Middle East & Africa Smart Mining Market Forecast to 2030 - Regional Analysis - by Component (Automated Equipment, Hardware Component, Software Solution, and Services) and Mining Type (Underground Mining and Surface Mining)

Middle East & Africa Smart Mining Market Forecast to 2030 - Regional Analysis - by Component (Automated Equipment, Hardware Component, Software Solution, and Services) and Mining Type (Underground Mining and Surface Mining)

The Middle East & Africa smart mining market was valued at US$ 822.00 million in 2022 and is expected to reach US$ 1,426.81 million by 2030; it is estimated to register a CAGR of 7.1% from 2022 to 2030.

Introduction of Industrial Internet of Things (IIoT) Drives Middle East & Africa Smart Mining Market

Although 77% of mining companies are at the beginning of their digital transformation journey, most of them have already taken significant initiatives to introduce IIoT in operation. The introduction of IIoT helps increase production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is anticipated to be one of the leading trends in the smart mining market, which adds to the safety of miners on-site. Major technology companies such as AMD, Intel, STMicro, Softbank (Arm), Microsoft Corporation, Cisco, and Infosys Limited are leveraging technologies to enhance mining operations by improving worker's safety. These companies are also creating awareness about the benefits of IIoT and AI in the mining industry.

AI and wearables are also being used to provide real-time data workers in the mining site. Also, with the development of 5G infrastructure, the smart mining business is paving its path toward greater growth. From improving planning and operational efficiencies to mine workflow productivity and safety, rapid developments in AI technologies would make mine operations successful. For instance, by utilizing pattern matching and predictive analysis, AI programs can analyze quantities of geological data and find new and potentially valuable sites to mine.

Middle East & Africa Smart Mining Market Overview

The smart mining market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The region is anticipated to witness a rapid increase in industrialization and commercialization. The Gulf countries are economically developed, while the African countries are still in the developing phase. The MEA is the world's largest hub for mineral mining (diamond, gold, and phosphate) and oil and gas operations. Mineral mining is an emerging industry offering impressive opportunities for smart mining, resources, and infrastructure companies. The Gulf countries look forward to diversifying their economies, reducing their oil and gas dependency, and creating jobs for the young, fast-growing population.

Mining in the Middle East & Africa has a promising future. Even though Africa has over 30% of the world's mineral reserves, the region receives less than 5% of the extraction budget and global mining exploration. There is a vast potential for the mining sector in MEA. Many nations in the Middle East and Africa have recently presented or are in the process of enacting new mining regulations to accelerate investment. In various fields, including mining, the GCC nations in the Middle East are working to build a single regulatory structure. These are the initial steps toward developing a world-class mining sector that can significantly contribute to the region's economic growth and job possibilities. The growing mining sector in the region will propel the demand for smart mining.

New tax incentives and regulatory regimes are being developed across the region to encourage investment in smart mining. New reforms in mining in the Middle East and African countries suggest developing a stronger fiscal policy through social safety nets and increased taxes across base levels. The Gulf Cooperation Council (GCC) has created a unified framework to develop custom policies and trade regulations to drive the market.

Middle East & Africa Smart Mining Market Revenue and Forecast to 2030 (US$ Million)

Middle East & Africa Smart Mining Market Segmentation

The Middle East & Africa smart mining market is segmented based on component, mining type, and country.

Based on component, the Middle East & Africa smart mining market is segmented into automated equipment, hardware component, software solution, and services. The automated equipment segment held the largest Middle East & Africa smart mining market share in 2022. The automated segment is further subsegmented into load haul dump, robotic truck, driller & breaker, excavator, and other automated equipment. The hardware component is further subsegmented into RFID tags, sensors, intelligent system, and others. The software solutions are further subsegmented into logistics software and solutions, data & operation management software and solutions, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions.

In terms of mining type, the Middle East & Africa smart mining market is bifurcated into underground mining and surface mining. The surface mining segment held a larger Middle East & Africa smart mining market share in 2022.

Based on country, the Middle East & Africa smart mining market is categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa smart mining market in 2022.

ABB Ltd, Alastri, Caterpillar Inc, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc are some of the leading companies operating in the Middle East & Africa smart mining market.

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