Smart Mining Market's valuation will reach US$16.25 bn by the end of 2025
Global Smart Mining Market: Snapshot
Rising concerns about mining operation optimization and introduction of Internet of Things (IoT) solutions in mining has resulted in the mining industry beginning explorations 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 to withstand 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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With this background, the global smart mining market is estimated to be worth US$16.25 bn by the end of 2025 from US$6.80 bn in 2016. During the forecast years of 2017 and 2025, the overall market is estimated to register a CAGR of 10.2%.
Smart mining has become imperative for mining companies to optimize production and improve bottom line. Smart mining has enabled mining companies to optimize production and increase efficiencies by up to 40%, thus justifying the price spent on smart mining technologies. Services such predictive analytics achieve cost savings up to seven times than reactive analytics, ensuring enhanced safety and production.
Automation technologies have been successfully implemented, and are expected to justify their cost as the technology improves. Smart mining technologies will certainly open different avenues for mining companies to increase their profitability, thus becoming an affordable solution against volatile global economic conditions.
This research study analyzes the market for smart mining in terms of revenue (US$ Mn) and volume (Units). The smart mining market has been segmented on the basis of automated equipment, component (hardware component and software solutions), service, and geography. The geographical segmentation includes regions which are further divided into nine countries, which are the major players in the global smart mining market. The report features a detailed regional segmentation with market growth forecasts for the 2017−2025 period. For the research, 2015 has been taken as the base year, 2016 is estimated while all forecasts have been given for the period from 2017 to 2025.
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Market data for all the segments has been provided at the regional as well as country-specific level from 2017 to 2025. The report provides a broad competitive analysis of companies engaged in the development of information and communication technologies for the smart mining business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global smart mining market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables.
The report also provides a comprehensive analysis of the global smart mining market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the structure and profitability of the global smart mining market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
Key players in the smart mining market include 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. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.