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Smart Mining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2028

  • Report ID : 100107
  • Category : Energy and Mining
  • Pages : -----
  • Reporting status : Published Jan, 19
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Smart mining refers to maximization of computational technological application, instruments of measurement, communication, remote operation, serving the tasks of entire value chain from the deposit to the shipment. The homogenization of industrial automation in mining operational field increases and improves operational efficiency, cost control, product quality, safety and environment, and predictive maintenance.

Smart mining is also known as telerobotic mining, comprises of remote-controlled robotic machinery for decreasing risks involved for miners and improving mineral extraction. Smart mining has been expected to operate in an integrated way through the construction and proper use of phenomenological and economic models optimizing the entire operation in globally. The technology is widely used in steel mining, coal mining, non-metal mining, and gold mining.

Smart mining offers vertically and horizontally integrated dynamic planning, proactive and predictive approaches, and fully automated operations & predictive maintenance, transforming mining into mainstream business. Smart mining solution operates on ‘platform’ approach comprises of the architectural and digital components in mining businesses. The solution works on high latency and criticality of data, including safety and financial considerations with the help of cloud data for mining production.

Reduced direct cost from assets and operations, enabled competitive edge with real time decision making are the major trends paving opportunities for the market expansion. Moreover, facilitating faster response with mobility, and minimizing waste using Lean principles are other key factors spurring the growth over the forecast period. Furthermore, rapid technological advancement is expected to influence mining operations owing to IoT adoption in mining equipment and vehicles. Miners are employing advanced tools for predictive maintenance, and for increasing operational efficiency and reduced downtime. IoT implementation in for operational efficiency, reduce downtime, scheduling & predicting maintenance is projected to play a key role in global adoption.

Additionally, Investment in simulation technology, growing use of 3d imaging, and implementation of remote monitoring systems are also few other factors anticipated to augment the demand for smart mining market over the forecast period. However, strict government regulations regarding air, water, & environment coupled with poor infrastructure may hinder the market growth.

The global smart mining market is segmented on the basis of automated equipment, software solutions, hardware component, services, and geography. Based on automated equipment, the market has been segregated as excavators, drillers and breakers load haul dump, and robotic truck. Hardware component segment comprises of sensors, RFID tags, and intelligent systems. The automated excavators segment has been expected to hold the largest share. Intelligent electronic systems for smart mining have been anticipated to acquire the major share of the smart mining market.

On the basis of software solution, global smart mining market has been bifurcated as logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions and asset management solutions. Services segment has been further segmented as support and maintenance, system integration and implementation services, product training services, and consulting services.

Asia Pacific region has been predicted to dominate the major share of the global smart mining market followed by Europe and North America. Growing investments in smart mining technologies and rapid adoption are boosting the industry growth in the region. On the other hand, technological complexity and skilled personnel requirement for system maintenance may hamper the regional growth.

Prominent players operating in the smart mining have adopted several growth strategies to sustain the market competition. Key players operating in the global smart mining market includes SAP SE, Trimble Navigation Limited, Rockwell Automation, Inc.,  HEXAGON, STONE THREE MINING PTY LTD, Alastri, IntelliSense.io, ABB Ltd., SYMBOTICWARE Inc., Atlas Copco, Caterpillar Inc., Cisco Systems, Inc., Joy Global Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd.,  Sandvik AB, and Alcatel-Lucent.

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