Mining Equipment Market Overview
Companies in the mining industry are experiencing a tragic setback in terms of losses faced and low return on investment. Besides, increasing equipment maintenance issues, the safety of personnel, and decline in the availability of untapped high-quality ore deposits are increasing challenges for companies operating in the mining equipment market. Owing to such challenges, mining equipment manufacturers will need to find new ways to improve productivity while managing costs. Also, exploring the market challenges and taking proactive approaches to tackle them is becoming inevitable for mining equipment manufacturers to gain a competitive advantage.
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Business Challenges Faced by The Mining Equipment Manufacturer
The client is a mining equipment manufacturer based out of Canada.
The company had to spend around 35% to 50% of its annual operating budget on equipment maintenance and repair alone. Also, injuries and fatalities were becoming common in the company. Besides, due to the decline in the availability of untapped high-quality ore deposits, the company had to struggle with lower productivity and profits. They wanted to find innovative ways to keep production running with fewer funds. In addition, they wanted to analyze their competitors’ business strategies and identify processes adopted by them to tackle the industry challenges.
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To help the client in the mining equipment market, our experts followed a four-phased approach that involved:
Market scanning and monitoring analysis to analyze the Canadian mining equipment market landscape. By doing so, the experts helped the client to keep tabs on target market segments, forecast demand-supply shifts, track emerging market trends, and identify regional market developments.
Competitor analysis study to analyze how the client measured up against the top ten companies in the Canadian mining equipment market. Also, the experts analyzed the areas where the client struggled and performed well in comparison to their competitors.
Technology assessment to identify the latest technologies and techniques leveraged by the top mining companies in Canada to automate their processes.
Market potential analysis to analyze the profit potential of the company for the next five years.
By leveraging Infiniti’s market intelligence solution, the client was able to identify the cost-effective technologies leveraged by their competitors to enhance business efficiency. As recommended by the experts at Infiniti Research, the company embedded internet-enabled sensors in its physical assets. These sensors captured considerable volumes of data and helped the client to anticipate the machinery failures or generated alerts when a potential problem was noticed.
To ensure the safety of their staff, the client invested in smart safety wears. Moreover, they adopted automation processes to control costs and keep up with their production needs. The company was able to achieve savings of over 22% in its annual operating budget.
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