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At a compound annual growth rate (CAGR) of 12.3% over the forecast period (2023-2030), the size of the global smart mining market is expected to increase from USD 11.9 billion in 2022 to USD 30.48 billion by 2030.
Changes in corporate practices, increased safety regulations, and enhanced decision-making processes will increase the importance of smart mining's incorporation into mining operations. With the help of AI, mining operations can shift their attention from individual workers to the mining process as a whole. Intelligent mining uses AI to enhance the supply chain with features like real-time shipment monitoring, predictive mine maintenance, and effective inventory management. Incorporating automated mining equipment and analytics systems digitally streamlines operations and improves decision-making. In a similar vein, the Internet of Things (IoT) is causing a revolution in the mining industry and is anticipated to be a major factor in the development of the smart mining market.
In today's digital age, technology has a huge effect on how organizations function. Utility, oil and gas, energy, manufacturing, and construction firms, among others, that rely heavily on their assets, are major adopters of IoT solutions because of the positive effects they have on productivity and cost-cutting. Although artificial intelligence (AI), machine learning (ML), and unmanned aerial vehicles (UAVs) are all used in mining, it is the Internet of Things (IoT) that is helping mining companies increase output while decreasing costs. The Internet of Things (IoT) is a game-changing innovation that depends on numerous technologies such as high-end sensor infrastructure, edge computing, a variety of connection networks, big data platforms, data processing, and interactive visualization. The mining industry benefits from IoT since it helps cut down on waste, analyze risks and data in real time more accurately, and make better decisions. The increasing use of IoT in mining means better performance, more accurate maintenance, lower costs, and higher levels of efficiency and safety, all of which should boost the smart mining market. The market for intelligent mining hardware and software is set to explode as a result.
Categorization by Form
The smart mining industry was mostly focused on surface or open pit mining. In surface mining, minerals or other resources are taken directly from the earth's surface, usually in industrial-scale operations. Coal mining, quarrying, and the mining of precious metals like copper, gold, and iron all make use of it. Smart mining technologies have several positive effects on surface mining operations, including higher productivity, better resource utilization, and safer working conditions.
The smart mining business is expanding rapidly, with underground mining being the leading sector. Minerals and other resources are mined from tunnels and shafts deep below the earth's surface in underground mining. It is used to extract coal, precious metals, and minerals from underground deposits that would otherwise be inaccessible. Numerous benefits, including as real-time monitoring and control, process automation, and increased worker safety in hazardous underground locations, can be attained through the implementation of smart mining technology in underground mining operations. This has led to explosive expansion in the underground mining industry, which is anticipated to continue into the foreseeable future.
Classification Analysis
In the smart mining industry, automated machinery was the norm. Robotics, autonomous vehicles, and drones are all examples of automated equipment that can help reduce the need for human labor in the mining industry. Excavation, transportation, drilling, and material handling are just some of the mining operations that benefit from the use of automated technology and systems. Increased production, efficiency, lower operational costs, and more worker safety are just some of the many advantages that automated equipment brings to the mining industry.
However, components represent the smart mining market's fastest-growing sector. Smart mining components are the several subsystems that work together to form the larger smart mining network. Sensors, software, and communication systems are all part of the mining infrastructure that allows for data gathering, analysis, and networking. Demand for high-tech sensors, Internet of Things devices, and connectivity solutions to improve data-driven decision making, real-time monitoring, and automation in the mining industry is a key factor propelling the components market. The need for cutting-edge and efficient parts is forecast to skyrocket as more and more mining enterprises implement smart mining technology.
Drivers
Enhanced safety measures and more efficient operations are becoming priorities.
The rising priority on safety and the pressing need to enhance operational efficiency are driving factors in the smart mining industry. Smart mining technology can improve safety in the mining industry by lowering the need for human involvement in potentially dangerous situations. Smart mining solutions also help mining businesses save money and work more efficiently by streamlining their processes, making better use of their resources, and increasing output generally.
Restraints
Smart mining technologies have a high price tag to install.
The high upfront cost of adopting smart mining technologies is a major challenge for the industry. There are substantial up-front expenses associated with adopting cutting-edge technologies like automation, AI, and IoT. These expenses cover things like new hardware, software, and network infrastructure. For smaller and medium-sized mining enterprises with less resources and tighter budgets, these monetary hurdles could be particularly problematic. Some businesses may be reluctant to make the initial expenditure needed to use smart mining technology because of this barrier to entry.
Report Coverage
Global Smart Mining research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Mining report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Mining competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Mining market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Mining market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Mining market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Hitachi Construction Machinery Co. Ltd (Japan), ABB Ltd (Switzerland), Komatsu Ltd (Japan), Outotec Oyj (Finland), Atlas Copco (Sweden), Caterpillar Inc (US), Rockwell Automation (US), Cisco Systems Inc (US), Rio Tinto (UK/Australia), Bosch Global (Germany), Trimble (US), Schneider Electric SE (France), Sandvik AB (Sweden), Wenco International Mining Systems Ltd (Canada), Joy Global Inc. (US), Siemens AG (Germany), Sandvik Mining and Rock Solutions (Sweden), General Electric Company (US), Hexagon AB (Sweden), Airobotics (Israel)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Mining market based on the below-mentioned segments:
Global Smart Mining Market, By Type
Underground mining
surface or open pit mining
Global Smart Mining market, By Category
Automated equipment
components
Global Smart Mining market, Regional Analysis
Changes in corporate practices, increased safety regulations, and enhanced decision-making processes will increase the importance of smart mining's incorporation into mining operations. With the help of AI, mining operations can shift their attention from individual workers to the mining process as a whole. Intelligent mining uses AI to enhance the supply chain with features like real-time shipment monitoring, predictive mine maintenance, and effective inventory management. Incorporating automated mining equipment and analytics systems digitally streamlines operations and improves decision-making. In a similar vein, the Internet of Things (IoT) is causing a revolution in the mining industry and is anticipated to be a major factor in the development of the smart mining market.
In today's digital age, technology has a huge effect on how organizations function. Utility, oil and gas, energy, manufacturing, and construction firms, among others, that rely heavily on their assets, are major adopters of IoT solutions because of the positive effects they have on productivity and cost-cutting. Although artificial intelligence (AI), machine learning (ML), and unmanned aerial vehicles (UAVs) are all used in mining, it is the Internet of Things (IoT) that is helping mining companies increase output while decreasing costs. The Internet of Things (IoT) is a game-changing innovation that depends on numerous technologies such as high-end sensor infrastructure, edge computing, a variety of connection networks, big data platforms, data processing, and interactive visualization. The mining industry benefits from IoT since it helps cut down on waste, analyze risks and data in real time more accurately, and make better decisions. The increasing use of IoT in mining means better performance, more accurate maintenance, lower costs, and higher levels of efficiency and safety, all of which should boost the smart mining market. The market for intelligent mining hardware and software is set to explode as a result.
Categorization by Form
The smart mining industry was mostly focused on surface or open pit mining. In surface mining, minerals or other resources are taken directly from the earth's surface, usually in industrial-scale operations. Coal mining, quarrying, and the mining of precious metals like copper, gold, and iron all make use of it. Smart mining technologies have several positive effects on surface mining operations, including higher productivity, better resource utilization, and safer working conditions.
The smart mining business is expanding rapidly, with underground mining being the leading sector. Minerals and other resources are mined from tunnels and shafts deep below the earth's surface in underground mining. It is used to extract coal, precious metals, and minerals from underground deposits that would otherwise be inaccessible. Numerous benefits, including as real-time monitoring and control, process automation, and increased worker safety in hazardous underground locations, can be attained through the implementation of smart mining technology in underground mining operations. This has led to explosive expansion in the underground mining industry, which is anticipated to continue into the foreseeable future.
Classification Analysis
In the smart mining industry, automated machinery was the norm. Robotics, autonomous vehicles, and drones are all examples of automated equipment that can help reduce the need for human labor in the mining industry. Excavation, transportation, drilling, and material handling are just some of the mining operations that benefit from the use of automated technology and systems. Increased production, efficiency, lower operational costs, and more worker safety are just some of the many advantages that automated equipment brings to the mining industry.
However, components represent the smart mining market's fastest-growing sector. Smart mining components are the several subsystems that work together to form the larger smart mining network. Sensors, software, and communication systems are all part of the mining infrastructure that allows for data gathering, analysis, and networking. Demand for high-tech sensors, Internet of Things devices, and connectivity solutions to improve data-driven decision making, real-time monitoring, and automation in the mining industry is a key factor propelling the components market. The need for cutting-edge and efficient parts is forecast to skyrocket as more and more mining enterprises implement smart mining technology.
Drivers
Enhanced safety measures and more efficient operations are becoming priorities.
The rising priority on safety and the pressing need to enhance operational efficiency are driving factors in the smart mining industry. Smart mining technology can improve safety in the mining industry by lowering the need for human involvement in potentially dangerous situations. Smart mining solutions also help mining businesses save money and work more efficiently by streamlining their processes, making better use of their resources, and increasing output generally.
Restraints
Smart mining technologies have a high price tag to install.
The high upfront cost of adopting smart mining technologies is a major challenge for the industry. There are substantial up-front expenses associated with adopting cutting-edge technologies like automation, AI, and IoT. These expenses cover things like new hardware, software, and network infrastructure. For smaller and medium-sized mining enterprises with less resources and tighter budgets, these monetary hurdles could be particularly problematic. Some businesses may be reluctant to make the initial expenditure needed to use smart mining technology because of this barrier to entry.
Report Coverage
Global Smart Mining research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Mining report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Mining competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Mining market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Hitachi Construction Machinery Co. Ltd (Japan), ABB Ltd (Switzerland), Komatsu Ltd (Japan), Outotec Oyj (Finland), Atlas Copco (Sweden), Caterpillar Inc (US), Rockwell Automation (US), Cisco Systems Inc (US), Rio Tinto (UK/Australia), Bosch Global (Germany), Trimble (US), Schneider Electric SE (France), Sandvik AB (Sweden), Wenco International Mining Systems Ltd (Canada), Joy Global Inc. (US), Siemens AG (Germany), Sandvik Mining and Rock Solutions (Sweden), General Electric Company (US), Hexagon AB (Sweden), Airobotics (Israel) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Smart Mining Market from 2021 to 2030.
- Market Forecast for Smart Mining Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Smart Mining competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Smart Mining
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Mining market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Mining market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Hitachi Construction Machinery Co. Ltd (Japan), ABB Ltd (Switzerland), Komatsu Ltd (Japan), Outotec Oyj (Finland), Atlas Copco (Sweden), Caterpillar Inc (US), Rockwell Automation (US), Cisco Systems Inc (US), Rio Tinto (UK/Australia), Bosch Global (Germany), Trimble (US), Schneider Electric SE (France), Sandvik AB (Sweden), Wenco International Mining Systems Ltd (Canada), Joy Global Inc. (US), Siemens AG (Germany), Sandvik Mining and Rock Solutions (Sweden), General Electric Company (US), Hexagon AB (Sweden), Airobotics (Israel)
Primary Target Market
- Market Players of Smart Mining
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Mining market based on the below-mentioned segments:
Global Smart Mining Market, By Type
Underground mining
surface or open pit mining
Global Smart Mining market, By Category
Automated equipment
components
Global Smart Mining market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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