Nov 7 2018
The "Global Mining Equipment Market 2018-2022" report has been added to ResearchAndMarkets.com's offering.
The growing use of advanced technologies with conventional systems will allow the mining equipment market to register a CAGR of more than 7% by 2022.
Various technological advancements such as automation and artificial intelligence have been gaining traction in the mining industry. Owing to the increased need for improving the operational efficiency among the mining companies, manufacturers of mining equipment are focusing on incorporating modern technologies such as AI.
According to the report, one of the major drivers for this market is the growing mining activity owing to the rising demand for mining equipment for extracting minerals and metals for clean energy products. The latest trend gaining momentum in the market is the rising adoption of automation and Artificial Intelligence in mining. The use of these technologies will help the mining equipment or machines for ensuring seamless operations.
Further, the report states that one of the major factors hindering the growth of this market is the rising threats of cyber-attacks in mining technology. The use of software solutions for creating operational plans and mine designs might lead to data theft, in turn, impacting the market's growth adversely.
Key Market Trends
- Rising adoption of automation and AI in mining
- Increasing use of drones in mine surveillance systems
- Rising adoption of mobile technology and IoT