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Smart Mining Market to Grow Significantly Due to Rising Need to Cut on Mining Operational Costs

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Published on : Jun 22, 2016

The decrease in the mining reserves and ores have led to a rise in the mining activities in remote locations. The difference in the demand and supply has put the mining industry under a lot of pressure. Lack of resource, high operational costs, and declining productivity are some of the problems that the mining industry currently facing. To solve these problems and increasing efficiency, many of the mining companies in the world have started integrating information and making use of operational technologies to improve performance. This is nothing but smart mining solutions, which enables mining companies to maximize their commercial outcomes by the optimization of the various processes. 

According to a report published by Transparency Market Research, the global smart mining market which was valued at US$5.98 bn in 2014 is expected to reach US$22.59 bn by 2024, expanding at a CAGR of 14.7% between 2016 and 2024.

How Smart Mining Technology has become Imperative for Mining Industries 

Improving safety and eliminating redundant processes through data integration can be achieved by the use of smart mining technology. Mining companies have been struggling to reduce their operational costs and thus the use of smart mining technology becomes imperative to optimize the production and increase the efficiency of the mining operation. As per the report published by TMR, the use of smart mining technology has increased efficiency level upto 40%. This is expected to boost the adoption of the technology by mining companies as it completely justifies the expenses spent on smart technology.

Asia Pacific: The largest Regional Market for Smart Mining Technology in 2014

In 2014, Asia Pacific was the largest regional segment in the global smart mining market. Europe and North America followed Asia Pacific respectively in terms of growth in 2014. The market in the Middle East and Africa is projected to expand in the future owing to the rapid development of the African countries.