We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image

SMART MINING MARKET ANALYSIS

Smart Mining Market, By Type (Automated Equipment (Driller & Breaker, Load Haul Dump (LHD), Mining Excavator, Robotic Truck, and Other Equipment) and Component (Hardware, Solution, and Service)), By Solution (Data & Operation Management Software, Analytics Solution, Connectivity Solution, and Other Solution), By Service (Engineering & Maintenance, Consulting Service, Production Training Service, and Implementation & Integration Service), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Smart mining is the approach of using information, autonomy, and technology to attain enhanced safety, better productivity, and minimize operational costs. Smart mining includes Integrated Communications Technology (ICT) for all levels including mining operations to supply chain management, thus enabling efficient connectivity among supervisors, workers, technicians to allow optimal efficiency and production

Global Smart Mining Market- Regional Insights

Asia Pacific held the dominant position in the global smart mining market in 2022, accounting for 39.9% share, in terms of value, owing to rising population and disposable income of people that boosted the buying power of people. China and Japan are dominant countries in Asia Pacific region regarding manufacturing of equipment required for global smart mining market. North America also showed tremendous growth in the market, due to growing income of people in the region. It is anticipated that the capital-intensive nature of smart mining equipment will moderately impede market expansion. In addition, it is anticipated that developing economies' lack of awareness of technologies will impede market expansion. Therefore, in order to facilitate the effective utilization of machines and their components, businesses ought to provide automated equipment training and consulting services in addition to providing automated equipment and hardware components. It is anticipated that smart mining equipment's long-term cost will decrease as its acceptance grows. The global smart mining market's growth rate has been hampered by the low cost of labor in emerging economies in the Asia Pacific region like India and China. However, it is anticipated that the discovery of harder terrain will increase the demand for sophisticated mining equipment over the next ten years.

Figure 1. Global Smart Mining Market Share (%), By Region, 2022

SMART MINING MARKET

To learn more about this report, request sample copy

Global Smart Mining Market- Impact of Coronavirus (COVID-19) Pandemic

During the ongoing COVID-19 outbreak, there have been restrictions on international trade that have prevented workers from entering the smart mining market. This has had an impact on business operations. Despite this, strict regulations are being followed during the transportation of raw materials, and the reopening of national borders is contributing to the resolution of transport and logistical issues.

To maintain cash flow, mining companies are focusing on key software products that generate revenue, such as data operation and management software and safety and security systems. Mining companies are able to make investments in system integration and implementation services and support and maintenance services thanks to the pandemic's decreasing severity.

Global Smart Mining Market- Drivers

Rising concerns regarding environment to drive the global market.

Rising concerns regarding environment is expected to drive the global smart mining market growth during the forecast period. Mining industry is deploying environment-friendly mining technologies that facilitate the maximization of mineral and ore recovery with reduced waste. These technologies allow operators to monitor and control pollution by evaluating air and water quality, and thus, helps mining companies to comply with regulatory policies. For Instance, smart sensors and monitoring systems can be used to track air and water quality, as well as the presence of hazardous materials, to help ensure that mining activities do not have a negative impact on the environment.

Growing adoption of big data analytics expected to drive the global market.

Growing adoption of big data analytics is expected to drive the global smart mining market growth over the forecast period. Big data analytics is a major technology in the IT and mining industry. Big data analytics offer real-time data analytics and predictive analytics, in order to enhance quality and efficiency of regular operations. It provides data on equipment history such as equipment maintenance and repair history, and fuel consumption rates in real-time. Hence, multiple mining companies are increasingly implementing analytics solution, in order to improve machine reliability and efficiency.

Global Smart Mining Market- Opportunities

Mainstreams technology in the mining industry to be an opportunities in the mining industry.

Internet of things (IoT) is a mainstream technology in the mining industry, and how it transforms the way this industry operates by enhancing mine productivity and safety. IoT components such as Radio Frequency Identification tags, connectivity platforms, and sensing technologies ensure better visibility and traceability of mining operations, and allows data to be automatically sent and received over the Internet.

Smart Mining Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 16.22 Bn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 7.58 % 2030 Value Projection: US$ 29.1 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Poland, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, and Rest of Middle East & Africa
Segments covered:
  • By Type: Automated Equipment (Driller & Breaker, Load Haul Dump (LHD), Mining Excavator, Robotic Truck, and Other Equipment) and Component (Hardware, Solution, and Service)
  • By Solution: Data & Operation Management Software, Analytics Solution, Connectivity Solution, and Other Solution
  • By Service: Engineering & Maintenance, Consulting Service, Production Training Service, and Implementation & Integration Service
Companies covered:

ABB Ltd., Komatsu Ltd., Sandvik Mining and Construction, Atlas Copco, Alcatel-Lucent, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., Outotec Oyj, and Joy Global Inc.

Growth Drivers:
  • Rising concerns regarding environment to drive the global market
  • Growing adoption of big data analytics expected to drive the global market
Restraints & Challenges:
  • Decreasing employment to hamper the market growth
  • Lack of standardization across mining industry to hamper market growth

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

Rising adaptation of 3D imaging Technology.

Rising adoption of 3D imaging technology in large mines across the globe is expected to drive the market growth. Mining companies are deploying this technology, in order to build 3D geological maps through spatial data captured by using lasers. Moreover, 3D imaging technology is used in various other mining-related tasks such as planning and targeting of drill holes.

Key market players are focusing on research and development activities, in order to expand their product portfolio. For instance, in June 2022, Qt group, a provider of software technology, launched a novel HMI software framework for developing next-generation digital cockpits.

Global smart mining market was valued at US$ 16.22 Billion in 2022, and is estimated to reach US$ 29.1 Billion by 2030, exhibiting CAGR of 7.58% between 2023 and 2030.

Global Smart Mining Market- Trends

Monitoring and control systems for fleet are gaining popularity among mining companies.

Intelligent systems such as monitoring and control systems, cellular monitoring, and haulage system for fleet are gaining popularity among mining companies, due to capabilities such as remote monitoring of mine sites. For Instance, IBM, a leading software company, in 2022, launched  its "Mine-to-ship" optimization program that aims to help mining companies to optimize their use of resources, boost productivity, and cut costs.

Mining companies are increasingly preferring deployment of integrated data and operation management software to enhance mining performance, as this software optimizes manufacturing operations, and analyzes data collected on automated equipment history and repair rates.

Global Smart Mining Market- Restraints

Decreasing employment to hamper the market growth

Decreasing employment in mining sector is expected to hamper the global smart mining market growth during the forecast period. Mining increasing with automation is a major threat to employment, as automation has reduced the need for human intervention.

Lack of standardization across mining industry to hamper market growth

Lack of standardization across mining industry is expected to hamper the global smart mining market growth over the forecast period. Undefined standards in the market are leading to high product differentiation, and this is expected to hinder the global smart mining market growth.

Figure 2. Global Smart Mining Market Share (%), By Segment, 2022

SMART MINING MARKET

To learn more about this report, request sample copy

Global Smart Mining Market- Segmentation

Global smart mining market report is segmented into hardware, solution, service, and region.

Based on hardware, the market is segmented into automated equipment and components.

Based on solution, the market is segmented into data & operation management software, analytics solution, connectivity solution, and other solution.

 Based on service, the market is segmented into engineering & maintenance service, consulting service, production, training service, and implementation & integration service.

Global Smart Mining Market: Key Developments

In March 2021, ABB, an automation company, partnered with Hitachi Construction Machinery Co. Ltd., a multinational conglomerate corporation. This partnership will use ABB's digital and automation solutions for Hitachi mining trucks and excavators.

In September 2021, Komatsu, a manufacturing company, introduced new machine features and a next-generation conveyor chain to assist mines in maximizing uptime and increasing productivity

In June 2022, Mine Site Technologies, a provider of mining operational optimization platforms, acquired Komatsu Ltd., a manufacturing company. This acquisition will assist Komatsu in assisting customers in the development of digital ecosystems, by providing real-time insights and warnings, voice and communication technologies, software solutions, a solid network infrastructure, and wireless and geospatial technologies.

In October 2021, Proterra Inc., an automotive and energy storage company, collaborated with Komatsu, a manufacturing company. This collaboration will allow usage of Proterra's battery technology to electrify next-generation underground mining machines.

Global Smart Mining Market: Key Companies Insights

Global smart mining market is highly competitive, owing to increasing launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies, in order to expand their presence on regional as well as global basis.

Key players operating in the global smart mining market are ABB Ltd., Komatsu Ltd., Sandvik Mining and Construction, Atlas Copco, Alcatel-Lucent, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., Outotec Oyj, and Joy Global Inc.

*Definition: Mining is the extraction of valuable minerals from the earth, usually an ore body or reef, lode, or placer deposit. Smart mining is a novel concept that includes advanced technologies to increase the productivity and safety of mining activities. It involves integrated communication technology (ICT) solution for all levels such as mining operations and supply chain management. Moreover, the cost-cutting strategy has provided a competitive edge and encouraged organizations to adopt new technologies, which ensure improved operations and output, both in quantity and quality.

Share

About Author

Suraj Bhanudas Jagtap

Suraj Bhanudas Jagtap is a seasoned Senior Management Consultant with over 7 years of experience. He has served Fortune 500 companies and startups, helping clients with cross broader expansion and market entry access strategies. He has played significant role in offering strategic viewpoints and actionable insights for various client’s projects including demand analysis, and competitive analysis, identifying right channel partner among others.

Missing comfort of reading report in your local language? Find your preferred language :

Frequently Asked Questions

The global Smart Mining Market size was valued at USD 16.22 billion in 2023 and is expected to reach USD 29.1 billion in 2030.

Key players operating in the global smart mining market are ABB Ltd., Komatsu Ltd., Sandvik Mining and Construction, Atlas Copco, Alcatel-Lucent, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery, Outotec Oyj, and Joy Global Inc.

Rising concerns regarding the environment is expected to drive growth of the market during the forecast period.

Advent of internet of things is expected to offer opportunities in the market.

The market was valued at US$ 16.22 Bn in 2022, and is estimated to reach US$ 29.1 Bn by 2030 during the forecast period (2023-2030).

Decreasing employment in mining sector is expected to restrain growth of the market during the forecast period.
Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Select a License Type





Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.