VALLEY COTTAGE, New York, June 11, 2015 /PRNewswire/ --
Future Market Insights (FMI), in its recent research report, "Smart Mining Market: Global Industry Analysis and Opportunity Assessment 2015-2020", projects the smart mining market to be worth US$ 13 Bn by 2020. FMI estimates that the smart mining market will witness a CAGR of 14.5% during the forecast period.
Smart mining is being adopted by both underground and surface miners owing to its numerous benefits, such as enhanced operational efficiency and safety, and reduction in the overall turnaround time.
Browse full "Smart Mining Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" Market Research Report at: http://www.futuremarketinsights.com/reports/details/smart-mining-market
Emphasis on minimising the impact to the environment has prompted the mining industry to look at new solutions, and smart technology has emerged as a viable alternative. Use of big data analytics is another key trend in the market according to FMI.
Mining Industry Optimistic on Adopting Smart Technology: FMI End-user Survey
According to FMI's end-user survey with the top mining companies operating in Middle East & Africa, Oceania, ASEAN, and BRIC, nearly 88% of respondents are using smart mining technology. This includes both surface and underground mining companies.
FMI's survey revealed that approximately 97% respondents believed that autonomous technologies will be used to increase operational efficiency and enhance safety in mining operations. Nearly 31% of respondents whose organisations were not using any smart technology as of now, are planningto incorporate it in the next one year.
Automated Equipment & Component: Key Segments of Smart Mining Market
Automated equipment and component are the two broad segments of smart mining market. Automated equipment is further sub-segmented into load haul dump (LHD), robotic trucks, driller & breaker, mining excavator, and other automated equipment. Mining excavator sub-segment dominated the automated equipment segment in 2014.
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Component is sub-segmented into hardware, service, and solution. Hardware dominated the component segment in 2014.The hardware segment is further sub-segmented into RFID tag &sensors, intelligent system, and others. FMI's analysis on the smart mining market revealed that demand for intelligent system was the highest in the hardware segment, and it is anticipated to remain so through 2020.
The service sub-segment is further categorized into engineering & maintenance service, consulting service, product training service and implementation and integration service. The engineering& maintenance service category accounted for over one-fourth of the service sub-segment revenue in 2014, followed by integration and implementation service category. In addition, engineering & maintenance service category is expected to exhibit highest CAGR over 19% between 2015 and 2020.
Browse the full Press Release of Smart Mining Market: http://www.futuremarketinsights.com/pressreleases/details/smart-mining-market
Region-wise, Asia Pacific excluding Japan (APEJ) and North America dominated the smart mining market in 2014. FMI estimates the smart mining market in APEJ to expand at a CAGR of over 16% through 2020. The smart mining market in APEJ is characterised by heavy investment in autonomous systems.
Major participants in the global smart mining market continue to focus on acquisitions and partnerships in order to enter new markets and enhance existing product portfolio. Some of the key players in global smart mining market includes Komatsu Ltd., Caterpillar Inc.,Joy Global Inc., Atlas Copco, ABB Ltd., Hitachi Construction Machinery Co. Ltd., OutotecOyj, Cisco Systems Inc., and Alcatel-Lucent.
Future Market Insights (FMI) is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare and Retail.
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SOURCE Future Market Insights