Smart Mining Market Forecasts to 2028 – Global Analysis By Mining Type (Surface Mining, Underground Mining and Other Mining Types), Hardware Components (Intelligent systems, Sensors, Radio-frequency identification tags and Other Hardware Components) , Sof

Smart Mining Market Forecasts to 2028 – Global Analysis By Mining Type (Surface Mining, Underground Mining and Other Mining Types), Hardware Components (Intelligent systems, Sensors, Radio-frequency identification tags and Other Hardware Components) , Software Solution, Service, Automated Equipment and By Geography

According tStratistics MRC, the Global Smart Mining Market is accounted for $15.7 billion in 2022 and is expected treach $44.1 billion by 2028 growing at a CAGR of 18.7% during the forecast period. Smart mining employs information, autonomy, and technology traise productivity, enhance mine site safety, and save operating costs. By providing cutting-edge software solutions, mining businesses emphasize boosting productivity. Telerobotic mining, which lessens risk tminers, alsentails remote-controlled robotic machinery for mineral and metal extraction. In order timprove safety, lower operating costs, and boost productivity at a mine site, smart mining uses information, autonomy, and technology.

According tthe World Economic Forum, digital transformation initiatives in the mining sector will generate more than USD 320 billion of industry value over the next decade.

Market Dynamics:

Driver:

Increased awareness

The harsh effects of the mining environment, including UV exposure, chemical dangers, ground instability, and others, are becoming more widely known tcreate health issues in mine workers. Ventilation systems, remote-controlled machinery, and autonomous fleet integration all provide safe working environments and raise operational productivity. Also, a greater emphasis on safety and health, a rise in the adoption of IoT solutions, and a rise in the use of autonomous equipment are all contributing factors tthe market's growth.

Restraint:

Depletion of natural resources

Miners would have textract from deeper and more remote mines due tthe fast depletion of natural resources around the world. Several technological difficulties are presented by underground mining. The deeper a mine is, the more energy it requires. Furthermore, as the mine progresses, the probability of rock bursts increases, causing damage tthe tunnel, which acts as a restraining factor.

Opportunity:

Improvements towards safety and health

Internet access is necessary for smart mining sthat mine operators and managers can monitor the condition of the equipment and work environment. The complicated mining business has chances ttrack visibility, safety, and production thanks tIoT technologies. In addition tlinking services, it alsconnects people, things, and equipment. Mining companies have put cutting-edge equipment on mine sites tmonitor safety regulations. Therefore, the use of IoT drives the market growth.

Threat:

Lack of skilled and qualified labour

The demand for skilled, certified, and experienced workface on mine sites is rising as a result of the mining industry's increased usage of cutting-edge systems. In order tachieve maximum efficiency and lower on-site accidents, the operation of smart mining equipment requires skilled staff. Thus, the unavailability of skilled labour can hamper the growth of the market.

Covid-19 Impact

The COVID-19 pandemic is the greatest global crisis affecting millions of people. Apart from being just a health hazard, it has led tan unprecedented social crisis, affecting several industries and livelihoods. The mining industry is alsheavily dependent on large labour and workforce. The short-term impacts include suspension of mineral production, loss of wages on account of absenteeism and pandemic restrictions, unemployment, and sale of minerals in the market. In the long-term, the continuity of many mining businesses, reputation and economic health of industries, new mineral deposit exploration and new mining complex development has been affected.

The surface mining segment is expected tbe the largest during the forecast period

The surface mining segment is estimated thave a lucrative growth, due tits advantages. Surface mining is used textract abundant reserves due tincreased demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about the security of the global energy supply, and rising technological developments in mining. The cost of surface mining is less than that of subterranean mining. These factors are driving the market growth for this segment.

The analytics solutions segment is expected thave the highest CAGR during the forecast period

The analytics solutions segment is anticipated twitness the fastest CAGR growth during the forecast period, due tdata is a valuable asset. Surface mining is used textract abundant reserves due tincreased demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about the security of the global energy supply, and rising technological developments in mining. The cost of surface mining is less than that of underground mining.

Region with Largest share:

Asia Pacific is projected thold the largest market share during the forecast period owing t
It is a significant producer of metal ore and metals. The greatest coal reserves in the world are there, although they are spread out over several nations. Automation and digitalization in mining have already improved smart mining and have a very large growth potential. The rise in infrastructure development and automotive production is driving the growth of the metals and mining industry in the region.

Region with highest CAGR:

North America is projected thave the highest CAGR over the forecast period, owing tits benefits. Technological advancements and increasing demand for oil sands, coal, and gas are expected tdrive the demand for mining equipment. The mining equipment manufacturers look at opportunities like the automation of machinery tattract customers and capture a significant share of the market. The growing demand for raw materials resulted in mining companies exploring new mining projects, thus boosting the region growth.

Key players in the market

Some of the key players profiled in the Smart Mining Market include ABB Ltd., Symboticware Inc., CiscSystems Inc., WencInternational Mining Systems Ltd, Hitachi Construction Machinery Co. Ltd., Caterpillar Inc., Komatsu Mining Corporation, IBM Corporation, Joy Global Inc., Rockwell Automation Inc., SAP SE, Sandvik Mining and Construction, OutotecOyj, Epiroc AB, Symboticware Inc., Deloitte Intelligent Miningm, Bosch Global, Atlas Copco, Siemens and Alcatel-Lucent.

Key Developments:

In April 2021, Ciscopened an Advanced Technology Center in capital Santiagtprovide innovation support tChilean mining companies. The ATC is part of Cisco’s global program, ‘Country Digital Acceleration,’ an initiative that looks for countries with significant growth potential and assigns an investment amount tobtain resources for boosting innovation and development.

In March 2021, SAP SE completed the acquisition of Signavio. Signavio’s products become part of SAP’s Business Process Intelligence portfoliand complement SAP’s holistic process transformation portfolio. With Signavinow an official part of its business process intelligence unit, SAP can help companies transform and manage their business processes at scale.

Mining Types Covered:
• Surface Mining
• Underground Mining
• Other Mining Types

Hardware Components Covered:
• Intelligent systems
• Sensors
• Radio-frequency identification tags
• Other Hardware Components

Software Solutions Covered:
• Connectivity solutions
• Asset management solutions
• Remote management solutions
• Safety and security systems
• Analytics solutions
• Data and operation management software
• Logistics software
• Other Software Solutions

Services Covered:
• System Integration and Implementation services
• Support and Maintenance
• Consulting Services
• Product Training Services
• Other Services

Automated Equipments Covered:
• Drillers & breakers
• Robotic truck
• Load haul dump
• Excavators
• Other Automated Equipments

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements