. However, dearth of highly skilled and qualified labor, availability of poor infrastructure, and stringent government regulations concerning air, water, and environment restrict the market growth. Nonetheless, plant automation, enhancement in digital mining concepts and investment in rich mining infrastructure are expected to boost the growth of the market.
The key players operating in this market are 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.
Smart mining technology has been widely used for coal mining, steel mining, non-metal mining, gold mining, and others. Renowned companies operating in the smart mining have adopted various growth strategies to sustain the market competition. The key developmental strategies adopted by market players include product launch, partnership, acquisitions expansion, collaboration, and joint venture.
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Top Winning Strategies
Product launch is the key growth strategy adopted by market players, followed by partnership, acquisition, and others. Several companies have developed innovative products to enhance their product portfolio. Product launch is widely adopted by various companies to increase their market outreach and expand its customer base.
The smart mining market is classified on the basis of type, category, and geography. Based on type, the market is segmented into underground mining and surface or open pit mining. Based on category, the market is divided into automated equipment and component.
Automated equipment includes excavators, load haul dump, drillers & brakers, robotic trucks, and other automated equipment. Excavators segment generated the highest revenue in 2014, owing to integration of high precision GPS system, laser scanners, and remote control solution. Based on component, the market is categorized into hardware, software & solution, and services. Hardware component segment includes sensors, RFID tags, intelligent systems, and others.
Based on software & solution, the market is segmented into logistics software, data & operation management software, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. Based on service, the market is divided into support & maintenance (engineering services), system integration (deployment services), and consulting services.
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