The global connected mining market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12.4% during 2023-2028.
Connected mining refers to the next-generation land mine designs that integrate surface and underground mining for enhanced efficiency in the extraction and management of mining resources. It establishes highly secured information protocol (IP) and multi-service networks to monitor wall slope stability, surface movement, detection of fractures and faults and natural seismicity in the mines. It involves various systems and solutions, such as operational data processing and analytics, smart assets, logistics, control systems and safety and security systems and remote management solutions. They are deployed on the machines used for mining operations and offer various benefits, such as enhanced production efficiency and safety of the workers and minimized production costs with real-time visibility of assets.
Significant growth in the mining industry across the globe represents one of the key factors creating a positive outlook for the market. Moreover, the increasing requirement for enhanced safety and security solutions for mine workers is also driving the market growth. Connected mining enables enterprises to increase their production capacities by real-time monitoring and communication with the integrated systems. In line with this, it also offers predictive maintenance that provides on-site cost monitoring and utilization of resources through digital tail monitoring controls. Additionally, the advent of the Industrial Internet of Things (IIoT), big data and cloud computing solutions with the mining systems, is acting as another growth-inducing factor. Service providers are also developing design flexible platforms, sensors, processors, and software to deliver an improved experience to the user, which, in turn, is driving the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global connected mining market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, equipment breakup by type, software and services breakup by type, mining type and solution type.
Breakup by Component:
Equipment Breakup by Type:
- Automated Mining Excavators
- Load Haul Dump
- Drillers and Breakers
Software and Services Breakup by Type:
- Data/Operations/Asset Management and Security Software
- Support and Maintenance Services
- System Integration and Deployment Services
Breakup by Mining Type:
- Surface Mining
- Underground Mining
Breakup by Solution Type:
- Connected Assets and Logistics Solutions
- Connected Control Solutions
- Connected Safety and Security Solutions
- Remote Management Solutions
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Group, Accenture Plc, Alastri, Cisco Systems Inc., Hexagon AB, Intellisense.Io, Rockwell Automation, SAP SE, Symboticware Inc. and Trimble Inc.
|Base Year of the Analysis
||Component, Equipment Breakup by Type, Software and Services Breakup by Type, Mining Type, Solution Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Group, Accenture Plc, Alastri, Cisco Systems Inc., Hexagon AB, Intellisense.Io, Rockwell Automation, SAP SE, Symboticware Inc. and Trimble Inc.
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Key Questions Answered in This Report:
- How has the global connected 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 connected mining market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the equipment market based on the type?
- What is the breakup of the software and services market based on the type?
- What is the breakup of the market based on the mining type?
- What is the breakup of the market based on the solution type?
- 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 connected mining market and who are the key players?
- What is the degree of competition in the industry?