Aug 3, 2015 -- Future Market Insights (FMI) projects that the global smart mining market will witness a compound annual growth rate (CAGR) of 14.5% and reach a valuation of US$ 13 Bn by 2020. In its recent report titled, “ Smart Mining Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020”, FMI provides key insights on global trends and prospects of smart mining market.
Smart mining equipment and solutions are gaining traction among surface and underground miners owing to their numerous benefits, such as enhanced operational efficiency, reduced turnaround time, and enhanced safety. “Both surface and underground miners are aware about the advantages of smart mining and its low impact on the environment. These factors are fuelling the adoption of smart mining globally”, said FMI consultant Vineet Kumar. He further added that incorporation of big data analytics for real time data analytics and predictive analytics to prevent mining equipment failures has become a key trend in the smart mining market globally.
FMI End-user Survey Highlights Growing Adoption of Smart Mining Technology
FMI’s survey on the smart mining market revealed that automation is becoming a growing trend in both surface as well as underground mining. Nearly 88.3% of respondents are currently using smart mining technology solutions in both underground and surface mining operations. This end-user survey was conducted by FMI with leading mining companies operating in Middle East & Africa (MEA), BRIC, ASEAN, and Oceania.
According to FMI, majority of respondents are optimistic that mining companies will deploy autonomous technologies in order to improve operational efficiency and reduce the turnaround time. Approximately 97.2% of respondents, pointed towards the use of autonomous solutions in mining operations. FMI’s study further revealed that 30.8% of respondent organisations that are currently not using smart mining technology plan to use it within a year.
Demand for Automated Equipment Driving the Smart Mining Market
The smart mining market is segmented into automated equipment and component. FMI forecasts that the automated segment will witness a CAGR of 14.8% during the forecast period 2015-2020 and reach a valuation of US$ 9.47 Bn. On the other hand, the component segment is anticipated to be worth US$ 3.52 Bn by 2020.
Automated equipment is further sub-segmented into driller & breaker, load haul dump (LHD), mining excavator, robotic trucks and other automated equipment. Among all the aforementioned sub-segments, mining excavator sub-segment dominated the market with over 25% of automated equipment segment revenue in 2014; however, FMI estimates it to decrease by 190 BPS by 2020.
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The component segment includes hardware, solution and service sub-segment. Of all the component sub-segments, hardware dominated the components segment in 2014.
APEJ & North America: Key Regions for Smart Mining Market
FMI’s research revealed that Asia Pacific excluding Japan (APEJ) and North America were the most lucrative regions for smart mining market. APEJ dominated the smart mining market with over one-third share of the global smart mining market revenue. FMI estimates that the smart mining market in APEJ will expand at a CAGR of over 16% through 2020. The market in APEJ is anticipated to be fuelled by increased investment by mining companies on automated equipment and intelligent systems.
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According to FMI, key stakeholders in the smart mining market are looking at mergers & acquisitions and partnerships to tap into new markets and enhance their existing product portfolio. ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Joy Global Inc., Komatsu Ltd., Outotec Oyj, Cisco Systems Inc., and Alcatel-Lucent are some of the key companies in the global smart mining market.