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). 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%.
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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.
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Automated Excavators to Lead with Largest Share in Global Market
The market has been segmented on the basis of automated equipment, hardware component, software solution, services, and geography. Based on automated equipment, the market has been segmented into excavators, load haul dump, drillers & breakers, robotic truck, and other automated equipment. The automated excavators segment held the largest share of around 30% of the smart mining market in 2016. In terms of hardware component, the market has been segmented into sensors, RFID tags, intelligent systems, and others. Intelligent electronic systems for smart mining accounted for the largest share of the smart mining market in 2016.
In terms of software solution, the market has been segmented into logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. Data and operation management software for smart mining accounted for the largest share of the smart mining market in 2016. In terms of services, the market has been segmented into support and maintenance, system integration and implementation services, product training services, and consulting services. Support and maintenance services for smart mining accounted for the largest share of the smart mining market in 2016.