According to an ongoing research by FMI, global smart mining market will observe considerable traction in the forthcoming years due to adoption of advanced technology and automated vehicles. By the end of forecast period 2015-2020, the global market for smart mining is expected to increase at a (CAGR) compound annual growth rate of 14.5% as well as rake in US$ 13Bn in revenues. At present, the major areas observing increase in automation are machine guidance, simulator training and surface drilling technologies.
The trends that are prominently anticipated to improve the implementation of smart technologies are inclusive of: Robust Adoption of IOT , Remote Monitoring Systems Employment ,Mounting Usage of 3D Imaging , Investment in Simulation Technology , Robust Adoption of IOT (internet of things)
Mining operations will be shaped up with the swift advancement in technology. In mining vehicles and equipments, adoption of IOT is increasing even though a mining site to be entirely connected will take couple of years. In order to predict maintenance, advanced tools have been used by the miners which also reduces the downtime and increases operational efficiency. The usage of IOT in repairing tasks predicting maintenance, scheduling is anticipated to play a crucial role in its extensive adoption.
Remote Monitoring Systems Employment
Remote monitoring systems help the miners in collecting data from the location in real-time as well as transfer in real time to the local center. Substantial number of companies have efficaciously implemented remote monitoring systems in their processes. Employment of remote monitoring systems is foreseen to observe a step-up in the forthcoming future.
Mounting Usage of 3D Imaging
3D imaging is used on a larger basis for the study of mines and this development is anticipated to row in the near future. Increase in the targeting and planning of drill holes is expected to increase the adoption of 3D imaging technology.
Investment in Simulation Technology
Simulation technology is beneficial especially in emergency situations due to which it is gaining traction amongst the miners. The technology in itself is highly effective and the shrinking budgets have led to limited adoption. Nevertheless, in the long run, this technology is ready to observe a wide-ranging adoption.
Study on End-user Survey of Smart Mining Market
A survey on end-users was conducted by Future Market Insights along with prominent mining operators who are centered in BRIC, Oceania, and ASEAN, MEA (Middle East and Africa). Few important findings of the survey are inclusive of the following:
Nearly 88% respondents will be using the technology solutions of smart mining in both underground as well as surface mining. The miners in Oceania will be adopting smart mining on a larger basis, followed by ASEAN. The 31% respondents who did not implement technology solutions of smart mining will be using it next year. Companies functioning in both underground as well as surface mining have managed around 70% of production and logistics operations in-house. Survey findings concluded that amongst all-inclusive mining operations, production process’ larger volumes are managed in-house.
Study & Forecast by Automated Equipment on Smart Mining Market
In the forecast period 2015-2020, the maximum level of automation will be observed by the load haul dumps and excavator machines. Together, both of these equipment segments are estimated to account for revenue share of 50% in the global market for smart mining in 2020. Additionally, driller and breaker equipment procured US$ 928Mn and LHD equipment procured US$ 1186Mn in 2015.
Geographical Study & Forecast of Smart Mining Market
Globally, APEJ (Asia Pacific excluding Japan) remains to be the leading market for smart mining. In the forecast period, Western Europe and North America remains to be the profitable markets for smart mining services and equipment. In 2015, APEJ accounted for revenue share of around 35% and by 2020, the revenue share is anticipated to reach 38.6%. In 2015, smart mining services and equipment worth US$ 1.63Bn were sold in North America. In the forecast period 2015-2020, the North America market for smart mining is expected to increase at a (CAGR) compound annual growth rate of 12% as well as rake in US$ 3Bn in revenues.
Global Smart Mining Market: Key Players
The prominent players in the global market for smart mining are inclusive of Alcatel-Lucent, Cisco Systems Inc., Atlas Joy Global Inc., Caterpillar Inc., Copco, Outotec Oyj, Komatsu Ltd., ABB Ltd., and Hitachi Construction Machinery Co. Ltd. moreover, to increase awareness amongst the end-users, these players are investing highly in R&D, for launching ground-breaking services and products in the market.
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