Smart Mining Market Growth Findings by 2030
The smart mining market size was valued at US$ 13.06 billion in 2022, and it is expected to reach US$ 28.53 billion by 2030. The smart mining market is estimated to register a CAGR of 10.3% from 2022 to 2030. The introduction of the Internet of Things (IoT) is likely to remain a key trend in the market.
Smart Mining Market Analysis
Rising awareness related to the benefits provided by smart mining equipment and technologies and the growing need to keep the workforce safe are driving the market. The market is anticipated to grow during the forecast period, due to the growing demand for smart mining components among firms to improve data security. Moreover, government support for the installation of smart mining technologies and the rising adoption of automated mining equipment are creating lucrative opportunities for the market.
Smart Mining Market Overview
Smart mining refers to the use of linked technology in the mining sector. These technologies include cameras, sensors, and drones that communicate with one another and their surroundings over the Internet. Device networks help to automate processes, simplify operations, collect data, and connect various sections of the mining process. Smart mining technology helps mines boost efficiency, save money, keep workers safe, and reduce pollution.
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Smart Mining Market: Strategic Insights
Smart Mining Market
-
CAGR (2022 - 2030)
10.3%
-
Market Size 2022
US$ 13.06 Billion
-
Market Size 2030
US$ 28.53 Billion
Market Dynamics
GROWTH DRIVERS
- Rising Awareness Related to the Benefits Provided by Smart Mining Equipment and Technologies
FUTURE TRENDS
- The introduction of Internet of Things (IoT)
OPPORTUNITIES
- Government Support for the Installation of Smart Mining Technologies
Key Players
- ABB Ltd
- Alastri
- Caterpillar Inc
- Intellisense io
- Hexagon AB
- Hitachi Ltd
- MineSense
- Rockwell Automation Inc
- SAP SE
- Trimble Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Automated Equipment
- Hardware Component
- Software Solution
- Services
Mining Type
- Underground Mining and Surface Mining
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Mining Market: Strategic Insights
-
CAGR (2022 - 2030)10.3% -
Market Size 2022
US$ 13.06 Billion -
Market Size 2030
US$ 28.53 Billion
Market Dynamics
- Rising Awareness Related to the Benefits Provided by Smart Mining Equipment and Technologies
- The introduction of Internet of Things (IoT)
- Government Support for the Installation of Smart Mining Technologies
Key Players
- ABB Ltd
- Alastri
- Caterpillar Inc
- Intellisense io
- Hexagon AB
- Hitachi Ltd
- MineSense
- Rockwell Automation Inc
- SAP SE
- Trimble Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Automated Equipment
- Hardware Component
- Software Solution
- Services
- Underground Mining and Surface Mining
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Smart Mining Market Drivers and Opportunities
Rising Awareness Related to the Benefits Provided by Smart Mining Equipment and Technologies to Favor the Market
The world is exploring smart mining technologies to improve its mining industry. The growth in digitalization and industrial automation helps mining companies improve their operational efficiency. These benefits help the country expand its mining activities. For instance, in 2023, the Government of Italy announced the resuming of critical raw materials mining operations. The mine contains numerous materials, such as lithium, cobalt, nickel, copper, zinc, beryllium, and tungsten. The government also estimated that the country holds at least 15 of the 34 elements in the ground. The resuming of mining activities require smart equipment and technologies to streamline the mining operations. These smart mining techniques help the workers improve productivity by minimizing environmental impact.
Government Support for the Installation of Smart Mining Technologies
The government has also installed smart mining technologies in more than 1,000 working coal facilities to increase the annual production capacity to over 620 million tons. Furthermore, the country is modernizing coal facilities by deploying The Hongliulin "intelligent mine" in coal-belt Shaanxi province to remove peak greenhouse gas emissions by 2030. The sustainability benefits of smart mining technologies fuel the market in the country. Thus, the increasing number of awareness programs, conferences, exhibitions, etc., are likely to create growth opportunities in the smart mining market during the forecast period.
Smart Mining Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart mining market analysis are component and mining type.
- Based on component, the smart mining market is divided into automated equipment, hardware components, software solutions, and services. The automated equipment segment is segmented into load haul dump, robotic truck, driller & breaker, excavator, and others. The hardware component segment is divided into RFID tags, sensors, intelligent systems, and others. The software solution segment is segmented into logistics software and solutions, data & operation management software and solutions, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. The automated equipment segment held a larger market share in 2022.
- On the basis of mining type, the market is divided into underground mining and surface mining. The underground mining segment held a larger market share in 2022.
Smart Mining Market Share Analysis by Geography
The geographic scope of the smart mining market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market in Europe is projected to expand during the forecast period due to the growing number of mining activities. For instance, in October 2022, Imerys Mining launched the EMILI (Imerys' Lithium mica mining project) project to mine lithium in France. The project will produce 34,000 tons of lithium hydroxide annually from 2028 onwards, which improve France's and Europe's industrial sovereignty to increase lithium-battery production. The projects help Imerys Mining to integrate and enhance its energy transition capabilities to reduce the carbon footprint associated with mining activities. Lithium mining often involves using autonomous vehicles and robotic systems to increase the efficiency and safety of mines. The growing adoption of smart mining technologies in France is expected to fuel the market.
Smart Mining Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 13.06 Billion |
Market Size by 2030 | US$ 28.53 Billion |
Global CAGR (2022 - 2030) | 10.3% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Component
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Smart Mining Market News and Recent Developments
The smart mining market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart mining market are listed below:
- The mining leader has deployed the ABB Ability Operations Management System & (OMS 41; at the Mine 740 km northeast of Perth. The OMS contributes to GoldField's digital transformation of the Granny Smith operation, aiming to improve productivity and streamline data flow to enable timely decision-making. Approximately 1.6 million tpy of gold-bearing ore is extracted from the underground Mine and treated at the site's processing plant. (Source: ABB Ltd, Company Website, September 2023)
Smart Mining Market Report Coverage and Deliverables
The “Smart Mining Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Smart mining market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart mining market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Smart mining market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart mining market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, and Mining Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global smart mining market is expected to reach US$ 28.53 billion by 2030.
The key players holding majority shares in the global smart mining market are ABB Ltd, Alastri, Caterpillar Inc, Intellisense.io, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc.
Asia Pacific dominated the smart mining market in 2022.
The global smart mining market is estimated to register a CAGR of 10.3% during the forecast period 2022–2030.
Growing demand and adoption of consumer electronics products among consumers Rising awareness related to the benefits provided by smart mining equipment and technologies and the growing need to keep the workforce safe are the major factors that propel the global smart mining market.
The introduction of the Internet of Things (IoT) to play a significant role in the global smart mining market in the coming years.
The List of Companies - Smart Mining Market
- ABB Ltd
- Alastri
- Caterpillar Inc
- Intellisense.io
- Hexagon AB
- Hitachi Ltd
- MineSense
- Rockwell Automation Inc
- SAP SE
- Trimble Inc