The smart mining market is expected to register a CAGR of 19.7%
Market Overview
The smart mining market is expected to register a CAGR of 19.7% over the forecast period. The Internet of Things (IoT) has had a considerable impact on transforming multiple industries by forging real-time connections between machinery, environmental conditions, people, and business processes.
NEW YORK, Nov. 12, 2019 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5821468/?utm_source=PRN
- The rising pressure due to the increasing demands for production and cost reductions calls for changes in the basic infrastructure, processes, and technology in the mining industry.
- The increasing penetration of advanced technology in the industry is projected to cut down significant costs of the workforce for the end-users, and hence, result in considerable cost optimization.
- Further, advanced data analytics is being applied to the raw data to create visualizations, insights, and recommendations. This information is then delivered to mine managers and employees in real-time on their mobile devices.
- For instance, Dundee Precious Metals was one of the first mining companies to introduce wireless network technology into an underground mine. The company utilized RFID and Wi-Fi technology to monitor the location of people and equipment. The networks also acted as a means of surveillance as they allowed the person to stay connected to the surface.
Scope of the Report
Mining is a labor-intensive activity that needs to take under consideration various safety concerns. Smart mining refers to the use of information and data, autonomy, and technology to facilitate high productivity, enhanced safety, and diminished operational costs during the mining process.
Key Market Trends
Underground Mining to Witness Highest Growth
- Underground mining is a technique devised to extract hard metals from ore compounds, such as metals, coal, and minerals, including iron ore, titanium, bauxite, and copper, as well as various non-metallic products from beneath the earth's surface.
- Underground mining requires a certain amount of background check, before the mining operations can be deployed, on parameters, such as geographical conditions, spatial and geometric characteristics, the economic value of the ore, estimated operational costs, and the availability of raw materials.
- The main purpose of the installation of smart mining systems is to track the flow of the ores and identify the feasible areas of extraction and potential dilution. The strategies by the mining organizations are drawn, based on the findings of smart solutions, in order to maximize ore recovery.
- However, owing to tough terrain, the safety and security systems, like the global positioning systems, cannot be used. In addition, owing to the interference from the rock mass and lack of access points, wireless sensor networks are less reliable.
- Thus, the manufacturers have been actively investing in adding intelligence to the existing technology, in order to deal with the challenging environment.
North America to Hold Major Share
- In North America, the United States has been witnessing an economic dislocation with regard to its mining industry (especially coal mining), due to political sensitivity. This has led to plant idling and workforce reductions in these mines, which has been a challenging factor for the smart mining market.
- Dynamic regulations in the country, due to the changing political environment, is expected to challenge the position of smart mining system manufacturers.
- With the increasing challenges, such as changing the sociopolitical environment, limited access to capital, rising costs, and resource nationalism, the industry in the region is seeking new ways to overcome these challenges.
- The smart mining initiatives by various major companies are expected to play crucial roles in overcoming the aforementioned challenges.
- Some of the prominent players operating across the region, are focusing on providing real-time analysis with the evolution of the Internet. Thereby, bringing together people, processes, data, and things, to drive powerful production process, which leads to enhanced business outcomes.
- For instance, Cisco connected mining helps to gain real-time visibility into each step of the mining and production process, accurately monitor output, equipment, worker location, and security. It supports faster decision making with reduced production cost and improved safety, thereby creating safer working conditions and helping in responding to new opportunities.
Competitive Landscape
The smart mining market has been gaining a competitive edge in the recent years. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer bases across the foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and increase their profitability.
- May 2018: Wenco International Mining Systems launched it's Wenco Mine Performance Suite 6. It helped Wenco to move beyond traditional dispatch systems by incorporating user interface enhancements, as well as across-the-suite integration for improved insights, safety, and performance.
- May 2017: Cisco partnered with the mining companies in Kazakhstan, to help improve productivity and efficiency. In addition, Cisco is working with Kazatomprom, a national mining operator, to develop a convergent digital mine network that connects the previously separate networks for voice collaboration, industrial and automation control, and office control.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Download the full report: https://www.reportbuyer.com/product/5821468/?utm_source=PRN
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com
SOURCE ReportBuyer
Share this article