According to research by Future Market Insights (FMI), the global smart mining market will see considerable traction in forthcoming years due to increased uptake 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 compound annual growth rate (CAGR) of 14.5% as well as rake in US$13 billion 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 employmentRemote monitoring systems help the miners in collecting data from the location in real-time as well as transfer in real time to the local centre. Substantial number of companies have efficaciously implemented remote monitoring systems in their processes. Employment of remote monitoring systems should see a step-up in the future.
Mounting usage of 3D imaging3D 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 technologySimulation 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-term, this technology should be adopted on a broad scale.
Study on end-user survey of smart mining marketA survey on end-users was conducted by Future Market Insights along with prominent mining operators who are centred in Brazil, Russia, India and China (BRIC), Oceania, the Association of Southeast Asian Nations (ASEAN), and Middle East and Africa (MEA). 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 and forecast by automated equipment on smart mining marketIn 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$928 million and LHD equipment procured US$1.186 billion in 2015.
Geographical study and forecast of smart mining marketGlobally, Asia Pacific excluding Japan (APEJ) remains to be the leading market for smart mining. In the forecast period, Western Europe and North America remains to be the profitable markets for smart mining services and equipment. In 2015, APEJ accounted for revenue share of around 35% and by 2020, the revenue share is anticipated to reach 38.6%. In 2015, smart mining services and equipment worth US$ 1.63 billion 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 of 12% as well as rake in US$3 billion in revenues.
Read the article online at: https://www.globalminingreview.com/finance-business/23082019/smart-mining-market-to-reach-us13-billion-by-2020/