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Albany, New York, April 04, 2019 (GLOBE NEWSWIRE) -- The competitive landscape of the global smart mining market is fragmented with the presence of several prominent players. Top players in the market are ramping their investments in technological innovation to increase their product portfolio, says Transparency Market Research (TMR). On a strategic front, companies are focusing on several growth strategies, such as collaborations, mergers and acquisitions, and business expansion in order to fortify their market position.
For instance- in June 2016, Cisco joined hands with Rockwell Automation, to develop several networks and security products in order to bridge the gap between mining operators and business systems. Similarly, on February 2016 Cisco developed a high-tech, advanced smart mine solution in collaboration with Goldcorp, a leading gold producer. Some of the major technology vendors operating in the global smart mining market include SAP SE, ABB Group, ntelliSense.io, Atlas Copco, Hexagon AB, Trimble Navigation Ltd, and Caterpillar Inc.
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As per TMR, the global smart mining market was noted at a valuation of US$6.80 bn in 2016. The market is expected to rise at a whopping 10.2% CAGR from 2017 to 2025. Expanding at this CAGR, the smart mining market is expected to attain a valuation of US$ US$16.25 bn by the end of forecast period.
Among all the regions, North America is projected to hold key shares in the smart mining market during the forecast period. The primary driving forces for this growth are huge technological spending, early adoption of smart mining solutions and rising demand for remote surveillance enabled mine plants in the region. Out of various equipment, the automated excavators could experience a high demand owing to its advanced safety features.
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Rising Demand for Labor Safety Drives the Market’s Growth
Mining is a labor intensive task that needs to be performed under consideration of several safety concerns. Governments and NGOs have enacted stringent laws for the welfare of mining labors. Smart mining refers to the optimal use of advanced technology like IoT, cloud computing and automation within the mines. They help to achieve higher labor safety and productivity with minimal costs. Increasing information and communication technology (ICT) spending, fluctuating prices of commodities, and enhanced safety regulations of mine workers are a few vital factors driving the smart mining market. The need for energy efficient solutions, increasing adoption of Industrial Internet of Things (IIoT), new sensor technologies, and smart devices are some other factors fueling the global smart mining market.
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Incompetency of Present Technologies to Deal with Cross Data Safety to Hamper Growth
However, smart mining demands a huge initial investment for the development of infrastructure. This prevents several organizations from adopting smart mining solutions and services. This acts as a major restraint factor for growth of the smart mining market. Along with this, smart mining needs a strong data management and analytics solutions owing to cross-referencing of data from different department. Implementation of these processes require holistic data-centric solutions, which covers entire operation in mining location. The incompetence of the present technologies to achieve this is another factor hampering the global smart mining market. In addition to this, high complexity of technology and need for skilled personnel to maintain this systems is hindering the widespread adoption of smart mining systems.
However, a worldwide increase in IT spending and evolution of smart mines across the globe holds a lucrative prospect for the growth of the smart mining market.
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This review is based on Transparency Market Research’s report, titled “Smart Mining Market (Automated Equipment – Excavators, Load Haul Dump, Drillers and Breakers, and Robotic Truck; Hardware Component – Sensors, RFID Tags, and Intelligent Systems; Software Solutions – Logistics Software, Data and Operation Management Software, Safety and Security Systems, Connectivity Solutions, Analytics Solutions, Remote Management Solutions, and Asset Management Solutions; Services –Support and Maintenance, System Integration and Implementation Services, Automated Equipment Training Services, and Consulting Services) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast - 2017 – 2025.”
The global smart mining market has been segmented as follows:
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