Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global smart mining market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 17.77% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Smart mining refers to the automation of the mining process using advanced solutions, such as cloud, 3D imaging and modeling software, and automated equipment and hardware. It assists in providing remote and real-time visibility of equipment conditions, reducing downtime, eliminating maintenance costs, minimizing operational pressure, and optimizing workplace safety. As it also ensures data security and long-term maintenance of critical assets, it is gaining traction across the globe.

Smart Mining Market Trends:
Conventional mining practices involve continuous exposure of the workers to ultra-violet (UV) rays, dust, noise, chemical, and ground instability, which can cause severe health problems. This represents one of the significant factors fueling the growth of the market. Smart mining systems are safe, flexible, adaptable, and reliable and they enable plant managers and operators to make better and informed decisions. As a result, they are increasingly being used by leading mining players around the world. Moreover, they are integrated with the autonomous fleet, remote-controlled equipment, and ventilation solutions to offer safe working conditions and improve operational productivity. The market is also driven by the adoption of price-cutting schemes in the mining industry and the implementation of novel technologies to ensure better quality processes and production. Furthermore, numerous mining firms worldwide are focusing on deploying wireless networks underground. These solutions aid in keeping track of employees, equipment, improving maintenance and boosting efficiency, which is creating a favorable market outlook. Other significant factors, including rising environmental concerns, numerous technological advancements, and the implementation of stringent regulations by governing agencies of different countries to control greenhouse gas (GHG) emissions and air pollution, are anticipated to propel the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart mining market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, component and automated equipment.

Breakup by Type:

Underground Mining
Surface Mining

Breakup by Component:

Hardware
Sensors
RFID Tags
Intelligent Systems
Others
Software
Data and Operation Management Software
Safety and Security Systems
Connectivity Solutions
Analytics Solutions
Remote Management and Logistics Solutions
Asset Management Solutions
Services
Support and Maintenance
System Integration
Consulting Services

Breakup by Automated Equipment:

Excavator
Robotic Truck
Driller and Breaker
Load Haul Dump
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Caterpillar Inc, Cisco Systems Inc, Hexagon AB, Hitachi Ltd, Komatsu Ltd, Robert Bosch GmbH, Rockwell Automation Inc, Sandvik AB, SAP SE and Trimble Inc.
Key Questions Answered in This Report:
How has the global smart mining market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart mining market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the component?
What is the breakup of the market based on the automated equipment?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart mining market and who are the key players?
What is the degree of competition in the industry?