Artificial Intelligence
Earth and Space Mining Sensors Global Market Report 2023
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Earth and Space Mining Sensors Global Market Report 2023” – https://www.reportlinker.com/p06479998/?utm_source=GNW
V., Texas Instruments Incorporated., Amphenol Corporation, Siemens, DENSO Corporation, Robert Bosch GmbH, InnaLabs, and Deltion Innovations Ltd.
The global earth and space mining sensors market is expected to grow from $1.23 billion in 2022 to $1.34 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The earth and space mining sensors market is expected to reach $1.81 billion in 2027 at a CAGR of 7.8%.
The earth and space mining sensors market consists revenues earned by entities by providing logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management solutions and asset management solutions.The market value includes the value of related goods sold by the service provider or included within the service offering.
The earth and space mining sensors market also includes of sales of LiDAR (light detection and ranging) sensors, magnetometers, seismic sensors, infrared (IR), and depth sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Earth and space mining sensors are specialized tools used to detect and measure the physical and chemical properties of materials found on Earth or in space. These sensors are used in mining operations to detect the location and nature of mineral deposits, the presence of water, the size and shape of underground structures, and the motion of mining machines.
North America was the largest region in the earth and space mining sensors market in 2022. The regions covered in earth and space mining sensors report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of earth and space mining sensors are solutions and services.A solution is a specific technique or technology developed to handle a specific problem or challenge associated with mining operations.
The various workflows of earth and space mining sensors include mine development, mining process, and mine maintenance that adopts surface mining and underground mining techniques used by mineral mines, metal mines, and coal mines.
The increasing demand for metals and minerals is expected to propel the growth of the earth and space mining sensor market going forward.Metals and minerals are often extracted through mining and other forms of mineral processing which are used in a variety of applications ranging from construction materials and electronics to transportation and energy production.
Earth and space mining sensors are used in metal and mineral exploration and extraction these sensors utilize various technologies to detect and analyze the existence and location of minerals and ores beneath or on the earth’s surface, as well as to monitor the progress of mining activities.For instance, in March 2023, according to Natural Resources Canada Highlights, a Canada-based intergovernmental organization, Canada produced around 60 minerals and metals valued at $44 billion in 2021.
Domestic mineral and metal product exports reached $103 billion in 2021, representing 21% of overall merchandise exports in Canada. Therefore, the increasing demand for metals and minerals is driving the growth of the earth and space mining sensor market going forward.
Technological advancements are a key trend gaining popularity in the earth and space mining sensor market.Major companies operating in the earth and space mining sensor market are adopting new technologies to sustain their position in the market.
For instance, in October 2020, Sandvik AB, a Sweden-based company specializing in mining products and services, launched the AutoMine Concept vehicle for mining.This fully operational and autonomous AutoMine Concept truck built with cutting-edge technologies and is outfitted with entirely new sensor capabilities and artificial intelligence to improve mining activities.
The AutoMine Concept detects and responds to its environment in 3D in real-time.These technologies offer significant customer benefits by allowing vehicles to adjust and design their own routes, as well as identify optimal routes even in constantly shifting situations.
The capacity to recognize obstacles, avoid crashes, and map 3D online improves flexibility and versatility.
In July 2021, Epiroc AB, a Sweden-based mining and infrastructure equipment manufacturer acquired Mining Tag S.A. for an undisclosed sum. This acquisition broadens, diversifies, and enriches Epiroc’s portfolio by incorporating intelligent mining solutions, which will strengthen its smart digitalization offering to customers in combination with Mining Tag’s. Mining Tag S.A., a Chile-based company that designs and executes sensor-based solutions for mining operations monitoring, automation, and process improvement.
The countries covered in the earth and space mining sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The earth and space mining sensors software market research report is one of a series of new reports that provides earth and space mining sensors software market statistics, including earth and space mining sensors software industry global market size, regional shares, competitors with a earth and space mining sensors software market share, detailed earth and space mining sensors software market segments, market trends and opportunities, and any further data you may need to thrive in the earth and space mining sensors software industry. This earth and space mining sensors software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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