Valley Cottage, NY -- (SBWire) -- 12/14/2017 --A detailed market research report recently released by Future Market Insights presents a thorough overview of the global market for smart mining. The report, titled "Smart Mining Market: Global Industry Analysis and Opportunity Assessment, 2015-2020," states that the market will register an impressive CAGR of 14.5% between 2015 and 2020 and rise to an incremental opportunity of US$13 bn by 2020.
With the mining industry shifting its focus towards safer, faster, and better production techniques, smart mining techniques and solutions are helping the mining sector ensure efficient connectivity among the workers, technicians, and supervisors, while also allowing optimal production in an environment-friendly way. The report presents an account of the key factors expected to influence market, in positive or in negative way, thus driving its growth or restraining it over the report's forecast period. An overview of the key trends affecting the overall development of the market is also included in the report.
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Benefits such as enhanced productivity, improved safety, and low operational costs have driven the demand for automated equipment and smart mining components. In the next few years, the market will be significantly impacted by the rapid improvement in the field of technology. While fully connected mines may still be just a notion, IoT is steadily seeing adoption in mining vehicles and equipment. Key players in the global smart mining market have also introduced analytics solutions for predictive analysis, which is being used by miners for purposes such as predicting and scheduling repair or maintenance tasks. This will further push the overall market growth.
However, the mining industry could be hit hard by the recent decline in demand for a number of metals across the globe. Recent uncertainty over the short-term global economic outlook owing to the sluggish growth of the Chinese economy has led to a decline in commodity prices of metals such as iron. As China has been the biggest global consumer of steel, copper, iron ore, and aluminum over the past several years, low demand for metal in China has had a negative impact on the global smart mining industry. This scenario could restrain the growth prospects of the market to a certain extent over the report's forecast period.
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From a geographical viewpoint, Asia Pacific excluding Japan accounted for nearly 35% of the total revenue generated from the global smart mining market in 2015. North America and Asia Pacific excluding Japan are expected to remain the two most promising regional markets for the smart mining industry, with the revenue share of the Asia Pacific market reaching 38.6% in the global market by 2020. The North America smart mining market is expected to register a promising 12% CAGR from 2016 to 2020.
The report also presents a thorough account of the competitive dynamics of the vendor landscape of the global smart mining market. Along with the detailed business profiles of leading players, the report also includes an overview of recent developments in the market. Leading mining companies are operating in regions such as BRIC, ASEAN, Oceania, and the Middle East and Africa. Some of the leading companies operating in the global smart mining market are Atlas Copco, Outotec Oyj, Caterpillar Inc., Alcatel-Lucent, Komatsu Ltd., ABB Ltd., and Cisco Systems Inc. The major players in the market are focusing on partnerships, mergers and acquisitions, and introduction of cutting-edge products to tap new markets.
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Smart Mining Market - Positive Long-Term Growth Outlook 2015 - 2020
Future Market Insights has announced the addition of the Smart Mining Market: Global Industry Analysis and Opportunity Assessment, 2015-2020 report to their offering.