According to a new market research report “Smart Mining Market by System and Solution (Connected Asset, Connected Logistic, Connected Control System, Safety and Security, and Remote Management Solution), by Method (Surface and Underground Mining), by Service, and by Region – Global Forecast to 2020″published by MarketsandMarkets, the Smart Mining Market expected to grow from USD 3.84 Billion in 2015 to USD 9.98 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
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The major drivers of this market include better cost efficiency, increased ICT spending, and volatile commodity prices. Furthermore, more than 200 smart city projects across the globe provide huge opportunities for connected mining vendors, service providers, platform providers, and consulting companies.
Evolution of smart connected mines and accelerating market for system integrators open major opportunities for the connected mining vendors and solution providers
The market size for connected mining segment has considerably grown over the past few years on the account of evolving mining industry and the emergence of technologies such as Industrial Internet of Things, data analytics, and remote metering have further augmented the opportunity areas for this market. The advancement in surface and underground mining systems, solutions, and services coupled with the increasing integration of IoT with such solutions has led to significant investment in smart mining projects globally. The increasing opportunity for system integrators will also act as an opportunity for the connected mining market.
Operational Data Processing & Analytics and Connected Logistics are expected to be the most promising solutions during the forecast period
The Smart Mining Market has been segmented into systems & solutions, services, methods, and regions. Operational Data Processing & Analytics and Connected Logistics solution segment is projected to grow with a high growth rate; hence, will present good market opportunity during the forecast period. System integration and consulting services holds a major share in the connected mining services segment. The increasing demand for system integrators to install, manage, and maintain various connected platforms act as a major driving factor for growth of system integrators.
Currently, North America holds the maximum market share in the connected mining market.
North America is expected to have the largest market share and would dominate the Smart Mining Market from 2015 to 2020, with growing number of mining projects, increasing need for mineral ores, and strict government mandates. Latin America and the Middle East & Africa (MEA) offers potential growth opportunities due to the developing large-scale mining projects, new economic and political reforms of the region, increasing mineral prices, and employment opportunities.
The major vendors covered in the Smart Mining Market for this study include ABB Group, SAP SE, Cisco System, Inc., Rockwell Automation, Hexagon AB, and Trimble Navigation Limited.
MarketsandMarkets segments the Smart Mining Market on the basis of Systems and Solutions- operational data processing and analytics, connected assets, connected logistics, connected control systems, connected safety and security system, and remote management solution and Services- system consulting, system integration, and support & maintenance, and Geography. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions.
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