NEW YORK, Jan. 25, 2017 /PRNewswire/ -- Smart mining refers to the use of information, autonomy, and technology to gain better productivity, safety, and reduce operational costs for a mine site. Mining companies focus to improve the productivity by offering innovative software & solutions. Smart mining also includes remote-controlled robotic machinery for mineral extraction, which is referred to as telerobotic mining and reduces the risk for miners. Caterpillar uses robots at Gabriela Mistral mine in Antofagasta to enrich the efficiency of maintenance services.
Increased focus on safety & health, accelerating adoption of IoT (internet of things) solutions, and rise in adoption of autonomous equipment drives the market growth. However, absence of highly skilled and qualified labor, availability of poor infrastructure and government regulations concerning air, water and overall environment quality restrict the headway. Nonetheless, plant automation and upsurge in digital mining concepts are expected to strengthen the growth. Smart mining market generated a revenue of $5,328 million in 2014 and is expected to reach a market value of $15,837 million by 2022 with a CAGR of 14.9%.
The market is classified on the basis of type, category, and geography. Type wise, the market is segmented into underground mining and surface or open pit mining. By category, the market is classified into automated equipment and component. The automated equipment includes excavators, load haul dump, drillers & brakers, robotic trucks, and other automated equipment. Excavators generated the highest revenue in the year 2014 owing to integration of high precision GPS system, laser scanners, and remote control solution while load haul dump is expected to generate notable revenue by 2022.
Based on component, the market is categorized into hardware, software & solution, and services. Hardware component encompasses sensors, RFID tags, intelligent systems, and others. On the basis of software & solution, it is segmented into logistics software, data & operation management software, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. By services, it is divided into support & maintenance (engineering services), system integration (deployment services), and consulting services. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed the highest revenue in 2014 and is expected to dominate the market during the forecast period.
Key players that operate in this market are ABB Group, Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Alastri, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., Cisco Systems, Inc., and Hexagon AB.
The report includes an in-depth analysis of the world smart mining market, along with the current trends, drivers, restraints, and growth opportunities.
Porter's Five Forces model illustrates the potency of buyers and sellers, which is expected to help the market players to adopt effective strategies.
Value chain analysis provides a clear understanding of the key intermediaries involved and their respective roles at every stage.
Key market players are profiled to gain an understanding of the strategies adopted by them.
The current market trends are quantitatively analyzed and estimated from 2016 to 2022, which are provided to highlight the financial competency of the market.
Surface Mining (Open Pit Mining or Open Cast Mining)
Driller & Braker
Load Haul Dump
Other Automated Equipment
Software & Solution
Data & Operation Management Software
Safety & Security Systems
Remote Management Solutions
Asset Management Solutions
Support & Maintenance (Engineering Service)
System Integration (Deployment Service)
Rest of Europe
Rest of Asia-Pacific
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