Smart Mining Market Growth Report & Industry Analysis by 2030

Smart Mining Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Automated Equipment, Hardware Component, Software Solution, and Services) and Mining Type (Underground Mining and Surface Mining)

  • Report Code : TIPRE00007870
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 227
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Smart Mining Market Growth Report & Industry Analysis by 2030

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[Research Report] 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.

Smart Mining Market Analyst Perspective:

Mining companies are focusing on increasing productivity by providing novel software and solutions, which is positively influencing the smart mining market. The rising penetration of innovative technologies help mining companies to reduce additional cost of operations, thereby resulting in significant cost savings. These elements are increasing the demand for smart mining. Smart mines with existing incorporated technologies can automate their processes more swiftly than companies that lag in technological adoption. As a result of the installation of sophisticated technologies, mining companies can expand their production capacities, which is expected to propel the smart mining market growth during the forecast period.

Smart Mining Market Overview:

Installing a wireless sensor network to perform remote readings in a mine can promote digitalization. Predictive analytics and wireless monitoring using Operational Intelligence (OI) technologies in maintenance allow mining operators to track operational properties to mitigate the risks involved with mining and other industries' crucial tasks. Furthermore, increased demand for minerals and metals leads to increased mining activities, which drives the growth of the smart mining industry. Rising adoption of autonomous equipment, increased concerns about security and safety, and growing environmental issues are propelling the smart mining market growth. Furthermore, smart mining technology is far safer and more environmentally friendly than traditional mining technology.

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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
  • Growing Need to Keep Workforce Safe
  • Rising Requirement to Improve Data Security
  • Increasing Mining Projects
FUTURE TRENDS
  • Introduction of Industrial Internet of Things (IoT)
OPPORTUNITIES
  • Adoption of Automated Mining Equipment

Key Players

  • ABB Ltd
  • Alastri
  • Caterpillar Inc
  • Intellisense.io
  • Hexagon AB
  • Hitachi Ltd
  • MineSense
  • Rockwell Automation Inc
  • SAP SE

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.

Smart Mining Market Driver:

Growing Need to Keep Workforce Safe to Fuel Growth of Smart Mining Market

The mining area is one of the hazardous places for people to work, and the security of the workers is a crucial issue worldwide. For example, when mines fail, both workers and those around the mines are affected or even lose their lives. For instance, according to the Mine Safety and Health Administration, seven miners died in the first six weeks of 2023 due to an electrocution incident. An overhead power line came in contact with two truck drivers at the mining site. The drivers exited the cabs of their trucks and came in contact with electrical energy. Workers conducting manual readings in remote mining sites are at risk of harming their lives. Smart mining technologies play a crucial role in enhancing workers' safety. Implementing automated mobile assets such as vehicles, wireless gadgets, remote sensors, and real-time data analytics in mining sites reduces the need for an on-site workforce. Automated mobile assets detect gas leaks, monitor ground stability, and assess real-time equipment health. This data helps miners and operators to address safety issues, preventing accidents and fatalities proactively. Remote sensors and real-time data analytics provide a complete view of the mining environment, which, in turn, increases the protection level of the workers. Additionally, automation systems improve safety by reducing the need for workers to be in high-risk areas. Predictive analysis and observations performed by operational intelligence (OI) solutions enable mining operators to anticipate and avoid dangerous accidents. Workforce monitoring, with the help of wireless wearable devices, often facilitates operators to efficiently organize their staff and keep workers away from the risky areas of the mining site.

Smart mining technologies help minimize the threat and damage caused during mining operations. IoT is utilized in mining to add sensors to mining equipment to communicate and monitor the data in real time and keep the workers safer. Sensors can also be attached to the workers' clothing to monitor their health by tracking and transmitting data about their physical health and condition. They can also raise alerts at the time of accidents. Major global mining companies such as Rio Tinto and Boliden are integrating IoT to remotely monitor and control mining operations. For instance, in 2020, Boliden, a Sweden-based mining company, partnered with Cisco and Sandvik Mining and Rock Technology to improve their mining operations. Boliden uses Cisco's IoT technology and Sandvik's AutoMine for autonomous mining equipment & OptiMine software to analyze and optimize production. These technologies help Boliden mining engineers to operate the machinery remotely and safely from a control room. Smart mining supports miners to easily and safely handle heavy machines, equipment, vehicles, and devices used in a mine site. Furthermore, the strong commitment to protecting its workforce and adhering to strict safety regulations in the mining industry has accelerated the adoption of smart mining solutions, driving the smart mining market.

Smart Mining Market Report Segmentation and Scope:

The smart mining market is segmented on the basis of component and mining type. Based on components, the smart mining market is segmented into automated equipment, hardware component, software solution, services. Based on mining type, the smart mining market is bifurcated into underground and surface mining. The smart mining market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Smart Mining Market Segmental Analysis:

Based on component, the smart mining market is categorized into automated equipment, hardware component, software solution, and services. The automated equipment segment is sub segmented into load haul dump, robotic truck, driller and breaker, excavator, and other automated equipment. The automated equipment segment held the largest held the largest smart mining market share in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. An excavator is a heavy construction equipment primarily used for digging, trenching, and earthmoving tasks. It consists of a bucket, boom, and cab mounted on a rotating platform, allowing it to perform various tasks in mining, excavation, and construction projects. The excavators play a crucial role in the smart mining market due to the deployment of advanced technologies such as telematics, GPS systems, and remote monitoring capabilities. These smart excavators allow precise digging and material handling, increasing productivity, reducing inefficiencies, and minimizing the risk of accidents. The rising adoption of smart equipment helps miners optimize their processes, which increases the demand for technologically advanced excavators in the smart mining market. Several companies are developing smart excavators to increase the operational efficiency of mining operations, which is expected to boost the smart mining market.

Smart Mining Market Regional Analysis:

The smart mining market is broadly segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. North America held the largest smart mining market share in 2022, followed by APAC and Europe. Further, APAC is expected to register the highest CAGR in the market from 2022 to 2030. The smart mining market in North America has witnessed tremendous growth owing to the deployment of solutions for smart mining aid mining companies to minimize labor costs and increase production efficiency with the help of real-time communication and monitoring. The region comprises several surface and underground mines, a few of which are expected to remain operational for a longer period. For instance, The Morenci Mine is a copper mining project in Arizona, the US. Freeport-McMoRan owns the brownfield project, which is scheduled to run until 2044. In 2022, the mine is expected to produce 171.98 metric ton.

Smart Mining Market Key Player Analysis:

The key smart mining market players profiled in the report are ABB Ltd, Alastri, Caterpillar Inc, Intellisense.io, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc. Among these players, ABB Ltd and SAP SE are the top smart mining market players as they offer diversified product portfolios.

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
  • Automated Equipment
  • Hardware Component
  • Software Solution
  • Services
By Mining Type
  • Underground Mining and Surface Mining
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ABB Ltd
  • Alastri
  • Caterpillar Inc
  • Intellisense.io
  • Hexagon AB
  • Hitachi Ltd
  • MineSense
  • Rockwell Automation Inc
  • SAP SE
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Recent Developments: 

    Inorganic and organic strategies are highly adopted by the smart mining market players. A few recent key market developments are listed below: 

    • In September 2023, Gold Fields Limited deployed the ABB Ability Operations Management System & (OMS) 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 metric tons of gold-bearing ore is extracted from the underground mine and treated at the site's processing plant.
    • In July 2023, Hexagon AB, the global leader in digital reality solutions combining sensor, software, and autonomous technologies, announced the acquisition of HARD-LINE, a fast-growing global leader in mine automation, remote-control technology, and mine production optimization.
    • In July 2023, Hexagon's mining division deployed a fleet management and safety implementation project with Minera San Cristóbal S.A. As part of this project, the company deployed 65 HxGN MineOperate OP Pro systems, nearly 40 HxGN MineProtect Collision Avoidance Systems (CAS), and 30 HxGN MineProtect Operator Alertness Systems (OAS) to the San Cristóbal open pit mine operations in Lipez, Potosí Department, Bolivia.
    • In May 2023, BASF—a global mining solutions company—partnered with IntelliSense.io to utilize scientific artificial intelligence technology to optimize ore processing operations.
    • In December 2023, MineSense Technologies Ltd ("MineSense") announced that it had closed a US$ 42 million Series E financing led by J.P. Morgan Asset Management's Sustainable Growth Equity team, with participation from new investor Evok Innovations—a climate technology and sustainability venture fund—and existing investors, including Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital, and Chrysalix Venture Capital.
    • In June 2021, Caterpillar Inc launched new technology and equipment at MINExpo 2021. Caterpillar's MINExpo 2021 experience celebrated the company's partnership with mines and how it assists customers to mine more efficiently, effectively, safely, and sustainably. The 5,124 sq m (55,000 sq ft) exhibit featured various product displays, new equipment introductions, previews of the future, and remote operating stations.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Component, and Mining Type

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which country is holding the major market share of Smart Mining Market?

    The US held the largest market share in 2022, followed by China.

    What is the estimated global market size for the Smart Mining Market in 2022?

    The Smart Mining Market was US$ 13.06 billion in 2022 and is expected to grow at a 10.3% CAGR from 2022 - 2030.

    Which is the fastest growing country market?

    India is anticipated to grow with the highest CAGR over the forecast period.

    What are the driving factors impacting the Smart Mining Market?

    The growing need to keep the workforce safe is driving the smart mining market growth.

    What are the future trends of the Smart Mining Market?

    The rising need to introduction of Industrial Internet of Things(IoT).

    Which are the key players holding the major market share of the smart mining market?

    The key players holding majority shares in the smart mining market include ABB Ltd, SAP SE, Rockwell Automation, Caterpillar Inc., Hexagon AB

    The List of Companies - Smart Mining Market 

    1. ABB Ltd
    2. Alastri
    3. Caterpillar Inc
    4. Intellisense.io
    5. Hexagon AB
    6. Hitachi Ltd
    7. MineSense
    8. Rockwell Automation Inc
    9. SAP SE
    10. Trimble Inc

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