Automated Mining Market Projected to be Worth US$ 13 Bn by 2020 says Future Market Insights
According to Future Market Insights’ new research report, the global automated mining market will be worth US$ 13 Bn by 2020. The report estimates the global smart mining market to expand at a CAGR of over 14% during the period 2015-2020.
Automation has become a key trend in many manufacturing units, and now the mining industry seems to have taken a liking for it. Gwenne Hendrics, a high-ranking official at heavy equipment maker Caterpillar, is of the view that in the future, mines will be fully automated. Instead of doing the hard work themselves, workers will just have to monitor the automated machines.
Incorporating technology in mining provides a host of benefits, including safety, efficiency, and reduced turnaround time. Mining companies are abreast about the developments in the smart technology, and according to an end-user survey carried out by Future Market Insights, nearly 88% respondents agreed to using smart mining technology in both underground and surface mining operations.
N. America & Asia Pacific Key Regions
North America and Asia Pacific excluding Japan (APEJ) are the two key regions in the global automated mining market. China and Australia, two key countries in the mining sector, are in Asia Pacific, and that explains the dominance of the region globally.
The adoption of automated systems and equipment can be seen in both surface- and underground- mining sector. Key people Future Market Insights spoke to while carrying out the survey said environmental conservation and global warming were subjects of focus for the mining industry. They agreed that automated systems could help curb environmental pollution to some extent.
The automated market has been broadly segmented into equipment and component by Future Market Insights. The research firm estimates the automated segment to amplify at a 15% CAGR through 2020. The market value of automated market is anticipated to be nearly US$ 9.5 Bn in 2020.
The automated segment is comprised of robotic trucks, driller & breaker, mining excavator, load haul dump (LHD), and other automated equipment. The demand for autonomous mining excavator was most robust in 2014; Future Market Insights predicts it to remain a dominant segment through 2020, however, it may lose its market share by 190 BPS.
The components segment is comprised of the following segments- -Service -Solution -Hardware
Among these, the demand for hardware components was the most robust in 2014; FMI estimates hardware component segment to account for bulk of the share in the components segment.
The hardware sub-segment comprises RFID tag and sensors, intelligent systems, and other hardware. Among these categories, demand for intelligent systems was the most robust in 2014. According to Future Market Insights, the intelligent systems accounted for over half of the revenue of the overall hardware segment in 2014.
The service sub-segment of the parent components segment is categorised into integration service, engineering & maintenance, consulting, and product training service and implementation. FMI estimates the engineering and maintenance service category to witness the highest CAGR of 19% through 2020.
Key players in the automated mining market are focusing on expanding their product offerings to meet the specific demands of both surface and underground miners. Mergers and acquisitions are also a key trend in the market, with many big multinational players acquiring for smaller players to consolidate their position. Some of the key players in global smart mining market include Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Caterpillar Inc., Alcatel-Lucent, Atlas Copco, ABB Ltd., Joy Global Inc., Outotec Oyj, Cisco Systems Inc.
Future Market Insights is a premier provider of syndicated research reports, custom research reports, and consulting services. For key insights on the Smart Mining Market- Global Industry Analysis and Opportunity Assessment 2015 – 2020, Browse Full Market Research Report athttp://www.futuremarketinsights.com/reports/details/smart-mining-market