Smart Mining Market Business-Opportunities With Immense Development Trends at a CAGR of 16.3% Forecast to 2027
Smart Mining Market is Expected to Reach $23.4 Billion by 2027
PORTLAND, OR, UNITES STATES, March 20, 2023 /EINPresswire.com/ — Top Companies Outlook
The key players profiled in this report include ABB Ltd., Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Robert Bosch GmbH, Sandvik AB, Cisco Systems, Inc., and Hexagon AB.
The key players in this market adopted product launch and product development as their key strategies to cater to the increase in consumer demands. Furthermore, they launched energy-effective smart mining of different types and categories to strengthen their market position.
According to AMR, The global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027. In 2019, in terms of revenue, Asia-Pacific dominated the market, accounting for over one-thirds of the global smart mining market share.
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Benefits of Smart Mining:
Smart mining technologies include integration of hardware and software to improve the mining productivities and reduce the operational time and costs. Mining companies emphasize on enhancing productivity by providing state-of-the-art software & solutions. These software & solutions are integrated with the equipment, personnel, and operations to obtain enhanced safety and higher material extraction from the mining operations. These technologies find applications in both underground and surface (open pit & open cast) mining operations.
The surface mining operations mainly benefit by utilizing the autonomous robotic fleet used for loading, hauling & dumping (LHD) operations. In addition, increased awareness regarding harsh influences of mining atmospheres caused by UV radiations, noise, dust, chemical hazards, poisonous gases, and others on the mine workers drives the dependency on robotic equipment. The robotic equipment allows remotely controlled operations, which eliminate the exposure of these polluted environment on workers. This acts as one of the major driving factors for the global smart mining market growth.
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Key Points of the Report:
The global smart mining market is divided on the basis of type, category, and region.
By type, 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 & breakers, robotic trucks, and other automated equipment.
By component, the global smart mining market is categorized into hardware, software & solution, and services. Hardware component encompasses sensors, RFID tags, intelligent systems, and others.
By 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.
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