According to a new report published by Allied Market Research, titled, “ — Smart Mining Market by Type and Category: Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027. In 2019, in terms of revenue, Asia-Pacific dominated the market, accounting for over one-thirds of the global smart mining market share.
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Smart mining technologies include integration of hardware and software to improve the mining productivities and reduce the operational time and costs. Mining companies emphasize on enhancing productivity by providing state-of-the-art software & solutions. These software & solutions are integrated with the equipment, personnel, and operations to obtain enhanced safety and higher material extraction from the mining operations. These technologies find applications in both underground and surface (open pit & open cast) mining operations.
Increased awareness regarding the harsh influences of mining atmospheres such as UV exposure, dust, noise, chemical hazards, ground instability, and others cause health problems in the mine workers. This is influencing many key manufacturers to introduce advanced smart mining solutions in the smart mining market, which is one of the key drivers of the global market. Integration of autonomous fleet, remote-controlled equipment, and ventilation solutions offer safe working conditions and also improve the operational productivities.
In addition, the growth of the market is driven by increased focus on safety & health, rise in adoption of IoT solutions, and increase in the implementation of autonomous equipment. However, lack of highly skilled and qualified labor and accessibility of poor infrastructure confine the growth of the market. The operation of smart mining equipment requires trained personnel to gain maximum efficiencies and reduce accidents on site. Thus, the unavailability of skilled labor can hamper the growth of the market.
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The key smart mining market players profiled in the report include ABB Ltd., Caterpillar Inc., Cisco Systems, Inc., Hexagon AB, Hitachi Ltd., Komatsu Ltd., Robert Bosch GmbH, Rockwell Automation Inc., Sandvik AG, and Trimble Inc.
The global smart mining market is analyzed across four geographical regions that include North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging global smart mining market trends and dynamics.
By type, the surface mining segment was the largest revenue contributor in 2019.
By category, the automated equipment segment generated the highest revenue in 2019, and component is projected to grow at a significant CAGR of 17.4% from 2020 to 2027.
By region, the LAMEA segment is projected to grow at a significant CAGR of 17.6% during the forecast period.
Region-wise, Asia-Pacific region is projected to be one of the most dominant regions in the global smart mining market and is expected to witness a high growth rate during the forecast period.
The report provides an extensive global smart mining market analysis, trends and emerging opportunities.
The global smart mining market forecast analysis from 2020 to 2027 is included in the report.
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