Report : South America Smart Mining Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware, Software and Solution, and Services) and Mining Type (Underground Mining and Surface Mining)
Services Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to a new market research study on “SAM Smart Mining Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Mining Type” is expected to reach US$ 865.93 million by 2028 from US$ 388.52 million in 2021. The market is estimated to grow at a CAGR of 12.1% from 2021 to 2028. The report provides trends prevailing in the SAM smart mining market along with the drivers and restraints pertaining to the market growth.Ensuring data security and technological advancement in mining across the region are the major factor driving the growth of the SAM smart mining market. However, stringent government regulations hinders the growth of SAM smart mining market.
In case of COVID-19, SAM is highly affected especially Brazil, followed by Ecuador, Chile, Peru, and Argentina, among others. Most of the commercial operations in the region have been shut down to prevent the spread of the disease. Lockdowns imposed in cities have compelled most production plant operators to suspend their operation indefinitely, which has led to the discontinuation in the demand for mechanical and electronic parts. Therefore, the COVID-19 pandemic is restraining the smart mining market growth in SAM. However, the mining industry is likely to pick up pace soon after the governments across the region steadily lift the various containment measures in order to revive the economy. The production of the mining equipment is anticipated to gain pace from 2022, which is further foreseen to positively influence the mining industry, including hardware components of mining.
The SAM smart mining market is segmented on the basis of component, mining type, and country. On the basis of component, the market is segmented into hardware, software and solutions, and services. The hardware segment dominated the SAM smart mining market in 2020 and services segment is expected to be fastest growing during forecast period. Hardware is further segmented into the RFID tags, sensors, intelligent system, and others. Similarly, software and solutions segment are further bifurcated into logistics software, data & operation management, safety & security system, connectivity solution, analytics solution, remote management solution, and asset management solution. On the basis of mining type, the market is segmented as underground mining and surface mining. The surface mining segment dominated the SAM smart mining market in 2020 and underground mining segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the Brazil, Argentina, and rest of SAM.
ABB Ltd.; Caterpillar Inc.; Hexagon AB; Hitachi, Ltd.; Intellisense.io; MineSense; Rockwell Automation, Inc.; SAP SE; and Trimble Inc. are among the leading companies in the SAM smart mining market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, ABB launched breakthrough digital application for real-time integration in open-pit and underground mines. The company developed ABB Ability Operations Management System for mining (OMS) in collaboration with Boliden AB and ArcelorMittal Mining Canada. It connects and coordinates mine operators, workforce, equipment, and all mining activities in real-time, from face preparation to the crusher.
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