ALBANY, New York, July 11, 2016 /PRNewswire/ --
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.
Dwindling mining reserves and decline in ore grade due to subsequent increase in mining activities, have resulted in mining industry have begun exploration in remote locations. Uncertain commodity price environment has put tremendous pressure on demand and supply side of the mining industry. Resource nationalization coupled with declining productivity and increasing operational cost have created a dire need for optimizing mining operations by increasing efficiencies withstanding the regulatory environment. As a consequence, mining companies across the globe have started integrating information and operational technologies to improve performance. Smart mining solutions and technologies are enabling mining companies to maximize commercial outcomes through optimizing several processes, improving safety, and removing redundant processes through data integration and seamless communication using the Internet of Things (IoT).
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Mining companies globally are struggling to limit their operating costs while facing productivity challenges. Mining production volume has been on a decline, falling by around 1% in 2015 compared to 2014. Smart mining has become imperative for mining companies to optimize production and improve bottom line. Smart mining has enabled mining companies to optimize production and increase efficiencies by up to 40%, thus justifying the price spent on smart mining technologies. Services such predictive analytics achieve cost savings up to seven times than reactive analytics, ensuring enhanced safety and production. Automation technologies have been successfully implemented, and are expected to justify their cost as the technology improves. Smart mining technologies will certainly open different avenues for mining companies to increase their profitability, thus becoming an affordable solution against volatile global economic conditions.
The smart mining market has been analyzed in terms of revenue (US$ Mn). Additionally, the market has been segmented on the basis of automated equipment, hardware component, software solution, services, and geography. Based on automated equipment, the market has been segmented into excavators, load haul dump, drillers & Brakers, robotic truck, and other automated equipment. The automated excavators segment held the largest share of 29.6% of the smart mining market in 2014. In terms of hardware component, the market has been segmented into sensors, RFID tags, intelligent systems, and others. Intelligent electronic systems for smart mining accounted for the largest share of the smart mining market in 2014. In terms of software solution, the market has been segmented into logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. Data and operation management software for smart mining accounted for the largest share of the smart mining market in 2014. In terms of services, the market has been segmented into support and maintenance, system integration and implementation services, product training services, and consulting services. Support and maintenance services for smart mining accounted for the largest share of the smart mining market in 2014.
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The smart mining market has been segmented into five regions: North America, Asia Pacific, Europe, South and Central America, and Middle East and Africa. Asia Pacific was the largest market for smart mining in 2014. Asia Pacific was followed by Europe and North America in 2014. The market in Middle East & Africa is expected to witness significant growth in the near future due to rapid economic development along with increasing mining activities in many African countries. Increasing use of IoT solutions in several countries such as China and India is propelling the market for smart mining at a significant rate.
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.
Smart Mining Market: By Automated Equipment
- Load Haul Dump
- Drillers & Brakers
- Robotic Truck
- Other Automated Equipment
Smart Mining Market: By Hardware Component
- RFID Tags
- Intelligent Systems
Smart Mining Market: By Software Solutions
- Logistics Software
- Data and Operation Management Software
- Safety and Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote management Solutions
- Asset management Solutions
Smart Mining Market: By Services
- Support and Maintenance
- System Integration and Implementation services
- Product Training Services
- Consulting Services
Smart Mining Market: By Region
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
South and Central America
- Rest of South and Central America
Browse In detail Regional Market Analysis: http://www.europlat.org/global-smart-mining-market.htm
Browse Other Research Report:
- Base Metal Mining Market: http://www.transparencymarketresearch.com/base-metal-mining-market.html
- Connected Mining Market: http://www.transparencymarketresearch.com/connected-mining-market.html
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