The global smart mining market is expected to witness significant growth over the forecast period. Smart Mining basically assigns to the incorporation of Information and Communications technology (ICT) solutions for the complete supply chain of the mining production, empowering well-organized connectivity amongst the managers, employees, and experts in order to permit optimum production and with criteria of retrieving least or no wastes at any stage with harmless as well as ecologically friendly landscape. These days, the mining industry is moving in the direction of a more rapid, nontoxic, and much more precise manufacturing practice. In addition, factors such as price cutting schemes also encourage several administrations to implement novel technologies in order to ensure better quality processes and production both in terms of quality as well as quality.
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. Moreover, there is a rise in the replacement of conventional mining technologies with smart automated technologies. The smart mining technologies are also considerably safer and environment-friendly as compared to traditional mining technology and technology allows monitoring pollution to meet environmental regulatory norms.
On the other hand, there are also factors that hamper the growth of the global smart mining market Size such as unavailability of adequate infrastructure, high expenditure allied with the deployment technology through the mine, and also lack of trained labor workforce to effectively run smart technologies. Additionally, a lack of standardization guidelines may put off the implementation rate of Smart Mining solutions and equipment.
The global smart mining market Size is categorized on the basis of automated equipment, hardware component, software solutions, services, and geography.
On the basis of automated equipment, the global market size is categorized as excavators, load haul dump, drillers & breakers, robotic truck, and the other automated equipment. In 2014, automated excavators accounted for the major share of the global market size.
On the basis of the hardware components, the global market size is categorized as sensors, RFID Tags, intelligent systems, and others. Amongst the hardware components, the intelligent electronics systems dominated the major share of the global market in 2014.
On the basis of software solutions, the global smart mining market size is categorized as logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. In 2014, Data and Operation Management Software held the largest share of the global Market Size.
On the basis of services, the global smart mining market size is categorized as Support and Maintenance, System Integration and Implementation services, Product Training Services, and Consulting Services. In 2014, the Support and Maintenance services accounted for the major share of the global market size.
On the basis of geography, the global smart mining market size is categorized as North America, Europe, Asia Pacific, Middle East, and Africa, and South and Central America. Asia Pacific dominated the major share of the global market size in 2014. The Asia Pacific market size is traced by Europe and North America.
Some of the prominent players that fuel the growth of the global market size include Hitachi Construction Machinery Co. Ltd., ABB Ltd., Komatsu Ltd., OutotecOyj, Copco, Caterpillar Inc., Atlas Joy Global Inc., Cisco Systems Inc., and Alcatel-Lucent.
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