Global Smart Mining Market Foresees Sustainable Future Ahead

Mining sector is evolving rapidly due to advancing technology and need for better and efficient production techniques, especially in remote areas with riskier reserves. This is where smart mining comes into picture. Smart mining is an integration of ICT solutions for the entire mining sector that offers better operational efficiency, safe environment for mine workers, efficient connectivity, and better productivity. Moreover, it also gives real-time access into each step of production which enables monitoring of work as well as reduced production cost. Thus, looking at these advantages, the demand for smart mining solutions and techniques has escalated over the years, thereby triggering the growth of the smart mining, globally.

Drivers and Inhibitors

The significant growth of the global market for smart mining is majorly influenced by the following factors:

  • Better cost efficiency
  • Increased ICT spending
  • Varying commodity prices
  • Enhanced safety and security of mine workers

In addition, evolution of smart mines and growing market for system integrators is expected to offer ample growth opportunities for this market. Moreover, over 200 smart city projects across the globe are expected to trigger the market growth even further. However, integration of IT with operational technology and lack of qualified and skilled labor are some of the factors that may act as deterrents for the growth of this market. Also, lack of proper R&D and declining of natural resource reserves are some of the challenges faced by the leading players in this market.

Market Overview

The size of the global smart mining market which was estimated to be USD 3.84 Billion in 2015 is expected to hit USD 9.98 Billion by the end of 2020, growing at a CAGR of 21.0% during the forecast period from 2015 to 2020. Geographically, North America is expected to dominate the market over the forecast period, owing to the advancements in technology and early adoption of smart mining solutions and services in this region. However, the Latin American market is projected to grow at the highest CAGR between 2015 and 2020, mainly due to the increase in technological spending and rising demand of mine plants with remote surveillance and collaborated environment. In APAC and MEA, the adoption of smart mining solutions and services is advancing at a steady pace.

Based on system and solutions, smart assets segment is estimated to have the largest market share during the forecast period, which is mainly driven by cost efficiency and large scale mining projects across the North America and APAC regions, whereas, the segment of operational data processing and analytics is expected to register the highest growth due to the increasing popularity and demand for data analytics in the mining sector.

ABB Group, Cisco System, Inc., SAP SE, Rockwell Automation, Hexagon AB, Trimble Navigation Ltd., Thingworx, and Symboticware, Inc., are some of the major players operating in the global market for smart mining.

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Research Scope

The global market for smart mining has been analyzed and forecasted on the basis of following segmentation:

  • System and Solution: Operational Data Processing and Analytics, Smart Assets, Smart Logistics, Smart Control Systems, Smart Safety and Security System, Remote Management Solution
  • Service: Consulting, System Integration, Support and Maintenance
  • Method: Surface Mining, Underground Mining
  • Geography: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America

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