Connected Mining Market - Forecasts from 2018 to 2023
The global connected mining market was valued at US4.421 billion in 2017 and is projected to expand at a CAGR of 14.60% over the forecast period to reach US$10.015 billion by 2023. Connected mining makes use of technology in achieving better safety and productivity and hence contributes to the reduction of operational costs of mining as well. This is further accomplished by the introduction of innovative solutions which are one of the major drivers driving the global connected mining market. One of the innovations include the use of remote-controlled robots also known as tele-robotic mining reducing the risk for the miners. The rise in demand for the minerals and metals will further add to the growth of the global connected mining market. Moreover, connected mining can accelerate the ROI by reducing the production costs contributing towards the market growth. However, the lack of skilled labor is hampering the global connected mining market. The growing smart city projects, especially in emerging nations like China, India and Brazil among others are expected to augment the market growth in the forecast period.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical region. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the connected mining value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global connected mining market.
Major industry players profiled as part of the report are Caterpillar, ABB, Rockwell Automation, Inc., IntelliSense.io and Hexagon among others.
The global connected mining market has been analyzed through following segments:
Connected Security System
Connected Control System
Connected Remote Management Solution
Support and Maintenance
Europe Middle East and Africa