Adoption Advanced Technologies Such as Artificial Intelligence (Ai), Cognitive Computing is Set to Drive The Mining Equipment Services Market During the Forecast Period 2021-2026.Mining Equipment Services Market Size is forecast to reach $160.9 billion by 2026, at a CAGR of 3.4% during 2021-2026.
With the increasing adoption of advanced technologies in mining services, there has been increase in investments of technology developments related to mining related equipment. This has resulted as a major factor which drives the demand for mining equipment services. AI platform consumes data in diverse forms and formats such as geological, topography, geo-mechanical, engineering, mineralogy, and well logging data in order to expand each phase of mining. It accelerates prospecting, discovery and exploration by predicting target zones and using soil samples from a few test holes in order to classify the total surface area or rock face and subsurface materials. AI algorithms update ore fragmentation assessment, pre and post blast surveys and site inspections in underground and surface mine using satellite imagery, aerial photographs and 3D maps. With the convergence of AI, the market has a huge opportunity to grow during the forecast period 2021-2026.
The Metal mining market has major share owing to the growth of residential and non-residential construction sectors in Southeast Asia and other developing countries and this is projected to drive the demand for aluminium and copper products. Increased demand for these metals enhances the demand for services such as metallurgy and process design, analytical services and so on. In 2019, SGS has launched a new service for the metals and mining industry called as Field Analytical Services and Testing (FAST), in North America and Australia. Similarly, AMECO offers hauling services onsite, which includes moving materials from where it is mined to where it is processed.
Mining Equipment Services market in Asia-Pacific (APAC) region held significant market share of 41.05% in 2020. China is the largest consumer of the lithium majorly attributed to the presence of the electronic manufacturing as well as electric vehicles manufacturing industries. The country is also third largest producer of Lithium. Therefore, the significant mining activities in the country is set escalate the mining equipment services market during the forecast period 2021-2026.
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Mining Equipment Services Growth Drivers:
- Adoption of advanced technologies
Adoption of advanced technologies such as artificial intelligence, machine learning is set to drive the mining equipment services market. Mining enterprises are leveraging artificial intelligence (AI), machine learning, and cognitive computing in order to determine when, where and how to mine most efficiently. AI-driven automation enhances digital control systems and programmable logic controllers to boost reliability and accuracy at mining sites. AI algorithms streamline ore fragmentation assessment, pre- and post-blast surveys and site inspections in underground and open pit mines using satellite imagery, aerial photographs and 3D maps. In December 2019, Komatsu had launched the 830E-5 truck, a 230 metric ton capacity machine, the most technologically advanced class of truck. This kind of new developments increase the market share of the company. Hence these factors are analyzed to drive the market growth in the forecast period during 2021-2026.
The Major Players in this Market Include
Major players in Mining Equipment Services include AMECO, Vibgyor Mining Solutions Pvt Ltd, Liebherr Group, Voltas, Laxyo, Epiroc Group, Metso Corporation, Valmet Corporation, Mine Master, Volvo, Caterpillar Inc, Komatsu Mining Corp, Hitachi, Sanvik AB and others. In May 2019, Caterpillar had launched its new R2900 underground loader, which offers expanded emission control options in response to global regulations surrounding diesel engines. This set to propel the market growth.
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