A recent report published by Infinium Global Research on smart mining market provides in-depth analysis of segments and sub-segments in global as well as regional smart mining market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional smart mining market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart mining market. According to the report, the global smart mining market is projected to grow at a CAGR of 9.2% over the forecast period of 2018-2024.
Smart mining term is associated with the improvements in the mining process by using technical innovations as per the need of the mining industry. The mining industries are focusing on safer, faster and better production with the use of various technologies and advanced equipment’s. The smart mining helps to improve productivity, safety as well as used to reduce the operation cost.
Smart mining offers various benefits such as reduced operational cost, reduction in labor cost and improving overall productivity that is the key factor driving the growth of smart mining market. In addition, the increasing adoption of the internet of things (IoT) and rising health and environment concern is driving the market growth of smart mining across all over the globe. Furthermore, ongoing research and developments to upgrade the equipment, software, and services to provide improved and efficient infrastructure are likely to boost the growth of smart mining. However, the absence of highly skilled and qualified labor is hampering the growth of the smart mining market. Moreover, High competition and technological advancement across world results into the adoption of various automated equipment for the mining is projected to create various opportunities in the smart mining market over the forecast period.
Geographically, Asia-Pacific accounts for the largest market share in the smart mining market followed by Europe and North America. In the Asia Pacific region, China is the largest market in the smart mining market owing to its technology adoption and at the same time maintaining ecological balance. EMEA is the fastest growing region in the smart mining market. The mining activities are growing in emerging countries such as Africa, which in turn, boost the market growth of smart mining in the EMEA region. In addition, the advancements in the mining infrastructures at other the Middle East and European countries are expected to escalate the market growth in the EMEA region in upcoming years.
The report on global smart mining market covers segments such as type and component. On the basis of the type, the global smart mining market is categorized into surface mining and underground mining. On the basis of the component, the global smart mining market is categorized into hardware, software, and services.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global smart mining market such as, Rockwell Automation, ABB Group, Komatsu Ltd., Caterpillar, Hitachi Construction Machinery Co, Cisco Systems, Inc., Hexagon AB, Trimble Navigation Limited, Alastri, Atlas Copco and others.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global smart mining market. Moreover, IGR-Growth Matrix analysis given in the report brings insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart mining market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the smart mining market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the smart mining market to understand the present and future trends in this market and formulate their strategies accordingly.