Global Smart Mining Market to Grow US$ 43,511.2 Mn by end of 2028, Says Coherent Market Insights

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Jan 31, 2022, 13:30 ET

SEATTLE, Jan. 31, 2022 /PRNewswire/ -- Smart mining is the process of digitizing an existing mine and applying advanced technology to it. This process can help in many ways, such as remote wireless reading, automation of key mining processes, and predictive analytics to detect potential risks. The report also examines the growth prospects of the market in terms of revenue, market share, and geographic distribution. The study is complemented with an exhaustive analysis of the industry's competitive landscape and the main trends affecting it.

The global smart mining market is estimated to be valued at US$ 15,119.7 million in 2021 and is expected to exhibit a CAGR of 16.3% over the forecast period (2021-2028).

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Market Drivers

1. Growing adoption of Internet of Things (IoT) solutions is expected to drive growth of the global smart mining market during the forecast period

Similar to other sectors, the mining industry is also witnessing increasing adoption of IoT solutions, in order to achieve cost and productivity optimization as well as enhance safety measures. IoT also enables improved decision-making since the mining industry faces numerous regulations and emergencies. Key companies in the market are focused on introducing novel IoT solutions for the mining industry, in order to make it safer and more efficient. For instance, in August 2021, Latium Technologies launched Ingenious E-Sense, a novel IoT solution that enables mining companies to monitor networks of high-voltage cables for damage or faults.

2. Growing emphasis on worker safety and health is expected to propel the global smart mining market growth over the forecast period

Government authorities across the globe have implemented stringent regulations on mining workers' safety and health. With smart mining solutions, workers can do their routine operations in a cleaner, safer, and more efficient environment. Different sensors are installed in the working enjoinment, in order to prevent collisions or potential hazards. Besides, real-time monitoring of equipment is possible with smart mining solutions, thereby further enhancing the safety of the workers.

Market Opportunities

1. Technological advancements and convergence of different digital transformation practices can present prominent opportunities

Key companies are focused on research and development activities, in order to launch novel solutions for smart mining. For instance, in October 2021, Rayven launched I4 Mining, a new suite of completely interoperable digital mining solutions to accelerate the mining sector's transition to a profitable, zero-waste, zero-harm, and zero-carbon future.

2. Strategic partnerships and collaborations among key companies can provide lucrative growth opportunities for marketers

Key companies are involved in inorganic growth strategies such as partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in July 2020, BASF, a German chemicals company, partnered with Intellisense.io to develop AI-powered smart mining for enhancing conventional mining practices with lower water and chemical usage. New AI-solution uses digital tools and services such as Big Data capabilities and smart centers to improve mining operations.

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Market Trends

1. North America Trends

Among regions, North America is expected to witness significant growth in the global smart mining market during the forecast period. This is owing to the early adoption of smart mining technologies across the oil and gas sector. Furthermore, continuous technological advancements are expected to boost the regional market growth in nature.

2. Asia Pacific

Asia Pacific is expected to register robust growth, owing to rising construction and infrastructure activities across emerging economies such as India and China. Moreover, the presence of stringent regulations on worker safety and health is expected to propel the regional market growth over the forecast period.

Competitive Section

Key players involved in the global smart mining market are Cisco Systems Inc., Wenco International Mining Systems Ltd., SAP SE, Rockwell Automation Inc., Atlas Copco, IBM Corporation, Komatsu Mining Corporation (Joy Global), and ABB Ltd.

For instance, in September 2021, ABB Ltd. launched a new solution suite ABB Ability eMine, a portfolio of electrification and digital systems to boost decarbonization in the mining sector.

Segmentation

By Type: Automated Equipment (Driller & Breaker, Load Haul Dump (LHD), Mining Excavator, Robotic Truck, Other Equipment), Component (Hardware, Solution, Service)
By Solution: Data & Operation Management Software, Analytics Solution, Connectivity Solution, Other Solutions
By Service: Engineering & Maintenance, Consulting Services, Production Training Service, Implementation & integration Service

Global Smart Mining Market, By Region:

North America

By Country:

U.S.
Canada

Europe

By Country:

U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe

Asia Pacific

By Country:

China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific

Latin America

By Country:

Brazil
Mexico
Argentina
Rest of Latin America

Middle East & Africa

By Country:

GCC Countries
Israel
South Africa
Rest of Middle East & Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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