(Daily Market Journal via Comtex) -- The smart extraction market was valued at $ 5.68 billion in 2018 and is expected to register a CAGR of 19.7% over the forecast period. The exponential decline in human effort required for mechanical applications, through automation, helps establish an improved performance management solution in asset management solutions.
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- Growing pressure from increased productivity requirements and reduced costs has led to changes in infrastructure, processes and basic technology in the mining industry.
- Factors such as increased focus on worker safety and health, strict regulations, rapid adoption of IoT solutions and increased adoption of autonomous equipment have also boosted overall market growth .
- The increasing penetration of advanced technologies in the industry should reduce the significant labor costs for end users and, consequently, lead to considerable cost optimization.
Scope of the report
Mining is a labor-intensive activity which must take into account various safety concerns. Intelligent Mining refers to the optimal use of technology, to achieve higher safety and productivity with minimal costs, in mines.
Main market trends
Underground mining will experience the most
significant growth - Underground mining is a technique to extract designed hard-metal ore compounds, such as metals, coal and minerals, including iron ore, titanium, bauxite and copper, and various non-metallic products beneath the earth's surface.
- Underground mining requires some background check before mining operations can be deployed on parameters such as geographic conditions, spatial and geometrical characteristics, the economic value of the ore, estimated operational costs and the availability of raw materials.
- The main objective of installing intelligent marking systems is to monitor the flow of ore and identify possible areas of extraction and potential dilution. Strategies are developed by mining organizations, based on the results of intelligent solutions, to maximize the recovery of the ore.
- However, due to the uneven terrain, safety and security systems, such as global positioning systems, cannot be used. In addition, due to interference from the rock mass and lack of access points, wireless sensor networks are less reliable.
- Thus, manufacturers have actively invested in adding intelligence to existing technology, in order to cope with the difficult environment.
North America will hold a significant share
- In North America, the United States is experiencing an economic dislocation of its mining industry (especially coal), because of political sensitivity. This has led to factories being idled and workforce reductions in these mines, which has been a difficult factor for the smart mining market.
- Dynamic regulations in the country, due to the changing political environment, should challenge the position of manufacturers of intelligent mining systems.
- With growing challenges, such as the change in the socio-political environment, limited access to capital, rising costs and the nationalism of resources, the industry of the region is looking for new ways to overcome these challenges.
- The smart mining initiatives of various large companies should play a crucial role in overcoming the above challenges.
Competitive landscape
The smart mining market has gained a competitive advantage in recent years. In terms of market share, few major players currently dominate the market. These major players with a significant market share focus on expanding their clientele abroad.These companies rely on strategic collaboration initiatives to increase their market share and increase their profitability.
- May 2018: Wenco International Mining Systems launched its Wenco Mine Performance Suite 6. It helped Wenco to go beyond traditional dispatch systems, incorporating user interface improvements and integration across the suite to improve information, security and performance.
- May 2017: Cisco has partnered with mining companies in Kazakhstan to improve productivity and efficiency.In addition, Cisco is working with Kazatomprom, a national mining operator, to develop a converged digital mining network that connects previously separate networks for voice collaboration, industrial and automation control, and office control.
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Table of contents
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Focus on Safety and Health
4.3.2 Increasing Penetration of Internet of Things (IoT) Solutions in Mining
4.4 Market Restraints
4.4.1 Lack of Qualified and Highly-skilled Labor
4.4.2 Challenging Equipment Management
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers / Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Solution and Service
5.1.1 Solution
5.1.1.1 Smart Control System
5.1.1.2 Smart Asset Management
5.1.1.3 Safety and Security System
5.1.1.4 Data Management and Analytics Software
5.1.1.5 Monitoring System
5.1.1.6 Other Solutions
5.1. 2 Service
5.1.2.1 System Integration
5.1.2.2 Consulting
5.1.2.3 Engineering and Maintenance
5.2 Mining Type
5.2.1 Underground Mining
5.2.2 Surface Mining
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 Wenco International Mining Systems Ltd
6.1.3 SAP SE
6.1.4 Rockwell Automation Inc.
6.1.5 Komatsu Mining Corporation (Joy Global)
6.1.6 Symboticware Inc.
6.1 .7 ABB Ltd
6.1.8 Trimble Inc
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