Smart Mining Market Insights, Deep Analysis of Key Vendor in the Industry

According to FMI’s ongoing research, the global  smart mining market  will see significant traction in the coming years due to the adoption of advanced technologies and automated vehicles. By the end of the forecast period 2015-2020, the global market for smart mining is expected to generate a compound annual growth rate of 14.5% and revenue of $13 billion. The main areas currently observing an increase in automation are machine guidance, simulator training, and surface drilling technology.

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Trends expected to improve the implementation of smart technologies include:

Strong adoption of IoT

Hire a remote monitoring system

Mounted use of 3D imaging

investment in simulation technology

Strong adoption of the Internet of Things (IOT)

Mining operations will be shaped by the rapid development of technology. The adoption of IoT is increasing in mining vehicles and equipment, although it may take years for mining sites to be fully connected. To predict maintenance, miners used advanced tools to reduce downtime and increase operational efficiencies. The use of IOT for repair work to predict maintenance, scheduling is expected to play an important role in widespread adoption.

Hire a remote monitoring system

Remote monitoring systems help miners collect data from locations in real time and send it to regional centers in real time. A significant number of companies have effectively implemented remote monitoring systems in their processes. The adoption of remote monitoring systems is expected to observe future developments.

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Mounted use of 3D imaging

3D imaging is more widely used in mining research, and these developments are expected to proceed in the near future. The increased targeting and planning of drill holes is expected to increase the adoption of 3D imaging technology.

investment in simulation technology

Simulation techniques are especially useful in emergencies, which are gaining traction among miners. The technology itself is very effective, and budget cuts have limited adoption. Nevertheless, in the long term, the technology is poised to observe widespread adoption.

Study on End User Survey of Smart Mining Market

The end-user survey was conducted by Future Market Insights with prominent mining operators centered on BRIC, Oceania and ASEAN, and MEA (Middle East and Africa). Some important findings from the survey include:

Nearly 88% of respondents will use smart mining technology solutions for both underground and surface mining.

Miners in Oceania will adopt smart mining on a larger basis, followed by ASEAN.

31% of respondents who have not implemented smart mining’s technology solutions will use them next year.

Operating both underground and in surface mines, the company managed approximately 70% of its production and logistics operations in-house.

Survey results show that, among comprehensive mining operations, a greater amount of production processes are managed in-house.

Smart Mining Market Research and Forecast by Automation Equipment

In the forecast period 2015-2020, the highest level of automation will be observed by load hole dumpers and excavator machines. Both of these equipment segments are estimated to account for 50% revenue share in the smart mining global market in 2020. It also raised US$928Mn for driller and breaker rig and US$1186Mn for LHD rig in 2015.

Geographical Study and Forecast of Smart Mining Market

Globally, APEJ (Asia Pacific excluding Japan) remains a major market for smart mining. Western Europe and North America remain lucrative markets for smart mining services and equipment during the forecast period. In 2015, APEJ accounted for approximately 35% of revenue share and is expected to reach 38.6% by 2020. In 2015, $1.63 billion worth of smart mining services and equipment were sold in North America. In the forecast period 2015-2020, the North American market for smart mining is expected to grow at a compound annual growth rate (CAGR) of 12%, as well as generate revenue of $3 billion.

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Global Smart Mining Market: Key Players

Prominent global market players for smart mining include Alcatel-Lucent, Cisco Systems Inc., Atlas Joy Global Inc., Caterpillar Inc., Copco, Outotec Oyj, Komatsu Ltd., ABB Ltd. and Hitachi Construction Machinery Co. Also, in order to increase end-user awareness, these players are investing heavily in R&D to launch groundbreaking services and products in the market.

Main sectors covered

By automation equipment

driller and breaker

load dump

mine excavator

robot truck

Other automation equipment

by component

hardware

intelligent system

RFID tags and sensors

other hardware

solution

Data and Operations Management Software

analysis solution

connection platform

Other solutions

service

Engineering and maintenance services

consulting service

product training service

Implementation and Integration Services

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