Global Smart Mining Market Witnessed to Gain Significant Momentum at a CAGR of 10.2% During Forecast 2017-2025
The market in Middle East & Africa is expected to witness significant growth in the near future due to rapid economic development along with increasing mining activities in many African countries.
Albany, NY -- (SBWire) -- 12/14/2017 --According to a recent study, the global mining industry are tremendously benefitted with advent and uptake of Internet of Things. The smart mining solutions and technologies are empowering mining companies to maximize commercial outcomes through augmenting several processes, improving safety, and removing redundant processes through data integration and seamless communication using the Internet of Things (IoT). In the present time, increasing use of IoT solutions in several countries such as China and India is propelling the market for smart mining at a significant rate. To pour more light on the global market scenario, a study titled "Smart Mining Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast - 2017 – 2025" has been freshly publicized to the online repository of Market Research Hub (MRH), which clearly states that the global smart mining market is estimated to be worth US$16.25 bn by the end of 2025 from US$6.80 bn in 2016. During the forecast years of 2017 and 2025, the overall market is estimated to register a CAGR of 10.2%.
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Geographically, the smart mining market has been segmented into five regions: North America, Asia Pacific, Europe, South and Central America, and the Middle East and Africa. For each regional segment, the market size for future years has been analyzed which is based on revenue and market development between 2017 and 2022. Presently, Asia Pacific has been estimated to stand out amongst all the other regional markets. Also, the market in Middle East & Africa is expected to witness significant growth in the near future due to rapid economic development along with increasing mining activities in many African countries.
Factors Fueling the Market Growth of Smart Mining
Smart mining has enabled mining companies to optimize production and increase efficiencies by up to 40%, thus justifying the price spent on smart mining technologies. Out of various equipment, the automated excavators are projected to lead the global market. Their improved safety has been identified as their unique selling point.
The market has been segmented on the basis of automated equipment, hardware component, software solution, services, and geography. Based on automated equipment, the market has been segmented into excavators, load haul dump, drillers & breakers, robotic truck, and other automated equipment. Increasing focus on health and safety of machine operators has a positive impact on the uptake of automated equipment. In terms of software solution, data and operation management software for smart mining accounted for the largest share of the smart mining market
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Stringent and supportive government policies and environmental laws are all responsible for the growth of the global smart mining market. Furthermore, initiatives toward plant automation, incorporation of latest technologies, and investment toward better mining infrastructure are also projected to be the key growth drivers for the overall market.
Moreover, the research states that key players operating in the global smart mining market are likely to make significant investments in research and development, by which the market is all set to gain huge momentum. Significant players in the smart mining market include Hitachi Construction Machinery Co., Ltd., Rockwell Automation, Inc., Cisco Systems, Inc., SAP SE, Trimble Navigation Limited, HEXAGON, ABB Ltd., STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, Atlas Copco, Caterpillar Inc., Joy Global Inc., Komatsu Ltd., Sandvik AB, and Alcatel-Lucent.
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