Connected Mining Market worth $23.6 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 17, 2022 /PRNewswire/ -- According to a research report "Connected Mining Market by Component (Solutions, Services), Solution (Asset Tracking and Optimization, Fleet Management), Service (Professional, Managed), Mining Type (Surface, Underground), Application, Deployment Mode, & Region - Global Forecast to 2027", published by MarketsandMarkets™, the Connected Mining Market size to grow from USD 12.7 billion in 2022 to USD 23.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Mining 4.0 initiatives in industries is paving the way for connecting mining market. Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.
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The Solution segment to record the highest market share during the forecast period
In the Connected Mining Market by Component, solutions are expected to hold the largest market size. The connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are primarily aimed at achieving the convergence of machines and intelligent data to achieve the operational efficiency targets set by energy companies. connected solutions in mining sector also improvise analytics-based decision-making by diminishing the threats and vulnerabilities of the market using efficient tools and techniques. Moreover, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their asset performance.
The Asset tracking and optimization segment to record the highest market share during the forecast period
In the Connected Mining Market by Solutions, the asset tracking, and optimization segment is expected to record a larger market share during the forecast period. Asset tracking solutions do track mining assets, automating processes, and constantly monitoring the quality and safety of the mining environment. This helps ensure the mine and workers are efficient and productive. It involves tracking of mining vehicles in real time, including GPS location, engine hours, mileage, geofences, and fuel consumption. To track underground mining assets while reducing costs, Real-Time Location Systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software, and other technologies are used to gain full visibility of underground mining operations. The solution offers improved worker safety by tracking mine workers, monitoring entrances/exits and evacuation status, and receiving alerts.
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The Professional Service segment to record the highest market share during the forecast period
In the Connected Mining Market by Service, Professional service segment is expected to hold a larger market share in 2027. Professional services consist of consulting services, system integration services, and support and maintenance. Consulting services primarily focus on managing the business operation revolution programs and the latest technology updates to help the client achieve strategic business goals through technical and business improvements. Integration is the process of connecting different subsystems or components into a single larger system, enabling it to work as a single IoT system. Integration and deployment services consolidate different technology products and applications, including legacy platforms, and can significantly reduce IT-related complexities and maximize the firm's RoI. Support and maintenance services category includes 24*7 customer support services, repair and exchange services, version maintenance, bug fixes, technical updates, license upgrades, proactive, and training services.
By Mining type, Surface segment is expected to hold a larger market share during the forecast period
By Mining Type, surface segment is expected to have a higher growth rate. Surface mining is a form of mining technique used to extract minerals and ores occurring closer to the surface of the Earth. In surface mining, the extraction of ore deposits is done through the systematic removal of outer rock layers from the ground. Most of the mining projects start with surface mining since it is more cost-effective, easier to operate, and less life-threatening. There are various forms of surface mining including open-pit mining, strip mining, Mountaintop Removal (MTR), dredging, and highwall mining. Open-pit mining is the most common form of mining techniques used mostly for digging near-surface ores. The mining of ore materials from water sources, such as river, lake, and ocean. Mountain top removal mining is involved in the mining of ores from steep mountainous terrains. Connected solutions for surface mining provide the monitoring of wall slope stability, surface movement, detection of fractures and faults, and natural seismicity. Connected mining solutions are also available for asset network, asset operations and maintenance, transportation management, and safety of employees and environment.
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Asia Pacific to hold the largest market size during the forecast period
Asia Pacific is expected to hold the largest market size in the global Connected Mining Market during the forecast period. In Asia Pacific, China, India, Indonesia, Papua New Guinea (PNG), and the Philippines are expected to drive the market with China as the most potential player in smart mining initiatives. India can be considered to be the next high potential preference for the major global Connected Mining Market vendors as the country has increasing demand for minerals. New investments will drive the Indian market, following the country's ambitious target of adding USD 210 billion from the mining and mineral sectors to the country's GDP by 2050. The increase in production capacities in the region is driven by investment programs. This region is witnessing a high rate of adoption of technologies, such as operational analytics and data processing, remote monitoring, and mine safety systems
The key and emerging market players in the Connected Mining Market includes ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining SpA (Chile), and Applied Vehicle Analysis (Africa). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the Connected Mining Market.
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