About Smart Mining Equipment
Smart mining equipment is the use of cutting-edge technologies to improve operational efficiencies, maximize yield recoveries, meet regulatory requirements, and maintain safe or zero-harm environments. Mining companies are looking to increase productivity, enhance worker safety, and reduce operational costs during the mining process. Increasing the underground mining process to meet the increasing demand for minerals will accelerate the adoption of smart mining equipment.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Smart Mining Equipment market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Caterpillar Inc. (United States), Hitachi (Japan), Atlas Copco (Sweden), Komatsu Limited (Japan), Outotec Oyj (Finland), Cisco Systems (United States), Sandvik (Sweden), Robert Bosch (Germany), MineSense Technologies Ltd. (Canada), MIRS Robotics (United States) and Epiroc (Sweden) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Smart Mining Equipment market by Type (Drilling & Blasting, Lauding & Haulage, Robotic Truck, Mining Excavator and Others) and Region.
On the basis of geography, the market of Smart Mining Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel, the sub-segment i.e. OEM will boost the Smart Mining Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mining Type, the sub-segment i.e. Surface Mining will boost the Smart Mining Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Huge Demand for Robotic Trucks and Excavators Due to Growth of Underground Mining Process
Market Growth Drivers:
Increasing Demand of Advanced Technologies and Solutions to Automate Operations and Reduce Operational Cost
Challenges:
Slow Adoption Due to High Cost of Maintenance
Restraints:
Internal Politics and Lack of Cooperation within Mining Companies May Limit the Adoption
Opportunities:
Growing Adoption of Robotic Solutions for Improved Safety of Workforce
Market Leaders and their expansionary development strategies
In July 2021, Epiroc, the infrastructure and mining equipment manufacturer announced the acquisition of Mining Tag S.A. which provides sensor-based solutions. The solutions are mainly used in underground mining and allow monitoring, automation, and process improvement of mining operations. With this acquisition, Epiroc will strengthen its smart digitalization offering in Latin America.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Smart Mining Equipment Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.