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    Mining Condition Monitoring System Market Report

    Mining Condition Monitoring System Market Report
    Report code - SR1727 Published On : Feb,2022 No. of Pages: 130
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    Mining Condition Monitoring System Market Size, Share, Trend, Forecast, Competitive Analys See more...

    Market Highlights

    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 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. Thus, the mining condition monitoring system market is projected to grow at a healthy CAGR of 3.7% to reach a value of US$ 665.5 Million in 2027.

    Market Segments' Analysis

    Based on the mining type, the market is segmented as surface mining and underground mining.  Surface mining holds market dominance and is anticipated to maintain its dominance in the years to come. 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.

    Based on the monitoring technique type, the market is segmented as vibration analysis, thermography, oil analysis, and others. Vibration analysis held the dominant share among different monitoring techniques 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.

    In terms of regions, Asia-Pacific is expected to remain the largest market for a condition monitoring system in mining during the forecast period. 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 and Europe are also likely to generate a healthy demand for condition monitoring systems in the years to come.

    Key Players

    The following are some of the key players in the mining condition monitoring system market:

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

    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.

    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.

    The mining condition monitoring system market is segmented into the following categories:

    Mining Condition Monitoring System Market, by Mode Type

    • Surface Mining (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Underground Mining (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Mining Condition Monitoring System Market, by Monitoring Technique Type

    • Vibration Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Thermography (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Oil Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Mining Condition Monitoring System Market, by Product Type

    • Router-based Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Portable Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Sensor-based Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Mining Condition Monitoring System Market, by Deployment Type

    • Cloud (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • On-Premises (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Mining Condition Monitoring System Market, 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 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

    Frequently Asked Questions (FAQs)

    The mining condition monitoring system market is estimated to grow at a CAGR of 3.7% over the next five years to reach a value of US$ 665.5 Million in 2027.

    Emerson Electric Co., Siemens, Baker Hughes Company, SKF, and PARKER HANNIFIN CORP are some of the key players in the market.

    Asia-Pacific is estimated to be dominant in the mining condition monitoring system market in the coming years.