Global Smart Mining Market to reach US$22.59 bn by 2024; smart mining market has been segmented on the basis of automated equipment and services, Industry Size of smart mining to expand at CAGR of 14.7% from 2016 to 2024
PR-Inside.com: 2017-11-09 11:52:57
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.
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Transparency Market Research has released a new market report titled, “Smart Mining Market - Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016 - 2024” According to this report, the global smart mining market was valued at US$5.98 bn in 2014 and is projected to reach US$22.59 bn by 2024 at a CAGR of 14.7% from 2016 to 2024.
Previously, the mining industry was largely dependent only on the labor force. Miners mainly used iron chisels & hammers, pickaxes, compressed drills, and other manually operated tools for mining operations. Introduction of such smart technologies not only enables efficient connectivity among miners but also allows optimal production and recovery with minimum wastage. They are also much safer and environment-friendly as compared to the traditional mining technology. Operational costs associated with smart mining technology are also very less as compared with the traditional technology. However, deployment of smart technologies in a particular mine involves very high capital cost. Mining companies across the world also lack skilled labor force to successfully run such smart technologies and they are investing aggressively in training their existing workforce in order to ensure efficient operations.
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The global smart mining market has been segmented on the basis of automated equipment and service. However, on the basis of component, the market has been segmented into hardware component and software solutions. Automated equipment holds the highest market share in the smart mining market. Key players in the smart mining market are Rockwell Automation, Inc., SAP SE, Trimble Navigation Limited, HEXAGON, STONE THREE MINING PTY LTD, SYMBOTICWARE INC., Alastri, IntelliSense.io, ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Komatsu Ltd., Sandvik AB, Cisco Systems, Inc., and Alcatel-Lucent.
Rising concerns about mining operation optimization coupled with increasing use of Internet of Things (IoT) solutions in mining operations have driven the global market for smart mining in the past few decades. Despite several fluctuations in the commodity prices, the global smart mining market was valued at US$ 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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