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The factors that propel the growth of the global smart mining market Size include growth in adoption of autonomous equipment, increased emphasis on safety & health, growing environmental concerns, empowers effectual connectivity among miners, optimum product output, and retrieval with minimum wastage.
/EIN News/ — Jersey City, New Jersey, April 13, 2021 (GLOBE NEWSWIRE) — Verified Market Research recently published a report, “Smart Mining Solution Market” by Automated Equipment (excavators, load haul dump, drillers & breakers, robotic truck, and the other automated equipment), by Hardware component (sensors, RFID Tags, intelligent systems, and others), by Software Solutions (logistics software, data, and operation management software, safety and security systems, Others), by Services (Support and Maintenance, System Integration and Implementation services, Product Training Services, and Consulting Services), and by Geography. According to Verified Market Research, the Global Smart Mining Solution Market was valued at USD 9.75 Billion in 2020 and is projected to reach USD 33.35 Billion by 2028, growing at a CAGR of 16.76 % from 2021 to 2028.
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Browse in-depth TOC on “Smart Mining Solution Market”
202 – Pages
126 – Tables
37 – Figures
Global Smart Mining Solution Market Overview
The growth of construction and shipbuilding industries in the Asia Pacific at a rapid pace due to the significant rise in the number of projects is also expected to boost the demand for metals and minerals. Furthermore, growth in disposable income and a rise in demand for durable goods such as automobiles and household equipment with high mineral or metal content are anticipated to fuel the demand for minerals and metals.
In addition, an increase in the demand for metal and minerals in various end uses is likely to propel the mining industry. Mining companies are adopting smart solutions to boost their productivity and output levels in order to cope up with the rising demand for metals and minerals. Therefore, an increase in the demand for metals and minerals is likely to propel the demand for smart mining solutions in the near future. Furthermore, the mining industry is plagued by high-cost operations. If not kept in check, they can disrupt a company’s operations. However, the integration of smart mining solutions helps save costs at several nodes, by not only providing real-time data and its analysis but also accelerating the decision-making process. This can help in cutting down several uncontrollable costs. Therefore, a rise in the demand for cost optimization is projected to augment the smart mining solution market during the forecast period. An increase in process optimization is another factor that is likely to drive the demand for smart mining solutions. Process optimization helps increase profitability, reduce lag time between operations, and enhance the efficiency of operations and processes.
However, the lack of a skilled workforce likely to hamper the smart mining solution market. The mining industry is facing a shortage of skilled workforce. A large percentage of the workforce is nearing the retirement age. The rate of replacement has been low due to the decline in interest of the youth in mining-related activities. This is a major threat to the sustainability of the mining industry.
The major players in the market are Hitachi Construction Machinery Co. Ltd., ABB Ltd., Komatsu Ltd., OutotecOyj, Copco, Caterpillar Inc., Atlas Joy Global Inc., Cisco Systems Inc., and Alcatel-Lucent.
Verified Market Research has segmented the Global Smart Mining Solution Market On the basis of Automated Equipment, Hardware Component, Software Solutions, Services, and Geography.
- Smart Mining Solution Market by Automated Equipment
- Load haul dump
- Drillers & breakers
- Robotic truck
- Other automated equipment
- Smart Mining Solution Market by Hardware Components
- RFID Tags
- Intelligent systems
- Smart Mining Solution Market by Software Solutions
- Logistics software
- Data and operation management software
- safety and security systems
- Connectivity solutions
- Analytics solutions
- Remote management solutions
- Asset management solutions
- Smart Mining Solution Market by Services
- Support and Maintenance
- System Integration and Implementation services
- Product Training Services
- Consulting Services
- Smart Mining Solution Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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