Future Market Insights (FMI) projects that the global smart mining market will increase from US$ 12.7 billion in 2022 to US$ 36.3 billion by 2032, with a CAGR of 11.1% over the entire forecast period.
One of the main drivers propelling growth in the global smart mining solutions is the mining industry’s rapid expansion, as well as the growing usage of smart technologies and automation in mining processes.
The management of resources, as well as the transportation and logistics of equipment like drills, conveyor belts, excavators, and trucks used for mining, are just a few of the operations that go into mining. To ensure that everything runs smoothly and gets finished faster, these complex procedures require a system to automate and streamline them. This will increase demand for intelligent mining technologies.
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The mining sector is in the early phases of a technology revolution that, like it has in other sectors like manufacturing, finance, and communications, will radically alter the way mining is done. Three technical advancements that are fast advancing—automation, digitization, and electrification—are fundamentally changing how the mining industry operates.
Automation, the switch from diesel to electric power, real-time data-providing drones, safer subterranean equipment, deep-sea robotics, and water-neutral processes will all surely alter the mining value chain. The market for smart mining will be favourably impacted by all of these advancements.
Key Takeaways: Smart Mining Market
- By automated equipment, the mining excavator segment is anticipated to account for the leading share in the global demand for smart mining technologies during the forecast period while the robotic truck segment is estimated to grow at a robust CAGR of 6%through 2032.
- By component, the intelligent system segment is anticipated to increase at a CAGR of 5%between 2022 & 2032.
- By solution, the analytics solution segment is anticipated to increase at a CAGR of 1%between 2022 & 2032.
- By services, the consulting service segment is anticipated to increase at a CAGR of 1%between 2022 & 2032.
- North America, spearheaded by the U.S., will continue to dominate the global smart mining market during the forecast period.
- The smart mining market in China is likely to grow by 5Xduring the forecast period of 2022 and 2032.
- In India, smart mining market is expected to grow by 6Xduring the assessment period.
“Organizations must implement smart technologies by increasing investments in smart mining technology solutions to fulfil the rising need for automation”, says FMI analyst.
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Growing Demand for Predictive Maintenance and Intelligent Sensors in Smart Mining to Fostering Market Growth
Automated predictive maintenance is related to production robotization as a result of the introduction of new technologies in modern smart mines. Intelligent sensors enable the collection of an ever-growing volume of data, which must be efficiently and effectively analyzed to assist the management and decision-making of ever-more complex systems.
Predictive maintenance improves mine productivity, safety, and profitability significantly. It is not necessary to start maintenance work until a critical piece of equipment fails when using predictive maintenance.
IoT-connected sensors integrated into machinery continuously track the health of the equipment and relay this information to central hubs where AI and human operators may spot issues before they arise and assign repair personnel.
Combining data analytics and predictive maintenance can save money while increasing productivity by 10-20%. Thus, the smart mining concept is gaining traction in the mining industry and has significant implications for the sector’s future, with several companies already digitizing and automating their operations.
Who is Winning?
Market players operating in residential robotic vacuum cleaner market include Hitachi Construction Machinery Co. Ltd, ABB Ltd, Komatsu Ltd, Outotec Oyj, Copco, Caterpillar Inc, Rockwell Automation, Cisco Systems Inc, Rio Tinto, Bosch Global, and Trimble among others.
These leading players are continuously introducing new smart mining solutions that can significantly improve the overall productivity, reduce costs, and improve workers safety.
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More Valuable Insights on Smart Mining Market
Future Market Insight’s report on the smart mining technologies industry research is segmented into five major sections – automated equipment (driller & breaker, load haul dump, mining excavator, robotic truck, and other automated equipment), component (hardware, intelligent system, RFID tag and sensor, and other hardware), solution (data & operation management software, analytics solution, connectivity platform), services (engineering & maintenance service, consulting service, product training service, implementation & integration service), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart mining technologies demand outlook.
Smart Mining Market by Category
By Automated Equipment:
- Driller & Breaker
- Load Haul Dump
- Mining Excavator
- Robotic Truck
- Other Automated Equipment
- Intelligent System
- RFID Tag and Sensor
- Other Hardware
- Data & Operation Management Software
- Analytics Solution
- Connectivity Platform
- Engineering & Maintenance Service
- Consulting Service
- Product Training Service
- Implementation & Integration Service
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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