The smart mining market is projected to grow to $23.45 billion by 2027, driven by automation and safety advancements, despite Covid-19 impacts.
The rise in the use of advanced technologies, surge in demand for automation in mining equipment, and improved efforts toward the safety of mine workers are the key drivers propelling the growth of the global smart mining market.
As per the report published by Allied Market Research, the global smart mining market generated $9.26 billion in 2019, and is expected to garner $23.45 billion by 2027, registering a CAGR of 16.3% from 2020 to 2027. The report covers an in-depth analysis of drivers & opportunities, market size & estimations, key segments, top winning strategies, and competitive scenarios.
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Priyanka Khandelwal,Lead Analyst, Construction and Manufacturing at Allied Market Research, stated, “The players in the global smart mining market are emphasizing on improving the mining automation technologies by investing in R&D. Machine learning, artificial intelligence (AI), and internet of things (IoT) can revolutionize the current smart mining products, thereby, improving the mining efficiencies.”
Covid-19 pandemic impact on the global smart mining market:
Usage of advanced and smart technologies, rise in demand for automation, spread in awareness of the safety and security of mineworkers, and the need of mining businesses to create a productive work culture are some of the factors driving the global smart mining market. However, less availability of skilled and qualified labor and mining graduates restrains the market growth. On the contrary, increase in the application of environmental laws and initiatives by governments and mining companies offer better opportunities for the market to grow.
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The report offers a comprehensive analysis of key winning strategies, drivers & opportunities, key segments, market size & estimations, and competitive scenarios. The report classifies the global smart mining market on the basis of category, type, and region.
Based on category, the automated equipment segment contributed to the largest market share, holding more than two-thirds of the total global smart mining market share in 2020, and is expected to lead throughout the forecast period. On the other hand, the component segment is expected to witness the highest growth rate with a CAGR of 17.4% from 2020 to 2027.
Based on type, the surface mining segment held nearly two-thirds of the total share of the global market in 2020, and is anticipated to maintain its dominance during the forecast period. Moreover, the segment is expected to manifest the fastest CAGR of 16.6% from 2020 to 2027.
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Based on region, Asia-Pacific contributed to the largest share in terms of revenue, accounting for around two-fifths of the total market share in 2020, and is estimated to maintain its top position during the forecast period. However, LAMEA is estimated to register the highest CAGR of 17.6% from 2020 to 2027.
Key leading players of the global smart mining market include Trimble Inc., Caterpillar Inc., Cisco Systems, Inc., Robert Bosch GmbH, ABB Ltd., Komatsu Ltd., Rockwell Automation Inc., Hexagon AB, Hitachi Ltd., and Sandvik AG.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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The article discusses the growth of the global smart mining market, projected to reach $23.45 billion by 2027.
Covid-19 negatively impacted the market due to lockdowns and trade halts, but recovery is expected with lifted restrictions.
Asia-Pacific holds the largest market share in the global smart mining market.
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