Portland, OR, April 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart mining industry generated $9.25 billion in 2019, and is expected to reach $24.04 billion by 2027, growing at a CAGR of 13.0% from 2019 to 2027. The report offers a detailed analysis of drivers & opportunities, market size & estimations, top winning strategies, key segments, and competitive scenario.
Surge in penetration of advanced technologies, increase in demand for automation in mining equipment, and improved efforts toward the safety and security of mine workers drive the growth of the global smart mining market. However, dearth of skilled and qualified labor, and mining graduates hinders the market growth. On the other hand, increase in application of environmental laws concerning mining industry and initiatives offered by governments and mining companies offer new avenues for coming years.
The global smart mining market is divided on the basis of type, category, and region. Based on type, the market is segmented into underground mining and surface or open pit mining. The surface mining segment contributed to nearly two-third of the total share of the global market in 2019, and is expected to maintain its dominant position throughout the forecast period. In addition, the segment would maintain the fastest CAGR 13.3% in between 2019 to 2027.
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Based on category, the market is classified into automated equipment and components. The automated equipment segment held the highest market share accounting for more than two-thirds of the total market in 2019, and is expected to maintain its lead position during the forecast period. However, the component segment is projected to witness the highest growth rate with a CAGR of 14.0% from 2019 to 2027.
Based on region, Asia Pacific accounted for the highest share in terms of revenue, contributing to nearly two-fifths of the total market share in 2019, and is estimated to maintain its top position during the forecast period. However, LAMEA is estimated to register the largest CAGR of 14.2% from 2019 to 2027.
Leading market players analyzed in the research include Caterpillar Inc., Robert Bosch GmbH, Cisco Systems, Inc., Hexagon AB, Hitachi Ltd., ABB Ltd., Komatsu Ltd., Rockwell Automation Inc., Sandvik AG, and Trimble Inc.
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They have implemented different strategies including collaborations, mergers & acquisitions, partnerships, joint ventures, and others to consolidate their position and expand their market across the world.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.