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April 30, 2013 /PRNewswire/ -- In the Australian mining sector, reduced demand for mining products from end users such as
China has led to a reduction in profit margins. To cope with the economic downturn, mining companies are looking to do more with less. They are optimizing plant performance and enhancing productivity by minimizing downtime. Lowering downtime will also help cut down operational costs. This is expected to be the key driver for the growth of the Australian condition monitoring market for the mining sector.
New analysis from Frost & Sullivan (
Analysis of the Australian Condition Monitoring Market for the Mining Sector, estimates that the market revenues for 2012 were in the range of
$40.0 to $60.0 million and expects this to reach
$119.6 million in 2017.
As condition monitoring is a relatively new technology, mining companies are not fully aware of the benefits and consider it a capital-intensive product, rather than a tool that cuts operational expenditure. Market participants have to aggressively promote the advantages their product offers to make headway in the end-user sector.
"Mining companies need to be made aware that frequent machine failures and repairs can be avoided by performing predictive maintenance using condition monitoring," said
Frost & Sullivan Measurement & Instrumentation Research Associate Vivek K Reghu. "The scaling up of automation in future mining operations is also likely to drive the demand for condition monitoring."
However, straitened circumstances and a shortfall in adequately skilled device operators may still hold back investment in the technology in the short term. Once the mining sector rebounds, end users will be more willing to adopt the system, especially cloud-based condition monitoring systems, which have a more attractive cost versus benefit than traditional technologies.