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According to the latestresearch report titled “Mine Planning Solution Marketto 2027-COVID-19 Impact and Forecast andGlobal Analysis,” published by The Insight Partners, the global mine planning solution market was valued at US$676.8million in 2019, and it is expected to grow at a CAGR of 12.3% during 2020-2027 to reach US$1,659.9million by 2027.
Middle East and AfricaMine Planning Solution Marketto Grow at Highest CAGRDuring Forecast Period
The MEA mine planning solutions market has been analyzed on the basis of historical, current, and future trends in Saudi Arabia, the UAE, South Africa, and the rest of MEA. Mining is one of the important sectors in countries present in the MEA region as it contributes significantly to the economy. For instance, in South Africa, the mining sector is a major driver of the economy and creates a large number of jobs. As per the data provided by the Australian Trade and Investment Commission, Africa holds ~30% of the world’s mineral resources by less than 5% of global mining investment. Countries such as Morocco and Saudi Arabia hold future opportunities for mining, infrastructure, and other mineral resources.
Gulf countries are focusing on diversifying their economies to reduce their dependence on the oil and gas sector and create new jobs for the population. For instance, Saudi Vision 2030 sets the goal to have a mining sector that contributes to the full potential of the region’s economy. Moreover, the government of the countries in the MEA region is taking several initiatives for strengthening the mining industry in the region. For instance, the Saudi Government is focusing on making the country’s mining investment code more investor-friendly to attract private sector investments and explore the opportunities. Moreover, the MEA region houses a large number of well-established mining companies. Therefore, a strong mining sector, government initiatives to improve the mining sector, and the presence of a large number of mining companies are expected to support the growth of the mining sector in the region, which, in turn, will positively influence the growth of mine planning solutions in MEA.
Key findings of study:
The adoption of advanced technologies in the mining sector has been comparatively slow than other industries. However, over the past few years, the sector has been experiencing high growth in the adoption of advanced technologies, which has resulted in revolutionizing the mining sector. At present, the market players operating in the mining sector are leveraging advanced technologies to enhance productivity and increase efficiency in the mining operations. Further, the evolution of innovative analytical tools has created ample opportunities for players to offer advanced mining solutions, including mine planning solutions. These solutions help mine operators to reduce the time and efforts required for exploring, planning, and scheduling mine operations, thereby enhancing the overall output.
Additionally, the introduction of technologies such as 3D modeling, VR, and AR are expected to transform the mining sector. Notable progress in spatial data visualization is further projected to surge the adoption of advanced mine planning solutions. The mining companies are anticipated to use spatial data visualization to reduce costs efficiently. Also, mine planning solutions can significantly result in increasing mine safety. The operators can be capable of establishing, assigning, and monitoring workflows to control operations and potential hazards. Thus, with the surging need to gain potential insights along with reducing costs is bolstering the adoption of mine planning solutions.
Mining companies are expected to form more joint ventures, which will enable them to reduce the risk related to specific jurisdiction or project. Several mine operators are also anticipated to leverage the opportunity to enter into service agreements intending to reduce the risk. These financial and production models are helping mining companies to reduce risks, which, in turn expected to bolster the mining sector.
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