Transparency Market Research has published a new report "Smart Mining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its report store.
Albany, NY -- (SBWIRE) -- 08/09/2016 -- Complaints about worker and environmental safety have increased over the past few years. Mining companies are now focusing on automated equipment or internet-connected machinery to reduce worker accidents and endangering of the environment. Instead of investing in labor-intensive assets, companies have started investing in smart mining equipment and software solutions. According to a report published by Transparency Market Research (TMR), the global smart mining market was valued at US$5.98 bn in 2014 and is estimated to rise to US$22.59 bn by 2024, expanding at a healthy CAGR of 14.7% between 2016 and 2024.
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The following blog post answers three critical questions about the smart mining market:
Q. How has the smart mining industry evolved over the years?
A majority of the mining companies in the world is embracing digital mining initiatives for seamless information flow by creating an integrated technology application landscape. Mining software solutions include geological exploration, controlling data management solutions, and creating 3D mine design for production management. These solutions allow a more holistic and strategic decision for mine planning and scheduling. Vendors are also providing custom-made software solutions to improve a particular mine's performance. Custom-made solutions enable the planning and scheduling of rail, stockpile, port, concentrator, smelter, and refinery.
Mining companies are also using Geographical Information Systems (GIS) to store environmental data and to view results in an interactive map. The data is stored in a cloud-based database, keeping a track of the environmental data and allowing the logical analysis of data.
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Q. What are the recent trends in the smart mining market?
Mining companies are making use of web-based enterprise resource planning (ERP) as opposed to locally installed systems to enjoy benefits such as ease of use and reduced hardware and IT costs. This approach makes use of cloud ERP software and eliminates the need for companies to maintain the data or software on their own servers. For instance, a new Trimble Connected Mine solution integrates monitoring, sensing, controlling, data management, enterprise information management, and business intelligence. It allows terrestrial, aerial, and underground scanning and imaging.
Companies are also making use of environmental monitoring systems (EMS), which enable them to monitor air and water sites, capture air and water data, and view the measurements using an interactive map.
Q. What are the challenges in adopting smart mining solutions?
The deployment of smart technologies is very capital intensive. Many of the mining companies lack skilled labor force that can operate smart technologies. This is deterring companies from investing in smart mining solutions. Since smart mining technology is a relatively new concept, companies continue to aggressively invest in training their existing workforce, rather than adopting the various smart mining solutions.
However, the need to optimize mining operations will ensure higher adoption rates of these solutions, in the coming years, offering the market a definite boost.
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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.
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