Smart Mining Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $15,837 million by 2022, registering a CAGR of 14.9% during the period 2016-2022.
The advent of remote-controlled trucks at an iron ore mine resulted in increased safety of workers and operators. However, the manufacturer offered mining equipment to meet the safety standards as regulated by Mining Federal Agencies and contribute to a sustainable environment without affecting the landscape. Moreover, increased adoption of infrared sensors and safety and security solutions at mining sites has led to the remarkable growth of the smart mining market.
Factors such as an increased focus on safety & health, rapid adoption of IoT solutions, and a rise in adoption of autonomous equipment have boosted the overall market growth. However, the dearth of highly skilled and qualified labor, availability of poor infrastructure, and stringent government regulations regarding air, water, and environment are the key restraining factors of the market.
Surface mining segment accounted for about 63% of the overall market revenue in 2014, which was more than that of the underground mining segment. Increase the number of fatal accidents during surface mining has resulted in higher adoption of smart mining technologies in the mining industry. Smart mining requires strong infrastructure development, which is difficult for mining companies to implement due to the complexities involved in the installation of these resources at underground mining sites. However, the growing adoption of smart mining technologies in underground mining applications is expected to boost market growth during the forecast period.
