Published on : Nov 28, 2019
In a bid to improve mining efficiency and aid in minimizing labor cost, mining companies are increasingly opting for smart mining solutions. It offers real-time communication and monitoring, which aids in the growth of global smart mining solutions market. The mining industry is confronted with steep rise in operating cost, which is adversely affecting the expansion of the industry. Therefore, the need for reduction in operational cost and optimization of process is the need of the hour. The global smart mining solutions market is fuelled by its increasing demand from the mining industry to reduce operation cost. Smart mining solutions offer data modeling, data analysis, and data acquisition.
The global smart mining solutions market has been segmented on the parameters of automated equipment, solution, and region.
Some well-known companies of the global smart mining solutions market are Hitachi Construction Machinery Co., Ltd, Trimble Navigation Limited, Rockwell Automation, Inc., Komatsu Ltd., Alcatel-Lucent., and Stone Three Mining Pty. Ltd.
Adoption of High-end Technologies to Offer Scope of Market Growth
Rapid technological progress is anticipated to direct the course of global smart mining solutions market over the period of assessment. Increased adoption of internet of things (IoT) in the mining equipment and tools are on rise. Miners are making use of latest tools to better operational efficiency and diminish downtime. Rising adoption of IoT in the prediction of maintenance and scheduling are likely to act as catalyst in its increased adoption.
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Miners are making use of remote monitoring system for real-time data collection from the exact location. A large number of mining companies have already taken up remote monitoring system and it has worked in favor of them. It is highly anticipated that remote monitoring system would witness an increased take up smart mining solutions over the period of assessment. Another technology that will witness growth too is increasing use of 3D imaging. It is for the purpose of thorough examination of mines and their development, increased use of 3D imaging is likely to find use. 3D imaging is likely to find rising application in planning and targeting drill holes. Mining industry is also making substantial investment in simulation technology as well.
Extraction of deep sea mineral deposits has seen a noticeable rise in recent times owing to the depletion of metal deposits on land. In addition to that, metals are observing a spectacular growth in its demand, thanks to the remarkable rise in the manufacturing of electronic devices. All these have led to rise in increased activities of marine mining. The global smart mining solutions market gathers momentum from marine mining as it leaves lower impact on the environment and eases deep-sea mining procedure.
Asia Pacific to Notice Rise in Mining Activities Leading to Growth of the Market
North America, Latin America, Europe, Middle East and Africa, and Asia Pacific are the major regions of the global smart mining solutions market. The market has also been segmented on the basis of region to offer deeper insight into the dynamics that are at play on regional levels.
From the regional standpoint, Asia Pacific is likely to emerge as a leading region in the global smart mining solutions market. Such dominance is primarily owing to a rise in mining activities in the region, particularly in India and China. Mining is a key industry in both the countries and many people depend on this industry for their livelihood. The requirement for metals and minerals are likely to rise in Asia Pacific owing to rapid industrialization and urbanization. To meet this large volume of demand, mining companies are going for integration of smart solutions, which is likely to benefit the market in years to come.