SMART MINING MARKET ANALYSIS

Smart Mining MarketSize and Trends

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.

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.