Underground Mining Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to The Insight Partners market research study on “MEA Smart Mining Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Mining Type” is expected to reach US$ 1,664.30 million by 2028 from US$ 643.22 million in 2021. The market is estimated to grow at a CAGR of 14.5% from 2021 to 2028. The report provides trends prevailing in the MEA smart mining market along with the drivers and restraints pertaining to the market growth.Burgeoning adoption of industrial internet of things (IIoT) and artificial intelligence and rising technological advancement in mining industry are the major factor driving the growth of the MEA smart mining market. However, rigorous government regulations hinders the growth of MEA smart mining market.
In case of COVID-19, MEA is highly affected especially South Africa. Other countries such as Egypt, Morocco, and Kuwait are also facing the effects of COVID-19 pandemic. The majority of operations in the region have been suspended due to an increase in the number of cases in the region. In order to deal with the pandemic, countries have been compelled to redirect funds to improve their healthcare infrastructure. As a result, the demand for mining solution in the mining industry is dwindling. As a result, the COVID-19 pandemic is limiting the demand development of smart mining in the MEA. The mining industry is likely to pick up pace soon after the governments across the MEA 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 MEA 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 MEA 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 underground mining segment dominated the MEA smart mining market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
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 MEA 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, Trimble introduced a new laser scanning system that enables professionals of all scanning levels to quickly and easily capture precise 3D data to produce high-quality deliverables alongside an outdoor augmented reality solution to improve planning, collaboration, and reporting.
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