According to the latest report by IMARC Group, titled “Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global smart mining market size reached a value of US$ 9.1 Billion in 2021. Smart mining uses various technologies to automate the mining process, facilitating enhanced safety, reducing operational costs, and improving productivity for mines. The equipment can be tracked remotely and in real-time by leveraging advanced technologies, such as cloud computing, 3D imaging software, and automated hardware and equipment on the mine site. Additionally, it involves remote-controlled robotic equipment for mineral and metal extraction, also known as telerobotic mining, which reduces the risks to miners. As a result, smart mining is increasingly utilized in both underground open cast mining operations.
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 Smart Mining Market Trends:
The global market is primarily driven by the rapid utilization of autonomous equipment in mining operations. This can be attributed to the rising consciousness regarding numerous chemical hazards, ground instability, and UV exposure that causes health problems among mine workers. In addition to this, the augmenting adoption of the internet of things (IoT) to develop digital solutions for deploying underground wireless networks and connected mines is propelling the market. Moreover, the implementation of stringent regulations by several government bodies to control emissions and air pollution is also creating a positive market outlook. The market is further fueled by continual product innovations, such as autonomous fleet, remote-controlled equipment, and ventilation solutions, that offer safer working conditions. Some of the other factors providing an impetus to the market include the rising focus on worker safety, the emergence of mining 4.0, rapid industrialization and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 24.3 Billion by 2027, exhibiting a CAGR of 17.77% during 2022-2027.
- Based on the type, the market has been segmented into underground mining and surface mining.
- On the basis of the component, the market has been divided into hardware, software, and services.
- Based on the automated equipment, the market has been categorized into excavator, robotic truck, driller and breaker, load haul dump, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia 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 Ltd, Caterpillar Inc, Cisco Systems Inc, Hexagon AB, Hitachi Ltd, Komatsu Ltd, Robert Bosch GmbH, Rockwell Automation Inc, Sandvik AB, AP SE, and Trimble Inc.
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