In a recent published report, Global Smart Mining Market report for till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Mining Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Smart Mining was born as a result of nationalization of resources, decreasing productivity and increasing operational cost in the mining industry. Smart Mining offers integrated solutions, where the flow of information and optimization of processes with the incorporation of latest technologies increases overall efficiency (recorded a whopping 40% rise in efficiency) and maximizes the outcome of the mining process and at the same time improves the safety of equipment and personnel. This new wave of digital transformation has changed manual intensive processes to fully-automated, reactive analysis approach to predictive analysis and provided a holistic approach to scheduling and planning.
Major drivers of the growth are an adoption of automated equipment and Internet of Things solutions, and growing concern for safety (For ex: remote controlled-driverless trucks) and security. Also, with the improvements in infrastructure, the market share of underground marketing is expected to increase in the forecasted years. Another major factor is the cost cut provided by smart mining, such as pre-knowledge of potential sites and mining spots.
As more and more data moves to the cloud with the advent of IoT, there has been a growing concern of cyber-security where corporate intellectual property, mining and exploration plans, personnel information and business data are all at risk. Another inhibitor to the growth of smart mining market is the concern of environment and resource depletion that communities and governments raise and address. Having said that, market players are already working on mining solutions that do not affect life on planet and vegetation.
The smart Mining market can be segmented on the basis of type, category and geography.
On the basis of type, there exists underground and Surface Mining. However, Surface Mining generates more than half of the revenue. On the basis of category, the market can be classified into automated equipment and component. Various types of automated equipment are a road train, excavators, trucks, wheel, hydroseeders etc. The excavator segment accounted for the highest revenues in the automated equipment category, owing to the advancements in GPS and collision- avoidance technology.
On the basis of the component, the market is further segmented into services, hardware and software solutions. The hardware segment generates the highest revenues for the smart mining market. Hardware includes radar and other sensors, Intelligent Systems etc. Software solutions include innovations and integrated solutions for logistics, Remote Management systems, safety, security, analytics, data, and operations. Remote Management Systems captures maximum market share in the software solutions segment. Services provided by smart mining are support, maintenance, integration, and consultation.
On the basis of geography, the Smart Mining Market can be segmented into North America, Europe, and Asia-Pacific region, Latin America, Middle East and Africa. APAC region has recorded the highest revenues in the past. For example, the Chinese market has undergone intensive competition and the adoption of technology and automated equipment. Moreover, there has been a rising mandate for safety procedures such as fire extinguishers and ventilation at the mining site.
Some of the major players in the market include Rockwell Automation,Trimble Navigation Limited, Caterpillar, ABB Group, Cisco Systems, Komatsu Ltd., Hexagon AB, Alastrietc.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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