Smart Mining Market to Grow at a CAGR of 13.3% to reach US$ 23,055.4 million from 2021 to 2028

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Smart Mining Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software and Solution, and Service) and Mining Type (Underground Mining and Surface Mining)

Publication Month: Jul 2021 | Report Code: TIPRE00007870 | No. of Pages: 181 | Category: Electronics and Semiconductor | Status: Published

The smart mining market was valued at US$ 9,334.5 million in 2020 and is projected to reach US$ 23,055.4 million by 2028; it is expected to grow at a CAGR of 13.3% from 2021 to 2028.

Smart mining refers to the use of technology, information, and autonomy to facilitate high productivity, improved safety, and low operational costs during mining. Mining companies are focusing on improving productivity by offering innovative software and solutions that raise demand for the smart mining market. The increasing penetration of advanced technology is projected to cut down high costs of the workforce, and hence result in considerable cost optimization. These factors are boosting the demand for smart mining. Smart mines with already incorporated technologies can automate their operations faster than those lacking technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors.

Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enable mining operators to track operational properties, such as dams, to overcome the risk associated with mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.

APAC dominated the smart mining market in 2020. APAC is the largest continent in the world and is well-known for its technological innovations. Rapid technological developments and government support, as well as digitalization of the economy and rising disposable income of the middle-income class group, are among the factors that help the economy move forward from the developing to a developed phase. APAC integrates the smart mining industry within the life cycle of the global economy more quickly than perhaps anywhere else in the world. Metals and minerals extracted from the region are transported to a large number of manufacturing hubs in South and East Asia, creating the world’s technologically sophisticated manufacturing region and also supporting the world’s construction. The smart mining industry in APAC is mainly driven by the rising demand for technological equipment, coupled with the pressing infrastructure needs of miners.

Impact of COVID-19 Pandemic on Smart Mining Market

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mining equipment, including the hardware component of mining. The emergence of COVID-19 across the globe, followed by lockdown scenarios, has led the mining industry experts to analyze that the industry would face at least a quarter of lag in mining equipment supply chain. This disruption is expected to create tremors till mid-2021. The mining industry is likely to pick up pace soon after the governments across the globe steadily lift the various containment measures in order to revive the economy. The production of the mining equipment is anticipated to gain pace from 2022, which is further foreseen to positively influence the mining industry, including hardware components of mining.

Lucrative Regions for Smart Mining Market

Lucrative Regions for Smart Mining Market

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Market Insights

Growing Need to Keep the Workforce Safe

The mining area is one of the hazardous places for people to work, and the security of the workers is a crucial issue. For example, when dams fail, both workers and those around mines are affected, or even lose their lives. In the US alone, there were more 400 fatalities between 2008 and 2018. Figures remain challenging to confirm but estimates suggest that mining accidents are responsible for nearly 12,000 deaths per year, and according to the International Labour Organization (ILO), mining around the world employs ~1% of the global workforce but is responsible for 8% of fatal accidents. Workers conducting manual readings in remote mining sites are at risk of harm. The implementation of automated mobile assets such as vehicles, wireless gadgets, and remote sensors in mining sites reduce the need for workforce on-site, which, in turn, increases the protection level of workers. Predictive analysis and observations also 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 region of the mining site. The advanced smart mining technologies help minimize the threat and damage caused during mining operations. Specific uses of IoT in mining include adding up of 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 and can also raise alerts at the time of accidents.

Smart Mining Market, by Mining Type (% share)

Smart Mining Market, by Mining Type (% share)

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Component-Based Market Insights

Based on component, the global smart mining market is segmented into hardware, software and solution, and service. The mining operations often take place in extreme environments and remote locations. Most smart mining devices, such as wireless embedded sensors and GPS trackers, are both easy to install and carry. For example, recording systems for wireless monitoring of mines are usually classified as "ultralow-power," which means that their batteries are equivalent to a single car battery, but can provide sufficient power for continuous operation of more than 50 days.

Mining Type -Based Market Insights

Based on mining type, the smart mining market is segmented into underground mining and surface mining. Smart mining operators can build on their existing wireless network of embedded sensors. For example, on the installation of automated software, the user can remotely control both static and moving assets. Similarly, computerized trucks rely on both the physical network of sensors and the remotely programmed and controlled software to autonomously carry out mining operations that previously needed a fleet of truck drivers.

Strategic Insights

Report Coverage - Smart Mining Market
Report CoverageDetails
Market Size Value inUS$ 9,334.5 Million in 2020
Market Size Value byUS$ 23,055.4 Million by 2028
Growth rateCAGR of 13.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages181
No. of Tables110
No. of Charts & Figures82
Historical data availableYes
Segments coveredComponent and Mining Type
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Product development is the commonly adopted strategy by companies to expand their product portfolio. ABB Ltd.; Alastri; Caterpillar Inc.; Intellisense.io; Hitachi, Ltd.; MineSense; Rockwell Automation, Inc.; SAP SE; Trimble Inc. are among the key players implementing strategies to enlarge the customer base and gain significant share in the global smart mining market, which, in turn, permits them to maintain their brand name. A few of the recent key developments are:

  • In June 2020, Trimble introduced the Trimble SX12 Scanning Total Station.
  • In January 2021, ABB delivered trolley assist solution to meet Copper Mountain Mining’s sustainable development goals in Canada.

Smart Mining Market Segmentation:


Smart Mining Market - By Component

  • Hardware
    • RFID Tags
    • Sensors
    • Intelligent System
    • Others
  • Software
    • Logistics Software
    • Data & Operation Management Software
    • Safety & Security Systems
    • Connectivity Solutions
    • Analytics Solutions
    • Remote Management Solutions
    • Asset Management Solutions
  • Service

Smart Mining Market – By Mining Type

  • Underground Mining
  • Surface Mining

Company Profiles

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

Frequently Asked Questions

APAC dominated the smart mining market in 2020. Metals and minerals extracted from the region are transported to a large number of manufacturing hubs in South and East Asia, creating the world’s technologically sophisticated manufacturing region and also supporting the world’s construction. The smart mining industry in APAC is mainly driven by the rising demand for technological equipment, coupled with the pressing infrastructure needs of miners.
Based on mining type, the surface mining market dominated the market growth. Driven by the growing demand for both non-metallic and metallic minerals, an abundance of reserves that can be exploited utilizing surface mining, increasing energy consumption, the lesser capital requirement, technological advancements in mining, and growing concerns amid countries about energy security.
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.
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. Digitizing a mine by installing a wireless sensor network to perform remote readings, can facilitate further digitization, such as atomization of key mining processes.
India is expected to grow at a highest CAGR. The mining sector is one of India's most significant businesses, providing fundamental raw materials to a variety of businesses. In steel and alumina, India has a reasonable cost of production and conversion advantage. Its strategic location facilitates the development of exports as well as the fast-growing Asian markets.
ABB Ltd., Caterpillar Inc., SAP SE, Hitachi Ltd., and Rockwell Automation AB are amongst the key players operating in smart mining market.

The List of Companies - Smart Mining Market

  1. ABB Ltd.
  2. Alastri
  3. Atlas Copco
  4. Caterpillar Inc.
  5. Cisco Systems Inc.
  6. Hexagon AB
  7. Hitachi Construction Machinery Co. Ltd.
  8. Komatsu Mining Corporation
  9. Rockwell Automation, Inc.
  10. Trimble
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global smart mining market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global smart mining market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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