Asia Pacific Smart Mining Market to 2027 - Regional Analysis and Forecasts by Component ; Mining Type
Increasing middle-class population and urbanization in these countries are offering ample opportunities for key market players in the smart mining market in APAC.
NEW YORK, April 22, 2020 /PRNewswire/ --
The smart mining market in APAC was valued at US$ 3,736.5 million in 2018 and is projected to reach US$ 16,245.8 million by 2027; it is expected to grow at a CAGR of 18.2% during 2018–2027. APAC comprises several developing economies such as China, India, Japan, South Korea, and Australia. Increasing middle-class population and urbanization in these countries are offering ample opportunities for key market players in the smart mining market in APAC. Rapid technological developments, government support, growing digitalization, and rising disposable income among middle-income class population are the major factors helping economy to move forward from the developing to a developed phase. APAC integrates the smart mining industry within the global economy more quickly compared to other regions in the world. Additionally, among world's top 40 mining companies, close to half of the number reside or closely tied up with the region. The mentioned factors are anticipated to contribute to the growth of smart mining market in APAC.
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Based on component, the smart mining market in APAC was led by the hardware segment in 2018 with a decent share and is expected to continue its dominance during the forecast period.The smart safety helmet has been developed with methane and carbon monoxide gas sensors to warn underground coal mine workers when the concentration of harmful gases exceeds a given limit.
Likewise, wearable smart cameras are introduced to be used at mining sites for many purposes, depending on the characteristics of the mining activity.
The overall size of the smart mining market in APAC has been derived using both primary and secondary sources.The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the smart mining market in APAC.
It also provides an overview and forecast for the smart mining market in APAC based on all the segmentation provided with respect to the APAC region.Additionally, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data.
The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the smart mining industry. ABB Ltd, Alastri, Caterpillar Inc, SAP SE, Trimble Inc, and Hitachi Ltd are among the key players present in the smart mining market in APAC.
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