Global Connected Mining Market 2016-2020
About Connected Mining
Connected mining refers to the use of technology to achieve better productivity and safety, as well as reduce operational costs for a mine site. Mining companies focus on improving the productivity by offering innovative solutions. Connected mining includes remote-controlled robotic machinery for mineral extraction, which is referred to as tele-robotic mining and reduces the risk for miners. For instance, Caterpillar uses robots at Gabriela Mistral mine in Antofagasta, Chile to enhance the efficiency of maintenance services. The rising demand for metals and minerals will result in increased mining activities globally, which in turn will aid in the growth of the global connected mining market over the forecast period.
Technavio’s analysts forecast the global connected mining market to grow at a CAGR of 17.46% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global connected mining market for 2016-2020. To calculate the market size, the report considers the revenue generated by surface and underground smart mining processes.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Connected Mining Market 2016-2020
Technavio recognizes the following companies as the key players in the global connected mining market: ABB, Cisco, Komatsu, Caterpillar, and Deere-Hitachi.
Other prominent vendors in the market are: Accenture, Alastri, BT, Ericsson, Gemalto, Hexagon, Rockwell Automation, SAP, ThingWorx, and Trimble.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is growing demand for big data analytics. With the adoption of connected technology and data centers, most of the enterprises are adopting advanced tools to leverage the availability of an abundance of data. These companies are leveraging big data and designing their IT strategy to capitalize on such opportunities. For instance, in 2014, IBM introduced new big data solutions to help organizations in avoiding financial crimes by using advanced analytics to address losses each year. To make the most of this data, governments worldwide are focusing on building a big data infrastructure, which has increased the overall IT services cost. This has prompted the government to outsource data analytics activities. As the use of big data has spread across several industrial segments including mining, the convergence of big data with the industrial internet is likely to return better payoffs, resulting in its adoption in all mining applications.”
According to the report, one of the primary drivers in the market is increased global mining operations. Minerals and metals play a crucial role in daily operational activities involving food and water supply, sewage treatment, energy, infrastructure, transportation, construction, and manufacturing industries. Depleting mineral deposits in Europe and the US have led to a rise in the exploration and mining activities in Latin America, Africa, and parts of Asia. Technological advances facilitate the exploration of the previously inaccessible mining deposits. The development of large ocean-going vessels, which were initially constructed to transport crude oil, is also facilitating the global trade of bulk mineral commodities, such as iron ore and bauxite.
Further, the report states that one major challenge in the market is data privacy and security concerns. There will be significant investment in developing and deploying industrial internet systems in the future. Adapting to dynamic requirements is crucial for any organization. So organizations focus on developing open, integrated hardware and software platforms, and scalable real-time networks. It is important to deploy a flexible network of systems that can evolve and adapt to the changing requirements. However, deploying flexible solutions involves high cost. Organizations use a platform-based approach, which involves a single flexible hardware architecture that supports various applications and eliminates hardware complexities. This principle also applies to software, and a unified solution with a powerful hardware-software platform will be delivered.
ABB, Cisco, Komatsu, Caterpillar, Deere-Hitachi, Accenture, Alastri, BT, Ericsson, Gemalto, Hexagon, Rockwell Automation, SAP, ThingWorx, Trimble.