Smart Mining Market is expected to reach US$ 38.5 Bn in 2027

Smart Mining Market to 2027 by Component (Hardware, Software and Solution, and Service); Mining Type (Underground Mining, and Surface Mining)

Smart mines with already incorporated technologies can automate their operations quickly than those who are lagging in technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors. For instance, the installation of automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both.

Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operation. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services.The introduction of IIoT helps to attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market, which adds to the safety of miners on-site.

Increasing demand for minerals and metals leads to increasing the expansion of mining activity that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increased concerns about safety and security, growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared to the traditional mining technology.

Some of the key players profiled in the report study include ABB Ltd., Alastri, Atlas Copco, Caterpillar Inc., Cisco Systems Inc., Hexagon AB, Hitachi Construction Machinery Co. Ltd., Komatsu Mining Corporation, Rockwell Automation, Inc., and Trimble.

Smart Mining Market - Geographic Breakdown, 2019

Source: The Insight Partners Analysis

The report segments the global smart mining market as follows:

Global Smart Mining Market - By Component

• Hardware
• Software
• Services

Global Smart Mining Market - By Mining Type

• Underground Mining
• Surface Mining

Global Smart Mining Market - By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of Asia Pacific
• Middle East and Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of Middle East and Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America