ALBANY, N.Y., Feb. 25, 2021 /PRNewswire/ -- The mining sector needs to figure out ways to sustain in future as recession continues to plague the world and Covid-19 continues to wreak havoc worldwide. In addition, widening gap of talent together with rising demand from the stakeholders is estimated to keep on plaguing the mining sector. Given the present scenario, it has become essential for the miners to focus on differentiation of business models to produce long-term value. This will help them draw more investors and generate substantial profit in near future. Integration of advanced, smart technologies is estimated to play an important role in attaining this success. Increased adoption of high-end technologies is transforming the way mining is done. Riding on the back of these factors, the global smart mining solution market is expected to observe high growth over the forecast timeline, from 2019 to 2027.
Utilization of smart mining solutions enables mining companies to increase efficiency of production. Mining companies make use of real-time communication and monitoring to lessen cost of labor, which is likely to work in favor of the market.
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Based on the extensive utilization of smart solutions worldwide, the global smart mining solution market is anticipated to rise at ~11.5% CAGR over the forecast tenure, from 2019 to 2027. Such high growth of the market is ascribed to the increased awareness about the benefits of these solutions for the miners. Integration of technologies like artificial intelligence (AI), internet of things (IoT) makes these mining solutions extremely beneficial for the miners.
Key Findings of Smart Mining Solution Market Study
Rising Needs for Process Optimization and Automation to Generate Demand
In the era of Industry 4.0, businesses are utilizing the benefits of technologies automation and internet of things (IoT). These high-end technologies diminish the amount of human intervention, which leads to much better outcomes. Following the footsteps of other industries, mining industry is also taking up these technologies. Industrial automation and industrial internet of things (IIoT) are capable of optimizing various mining processes and generating more profit for businesses. As such, rising need for automation and optimization is likely to drive the growth of the global smart mining solution market in the near future.
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Benefits of Advanced Technologies to Propel Growth of the Market
Technologies such as automation, industrial internet of things (IIoT), and artificial intelligence are laying the ground for technology-driven, futuristic mining sector for becoming a digitally supported and disrupted industry. In addition, it offers environmental and emission monitoring, predictive maintenance for equipment, and real-time tracking. AI-enabled solutions and systems drive operational safety and excellence, which is likely to support growth of the global smart mining solution market over the timeline of analysis, from 2019 to 2027. It also offers protection against deadlyopen cast mining accidents, which is likely to drive the demand for such mining solutions.
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Growing Interest in Deep Sea Mineral and Meta Extraction to Shoot Up Demand
There has been an increased interest in the extraction of mineral deposits from deep sea in the last few years. Interest in deep sea is attributed to the rapid depletion of terrestrial metal deposits. In addition, rising demand for green technologies and growing metal production for meeting needs of electronic devices manufacturing have led to accelerated mining activities in the deep seabed. With the utilization of smart mining solutions in deep-sea mining process, there is low impact on the environment. This factor is likely to open up wide scope of growth for the global smart mining solution market over the forecast timeline.
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Smart Mining Solution Market: Key Driving Factors
- Digital transformation of the mining sector enables businesses to fetch data visualization, data modelling, and real-time data to make efficient, effective, and quick decisions.
- Marine miningis gathering momentum owing to the presence of huge, untapped metal and mineral deposits in the deep sea.
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