Smart Mining Market – Global Industry Analysis and Forecast (2023-2029)

Smart Mining Market was valued at US $ 13.54 Bn. in 2022, and Global Smart Mining market size is estimated to grow at a CAGR of 16.9% to reach US $ 40.42 billion by 2029.
Smart Mining Market Overview:
It includes a wide range of software solutions for a variety of applications that can be used in any sort of mine, including metallic, coal, non-metallic, and other mines. Smart mining is a technology driven extension of the traditional mining process that uses automation and optimization to deliver long-term outcomes.

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Smart Mining Market Dynamics:
According to a new World Bank Group report, “Minerals for Climate Action”, the production of minerals such as graphite, lithium, and cobalt are expected to increase by 50% in 2050 to meet the growing demand for sustainable energy technology. It is estimated that more than 3 billion tons of minerals and metals are necessary to fulfill the needs of energy demand. Minerals are expected to play a crucial role in the sustainable energy revolution. The increased demand for minerals and metals creates the economic potential for resource-rich developing countries as well as private sector companies.

Growth in the deployment of autonomous equipment, greater attention on safety and health, expanding environmental concerns, empowers effective connectivity among miners, optimum product output, and retrieval with minimal wastage are driving the global smart mining market growth across the globe. Smart automated technologies are increasingly being used to replace traditional mining processes. Smart mining technologies are also safer and more environmentally friendly than traditional mining methods, and they enable pollution monitoring to fulfill environmental regulatory standards.

Mining operations are safer, more productive, and cost-effective when corporations use private cellular networks. Remote control of machinery, such as autonomous haulage vehicles, is possible because of cellular's improved connectivity, which keeps miners out of harm's way by allowing trucks to be operated from a distance. And these new cellular-powered approaches can be used without affecting overall mine productivity.

Haulage contributes to roughly 30% of the mine's costs in a typical open-pit mine. Currently, barely 1% of people are autonomous. These are huge vehicles with restricted visibility. As a result, haulage accidents account for 25% of all mining fatalities. Autonomous haulage vehicles can save money on fuel and maintenance while also increasing productivity.

Smart mines are assisting in this effort by utilising cellular-enabled connected equipment that generates vast volumes of data, allowing operators to identify potentially dangerous situations before anyone is injured. Private cellular networks enable real-time status monitoring, which generates large amounts of data, allowing operators to comprehend the past, current, and, most importantly future state of mining equipment. Collecting and analysing machine data prevent up to 70% of machine failures.
Smart Mining Market Segment Analysis:
Based on the Type, the Smart Mining Market is segmented into Surface Mining and Underground Mining. The Surface Mining segment held the largest market share accounting for 61% in 2022. The rising demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about energy security across various regions, rising technological advancements in mining, an abundance of reserves are exploited using surface mining. Surface mining requires lower capital than underground mining. These factors are driving the smart mining market growth for this segment.

Based on the Component, the Smart Mining Market is segmented into Automated Equipment, Hardware, Software, and Services. The Automated Equipment segment held the largest market share, accounting for 31% in 2022. The segment growth is attributed to the high adoption of autonomous mining equipment as well as recognition of benefits provided by the implementation of this equipment.

The Hardware segment is expected to witness significant growth at a CAGR of 16.2% during the forecast period. Video cameras, sensors, telecommunication devices, and computers are examples of smart mining hardware that are commonly used for mine monitoring, real-time tracking of valuable minerals, automated data collection from various points inside or outside mines, storage of accurate performance data for continuous monitoring, and evaluation, production of regular reports are driving the mining activities, as a result, the smart mining market is showing a northward direction growth for this segment.
 Regional Insights:
Asia Pacific region held the largest market share accounted for 41% in 2022, and is expected to grow at a CAGR of 17.3% during the forecast period. The rise in infrastructure development and automotive production is driving the growth of the metals and mining industry in the region. Increasing Investment in Mining Sector is boosting the market growth, for instance, in India, the GVA (Gross Value Added) accrued from the mining and quarrying industry in 2021-22 is estimated to be US $ 3705.64 Bn. The total value of mineral production (excluding atomic & fuel minerals) during 2021-22 has been estimated at the US $ 16.53 billion which shows an increase of 10.11% over 2021.

North America region is expected to witness the highest growth at a CAGR of 18.2% during 2022. The region’s growth is attributed to cost efficiency and large-scale mining projects across North America. According to U.S. geographical survey report, U.S. mines produced approximately US $ 82.3 billion in minerals in 2022, which is the US $1.5 billion lower than 2022.

The objective of the report is to present a comprehensive analysis of the Smart Mining Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Mining Market dynamic, structure by analyzing the market segments and projecting the Smart Mining Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Mining Market make the report investor’s guide.
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Smart Mining Market



Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 13.54 Bn


Forecast Period 2023 to 2029 CAGR:
16.9%
Market Size in 2029:
US $ 40.42 Bn.


Segments Covered:
by Type
Surface Mining
Underground Mining


by Component
Automated Equipment
Hardware
Software
Services


by Automated Equipment
Driller and Breaker
Load Haul Dump
Mining Excavator
Robotics Trunk
Other


by Service
Engineering & maintenance Services
Consulting Services
Product Training Services
Implementation & Integration Service



Smart Mining Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. ABB Ltd.
2. Komatsu Ltd.
3. Sandvik Mining and Construction
4. Atlas Copco
5. Caterpillar Inc.
6. Cisco Systems Inc.
7. Hitachi Construction Machinery Co. Ltd.
8. Outotec Oyj
9. Joy Global Inc.
10. Sandvik AB
11. Alcatel-Lucent
12. Thingworx
13. IBM
14. SAP SE
15. Alastri

Frequently Asked Questions:

1] What segments are covered in the Smart Mining Market report?
Ans. The segments covered in the Smart Mining Market report are based on Type, Component, Automated Equipment, Service.

2] Which region is expected to hold the highest share in the Smart Mining Market?
Ans. The North America region is expected to hold the highest share in the Smart Mining Market.

3] What is the market size of the Smart Mining Market by 2029?
Ans. The market size of the Smart Mining Market by 2029 is US $ 40.42 Bn.

4] What is the forecast period for the Smart Mining Market?
Ans. The Forecast period for the Smart Mining Market is 2023-2029.

5] What was the market size of the Smart Mining Market in 2022?
Ans. The market size of the Smart Mining Market in 2022 was US $ 13.54 Bn.