Future Market Insights: smart mining market to be worth US$13 billion by 2020-end
Published by Claire Cuddihy,
Global Mining Review,
According to ongoing research by Future Market Insights (FMI), the global smart mining market will observe considerable traction in the forthcoming years due to the 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$13 billion in revenues.
At present, the major areas observing an 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:
- 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 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 is foreseen to observe a step-up in the forthcoming future.
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.
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.
- A survey on end-users was conducted by Future Market Insights along with prominent mining operators who are centred 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.
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$928 million and LHD equipment procured US$1186 million in 2015.
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$1.63 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) compound annual growth rate of 12% as well as rake in US$3 billion in revenues.
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 groundbreaking services and products in the market.
Read the article online at: https://www.globalminingreview.com/mining/12072019/future-market-insights-smart-mining-market-to-be-worth-us13-billion-by-2020-end/
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