TransparencyMarket Research states that key players operating in the global smartmining market are likely to make significant investments inresearch and development. Market players are expected to focus on developmentand launch of new products, profitable partnerships, and consistent effortstoward expanding their product portfolio. Some of the leading companies in theglobal market are ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi ConstructionMachinery Co., Ltd., Joy Global Inc., and Komatsu Ltd. Analysts point to thefact that emerging economies, especially in Asia Pacific, are likely to offerseveral lucrative opportunities to these players in the foreseeable future.
Accordingto the research report, the global smart mining market is likely to be worthUS$ US$16.25 bn by the end of 2025 from US$6.80 bn in 2016, with a strong CAGRof 10.2%. Out of various equipment, the automated excavators are projected tolead the global market. Their improved safety has been identified as theirunique selling point. Geographically, Asia Pacific has been estimated to standout amongst all the other regional markets.
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ImprovedSafety Measures Ups Demand for Smart Mining Equipment
The globalsmart mining market has been witnessing a soaring rise in the past few years asthe demand for resources has remained high. Smart mining equipment has beendeveloped for putting the concerns pertaining mining operations at ease. Theglobal mining industry are tremendously benefitted with advent and uptake ofInternet of Things. Automated excavators, load haul dumps, drillers andbeakers, and robotic truck have made mining and exploration activities safer inremote locations. Usage of technology for mining has allowed mining companiesto maximize their profits in recent years. The research report states that thedemand for smart mining equipment will gain additional momentum as the need tooptimize production is a pressing one. With improved commercial sales andprofitability, the mining companies are expected to newer avenues to ventureinto.
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Increasingfocus on health and safety of machine operators has had a positive impact onthe uptake of automated equipment. Furthermore, lack of skilled labor in themining industry has also led leading mining companies to opt for smart miningequipment, which is a far more reliable option. Stringent and supportivegovernment policies and environmental laws are all responsible for the growthof the global smart mining market. Furthermore, initiatives toward plantautomation, incorporation of latest technologies, and investment toward bettermining infrastructure are also projected to be the key growth drivers for theoverall market.
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Availability of Cheap Labor toChallenge Smart Mining Market
On theother hand, the capital-intensive nature of the smart mining equipment isexpected to tug the market in the opposite direction. Furthermore, lack ofawareness about technologies in developing economies is also anticipated tohamper market growth. The abundance of cheap labor in the emerging economies ofAsia Pacific has been identified as a challenge to the global smart miningmarket. However, discovery tougher terrains is expected to boost the demand forsmart mining equipment in the near future.
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