Smart Mining Market to Reach US$22.59 billion by 2024; Investments Prompted by Promise of Reduced Operational Costs: TMR

Transparency Market Research has released a new market report titled, “Smart Mining Market - Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016 - 2024”


Albany - NY, Sept. 28, 2016 (GLOBE NEWSWIRE) -- 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.

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

Smart Mining Market: By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • CIS
    • Germany
    • Rest of Europe
  • Asia Pacific
    • China
    • Australia
    • India
    • Indonesia
    • Rest of Asia Pacific
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East and Africa
  • South and Central America
    • Brazil
    • Chile
    • Venezuela
    • Rest of South and Central America

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.


            

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