Internet of Things Market in Mining Introduction
Internet of things is becoming a mainstream technology in the mining sector and is opening an opportunity window for mining companies to automate mining process by connecting people, machine and services to streamline communication flow. IoT technology, software and solutions ensure efficient connected asset management, predictive maintenance, fleet management, remote monitoring of mining equipment and provide real-time production and delivery updates. Increasing number of mining accidents is raising safety concerns of labours working in hazardous areas; this is encouraging miners to deploy IoT technologies in mining equipment that can perform mining activities without human interference in such areas.
Drivers & Restraints
Growing environmental concerns and increasing number of underground mining accidents is encouraging miner to implement enhanced connected solutions developed on latest IoT technology to automate underground mining and hazardous areas mining activities. This, in turn, is driving the growth of IoT market in the mining sector. Moreover, benefits such as low operating costs, enhanced safety and operational efficiency offer by IoT technology is projected to accelerate growth of the IoT market in the mining sector during the forecast period. In contrast, challenges such as high initial capital & training cost and government regulation to forbid complete automation to reduce unemployment rate in the sector is expected to hinder the adoption of IoT technologies in the sector to some extent.
Increasing inclination of miners towards simulator technology 3D imaging and printing technology to improve mining operations has been witnessed in the Internet of Things Market in Mining. In addition, deployment of remote operating and monitoring system has become an emerging trend in the industry.
The global Internet of things market in mining has been classified into type and end user.
- Asset Management Solution
- Data & Operation Management Solution
- Energy Management Solution
- Analytical Tool and Other Solutions
- Intelligent System
- Connectivity Device
- RFID Tags & Sensors
- Other hardware
- Implementation & Integration Service
- Training Service
- Consulting Service
- Support Service
- Surface Mining
- Underground Mining
Region wise, the overall IoT market in mining can be segmented into six major regions such as North America, Latin America, Western Europe, Asia Pacific, Eastern Europe, and Middle East and Africa (MEA). In terms of IoT technology adoption, the Asia Pacific IoT market in mining dominated the overall market in 2014. In addition, the market in the region is expected to expand at the highest CAGR over the forecast period.
Internet of Things Market in Mining Competitive Landscape
Global IoT market in mining structure comprises connected hardware providers, service providers and solution providers. Key players include ABB Ltd., Atlas Copco, Autonomous Solutions Inc., Hitachi Ltd., Joy Global, Cisco Systems Inc., IBM Corporation, Deloitte Touche Tohmatsu Ltd. and Accenture plc.
The research study would provide an in-depth assessment of the IoT market in mining and include reliable analysis, insights, facts and industry-validated market estimation and projections, supplemented by appropriate assumptions, methodologies, and approaches. Insights and analysis on various market segments such as type, end user, and region included in this research report scope.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on IoT market in Mining would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.