Transparency Market Research states that key players operating in the global smart mining market are likely to make significant investments in research and development. Market players are expected to focus on development and launch of new products, profitable partnerships, and consistent efforts toward expanding their product portfolio. Some of the leading companies in the global market are ABB Ltd., Atlas Copco, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Joy Global Inc., and Komatsu Ltd. Analysts point to the fact that emerging economies, especially in Asia Pacific, are likely to offer several lucrative opportunities to these players in the foreseeable future.
According to the research report, the global smart mining market is likely to be worth US$ US$16.25 bn by the end of 2025 from US$6.80 bn in 2016, with a strong CAGR of 10.2%. Out of various equipment, the automated excavators are projected to lead the global market. Their improved safety has been identified as their unique selling point. Geographically, Asia Pacific has been estimated to stand out amongst all the other regional markets.
Availability of Cheap Labor to Challenge Smart Mining Market
On the other hand, the capital-intensive nature of the smart mining equipment is expected to tug the market in the opposite direction. Furthermore, lack of awareness about technologies in developing economies is also anticipated to hamper market growth. The abundance of cheap labor in the emerging economies of Asia Pacific has been identified as a challenge to the global smart mining market. However, discovery tougher terrains is expected to boost the demand for smart mining equipment in the near future.