According to the latest report by IMARC Group, titled "Connected Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global connected mining market size grew at a CAGR of around 18% during 2015-2020. Connected mining is an essential component of mining resource management and extraction. Its implementation is pertinent in speeding up the entire mining process with the assistance of workers while ensuring their safety at the highest level. This design integrates surface and underground mining to provide improved solutions to manage various applications, which may include safety, dispatch, telemetry, voice and video across a reliable and secure network. This can be achieved by the usage of secure IP and multi-service networks, along with the aid of smart assets, logistics, control systems, remote management solutions, operational data processing and analytics, and safety and security systems. These solutions further result in significantly reduced production costs with real-time visibility of assets and optimum operating efficiency for an extended duration of time.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Connected Mining Market Trends:
The global market is primarily driven by considerable growth in the mining sector across the globe. Along with this, the integration of advanced technologies and the Internet of Things (IoT) in the industry has provided a boost to the overall functionality and efficiency of the sector while enhancing the cost-effectiveness of the entire process, which, in turn, is creating a positive outlook for the market. There has also been a rising demand for enhanced safety and security of mine workers on the global level. Since the deployment of connected mining solutions enables players to enhance their production capacities by allowing real-time monitoring and communications with integrated systems over a reliable connected network, this is providing an impetus to the market growth. The market is further driven by the incorporation of predictive maintenance with these solutions. This integration results in improved system reliability while offering on-site cost monitoring and utilization of resources via digital tail monitoring control tools. Predictive maintenance further assists in minimizing the overall cost of resource maintenance and improving the overall security solutions provided by in-ground sensors. Some of the other factors contributing to the market growth include the increasing employment of big data and cloud computing solutions in the mining sector and the launch of design flexible platforms and software that are anticipated to gain widespread prominence among the end users. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2021-2026.
- On the basis of the component, the market has been divided into equipment, software and services.
- Based on the equipment type, the market has been segmented into automated mining excavators, load haul dump, drillers and breakers, and others.
- On the basis of the software and services type, the market has been segregated into data/operations/asset management and security software, support and maintenance services, system integration and deployment services, and others.
- Based on the mining type, the market has been bifurcated into surface and underground mining.
- On the basis of the solution type, the market has been classified into connected assets and logistics, connected control, connected safety and security, remote management, and other solutions.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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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