Over the last few years, mining companies have been increasingly focusing on the automation process, as the process reduces time and increases profitability. Companies are taking initiatives to implement digitization in mining fields. This has led to rise in investments in modernization of facilities to increase productivity and reduce budgets as well as timelines.
Mines are located in remote locations and have critical operations. Thus, safety of workers and the environment is a priority of governments and mining companies.
The automation process ensures safety of systems at locations. It can predicate unanticipated events by analyzing the historical data. Currently, several automation companies are developing Internet of Things (IoT) platforms to connect mines from multiple locations. With the help of smart wearables, mining employees can continually remain connected with the systems. This can be beneficial in monitoring the working environment as well as employee health.
Key Drivers and Restraints of Smart Wearables Market for Mining
Implementation of stringent government rules and regulations about health and safety is one of the key drivers of the smart wearables market for mining. Mining is considered one of the dangerous industries to work in. Major reasons for accidents include mechanical failure, human errors, natural causes, and faulty procedures and training while dealing with emergency situations. International agencies and governments are enforcing stringent rules and regulations regarding health and safety of workers as well as the environment in order to limit accidents. Thus, enactment of stringent rules and regulations by governments regarding health and safety is expected to boost the global smart wearable market for mining during the forecast period.
The high cost of smart wearables is the major factor hampering the smart wearables market for mining. Smart wearable devices are costlier and are delicate; as a result, companies are reluctant to use them. Thus, high cost of smart wearables is a prominent factor adversely affecting the global smart wearables market for mining.
Global Smart Wearables Market for Mining Segmentation
The global smart wearables market for mining can be segmented based on device type and application
In terms of device type, the global smart wearables market for mining can be divided into smart eyewear, virtual reality headsets, smart helmets, sensor embedded in clothing, smart watches, and others. Demand for smart watches is high in the mining industry. These watches can monitor the health of an employee. These watches can also be used as security key as they scan the barcode.
Based on application, the market can be segregated into open pit mines and underground mines. Currently, demand for smart wearables is high in underground mining, as the number of underground mines is more. These mines need continuous surveillance due to harsh working conditions.
Global Smart Wearables Market for Mining: Regional Segmentation
Based on region, the global smart wearables market for mining can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific dominated the global smart wearables market for mining in 2018. The market in the region is expected to expand at a significant pace during the forecast period, as demand for smart wearable is high in the mining industry in countries such as China, India, and Japan.
North America is projected to account for vital share of the global smart wearables market for mining in the near future. The U.S. is a major hub of smart wearable companies. This is likely to boost the market in North America in the near future.
The market in Europe is estimated to expand at a steady CAGR during the forecast period. Stringent rules and regulations enacted by various governments in the region are compelling companies operating in the market to install smart wearable devices and related systems for the health and safety of their employees.
Key Developments
In October 2018, Samsung Electronics Co., Ltd. announced it had acquired Zhilabs, one of the leading Artificial Intelligence based network and service analytics. The acquisition is expected to help the company enhance its 5G capabilities. The acquisition lays the foundation for Samsung Electronics Co., Ltd. to strengthen its 5G solutions with automation functions to finely tune customer experiences in the 5G era.
In November 2019, Google announced it had acquired Fitbit Inc., a leading smart wearable manufacturer in world, for around US$ 2.1 Bn. Fitbit Inc offers products such as activity trackers. The acquisition is expected to help Google increase its reach and market share in the smart wearables market.
