Dublin, Jan. 16, 2020 (GLOBE NEWSWIRE) -- The "Smart Mining Market - Growth, Trends and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global smart mining market was valued at USD 6.8 billion in 2019 and is expected to reach USD 20.31 billion by 2025, at a CAGR of 8.2% over the forecast period 2020-2025.
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.
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.
- 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.
Underground Mining to Witness the 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 a 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.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Focus on Safety and Health
4.3.2 Increasing Penetration of Internet of Things (IoT) Solutions in Mining
4.4 Market Restraints
4.4.1 Lack of Qualified and Highly-skilled Labor
4.4.2 Challenging Equipment Management
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Solution and Service
22.214.171.124 Smart Control System
126.96.36.199 Smart Asset Management
188.8.131.52 Safety and Security System
184.108.40.206 Data Management and Analytics Software
220.127.116.11 Monitoring System
18.104.22.168 Other Solutions
22.214.171.124 System Integration
126.96.36.199 Engineering and Maintenance
5.2 Mining Type
5.2.1 Underground Mining
5.2.2 Surface Mining
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 Wenco International Mining Systems Ltd.
6.1.3 SAP SE
6.1.4 Rockwell Automation Inc.
6.1.5 Komatsu Mining Corporation (Joy Global)
6.1.6 Symboticware Inc.
6.1.7 ABB Ltd.
6.1.8 Trimble Inc.
6.1.9 IBM Corporation
6.1.10 Atlas Copco
6.1.11 Outotec OYJ
6.1.12 Hexagon AB
6.1.14 ABB Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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