Mining Condition Monitoring System Market Report

Market Highlights

The mining condition monitoring system market was valued at US$ 582.8 Million in 2021 to grow at a healthy CAGR of 3.7% to reach a value of US$ 665.5 Million in 2027.

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What is the mining condition monitoring system?

Mining is one of the world's most important sectors. These mines are utilized for a variety of purposes, including the extraction of valuable materials such as gold, diamonds, and other minerals. Unplanned downtime remains the paramount concern in the industry due to the high costs and risks of lives. As a result, the mining companies are prone to decreasing efficiency and profitability. This is where the condition monitoring systems come into action. The use of such systems in the mining industry leads to predictive maintenance, which is a proactive method in preventing mining equipment failure and increasing the overall mine productivity.

The mining condition monitoring system market is driven by a host of factors, some of which are noted below:

• Condition monitoring systems help mining companies to achieve these objectives by detecting potential issues in equipment and machinery before they become major problems.
• Governments worldwide are imposing stringent regulations on mining activities to ensure worker safety and environmental protection. This has led to the adoption of condition monitoring systems as they help ensure compliance with these regulations.
• The development of advanced sensor technology has made it easier for mining companies to monitor their equipment and machinery. These sensors can detect subtle changes in equipment performance and alert operators.
• Rise in mineral production.

COVID-19 Impact

The COVID-19 pandemic had a huge impact on the global mining sector in the wake of the shutdown of mines, metal smelters, and production sites. However, with the full-fledged resumption of the mining activities in 2021, the condition monitoring market is expected to be reset to a new normal in the coming years. 

Key Players

The following are some of the key players in the market:

• Emerson Electric Co.
• Baker Hughes Company
• SKF
• PARKER HANNIFIN CORP
• Siemens

Segments Analysis

Mining Trends

The market is segmented as surface mining and underground mining. Surface mining occupied the major market share of 75.7% in 2021. Greater reliance on mining equipment paired with the use of condition monitoring systems remain the growth driver for the surface mining condition monitoring systems market.

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Monitoring Technique Trends

The market is segmented as vibration analysis, thermography, oil analysis, and others. Vibration analysis held the significant share of 91.7% in 2021, among different monitoring technique types because, in mining and quarrying, vibration monitoring is critical for the overall plant and equipment predictive maintenance. Not only is it a useful tool for the avoidance of unplanned downtime, but it can also help in extending the operating life of machines beyond the authorized maintenance intervals and prevent catastrophic failure.

Product Trends

The market is segmented as Router-based System, Portable System, and Sensor-based System. The Sensor-based System holds a significant market share of 61.2% in 2021, is anticipated to maintain its dominance during the forecast period.

Regional Analysis

In terms of regions, Asia-Pacific is expected to remain the largest market Share of 50.8% in 2021. The region houses the largest mines coupled with the factors such as an increased focus on optimum asset utilization, strong government rules for workplace and people safety, and stringent quality control, key factors boosting the demand for condition monitoring systems in the region.

North America occupies 20.4% and Europe occupies 20.8% of market share in 2021. Bothe the regions are most likely to generate a healthy demand for condition monitoring systems in the years to come.

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The market is segmented into the following categories:

By Mode Type

• Surface Mining
• Underground Mining 

By Monitoring Technique Type

• Vibration Analysis
• Thermography
• Oil Analysis
• Others 

By Product Type

• Router-based Systems
• Portable Systems
• Sensor-based Systems

By Deployment Type

• Cloud
• On-Premises

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Norway, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Japan, Australia, Indonesia, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s mining condition monitoring system market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process. This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com