The global smart mining market is expected to surge with a phenomenal CAGR of 11.1% over the estimation between 2022 and 2032. The global market reached a revenue of about US$ 11.5 Billion in 2021 and is expected to touch US$ 12.7 Billion in 2022. Over the assessment period, the market is anticipated to surpass a valuation of US$ 36.3 Billion by 2032. The rapid growth of the smart mining market is attributed to the widespread adoption of automation in various mining processes.
The smart mining market is predicted to surge at a robust CAGR of 11.1% across the forecast period ranging from 2022 to 2032, in comparison to the 9.5% CAGR registered during the historical period of 2017-2021. Technological advancements are being utilized in the mining industry including AI, machine learning, consumer drones, etc. In order to address the fundamental problems and aid mining organizations increase productivity and reduce operational costs, IoT is utilized.
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The need for smart mining technologies including mining analytics platforms has surged on a higher scale for providing enhanced new capabilities for planning, analyzing, and maintenance of mining operations. Therefore, sustainable mining automation solutions help in increasing energy efficiency, productivity, and safety in the mines.
Key Takeaways
- Mining is considered a capital-intensive industry that incorporates maximum asset utilization and throughput. One of the most vital resources in mining is data. On a daily basis, massive amounts of useful data are produced by automated drills, trucks, conveyors, ships, and trains. Several companies are enhancing the security and productivity of their operations by fusing this data with intelligent analytics, AI, machine learning, and underground mining automation.
- Mining firms are expected to unlock value-boosting abilities by gathering and utilizing big data from numerous data sources, analyzing it with modern data analytics, and implementing the results. The mining sector helps in enhancing productivity, reducing operational inefficiencies, and reacting to risks more effectively with trustworthy data.
- The development of an intelligent infrastructure is done by the employment of big data analytics and BDM (big data management) in mining that advances over time. Therefore, analytics is expected to be a crucial factor in enhancing asset usage, increasing productivity, and addressing delays in material flow.
- The adoption of artificial intelligence in mining operations helps in the transformation of operations from being people oriented to being process-oriented. AI-enhanced intelligent mining streamlines the supply chain with features like real-time shipment tracking, predictive mine maintenance, intelligent management of inventories, and more. Therefore, by using automated mining equipment, and mining analytics platforms, the mining process is digitally integrated, which minimizes complexity and enhances decision-making.
- Technology is responsible for affecting the fundamentals of business in the digital age. IoT solutions are excessively being deployed by asset-intensive businesses including utilities, oil and gas, energy, manufacturing, and construction to improve productivity and cut costs.
- The smart mining market is anticipated to propel owing to the increasing adoption of IoT in the mining industry for performance enhancements, analytical maintenance, cost optimization, and improved safety, and it will present lucrative growth opportunities for smart mining vendors.
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Competitive Landscape
Prominent players in the smart-miming market are focusing on extensively spreading their product portfolios by launching new products and services. In addition to that, they are also adopting strategies including acquisitions, partnerships, mergers, and collaborations to expand their global footprint.
More Insights into the Smart Mining Market
According to the FMI analysis, China is expected to showcase lucrative growth in the market by3.5X during the forecast period of 2022 and 2032, making it one of the most profited markets across East Asia. Growth in China’s smart mining market is fueled by the booming mining industry and the increasing adoption of advanced technologies in mining processes.
The growth of smart mining technologies is predicted to surge in the U.S. and is expected to account for about 74.7% of the North American market share in 2022. The country is expected to witness favorable growth in the market owing to the introduction of connected technologies in the mining industry as a result of its technological advancements
India is yet another country anticipated to grow by 5.6X during the forecast period of 2022-2032 owing to the rapid growth of the mining industry along with the growing need for improving overall productivity and enhancing workers’ safety.
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Smart Mining Market by Category
By Automated Equipment:
- Driller & Breaker
- Load Haul Dump
- Mining Excavator
- Robotic Truck
- Other Automated Equipment
By Component:
- Hardware
- Intelligent System
- RFID Tag and Sensor
- Other Hardware
By Solution:
- Data & Operation Management Software
- Analytics Solution
- Connectivity Platform
By Services:
- Engineering & Maintenance Service
- Consulting Service
- Product Training Service
- Implementation & Integration Service
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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