The North America smart mining market is expected to grow from US$ 2,412.27 million in 2021 to US$ 6,082.92 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.
The US, Canada, and Mexico are economies in North America. Rising need to keep the workforce safe is expected to surge the market growth. 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 U.S. alone, there were more 400 fatalities between 2008 and 2018. Figures remain challenging to confirm, but estimates suggest that mining accidents are responsible for around 12,000 deaths per year. Workers conducting manual readings in remote mining sites are at particular risk of harm. 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 the 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 area 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. So, rising security concerns and accident is expected to increase the demand of smart mining, thereby driving the North America smart mining market.
In case of COVID-19, North America is highly affected specially the US. North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the regions worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. Irrespective if the suspension of activities in several sectors, shutdown of various manufacturing plants, and people’s reluctance about joining the work floors, governments of several Countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America smart mining market. The North America smart mining market is expected to grow at a good CAGR during the forecast period.
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North America Smart Mining Market Segmentation
North America Smart Mining Market – By Component
- Hardware
- RFID Tags
- Sensors
- Intelligent System
- Others
- Software and Solution
- Logistics Software
- Data & Operation Management Software
- Safety & Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management Solutions
- Asset Management Solutions
- Services
North America Smart Mining Market – By Mining Type
- Underground Mining
- Surface Mining
North America Smart Mining Market, by Country
- US
- Canada
- Mexico
North America Smart Mining Market -Companies Mentioned
- ABB Ltd.
- Caterpillar Inc.
- Hexagon AB
- Hitachi, Ltd.
- MineSense
- Rockwell Automation, Inc.
- SAP SE
- Trimble Inc.
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
US, Canada
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Smart Mining Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Smart Mining Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Need to Keep the Workforce Safe
5.1.2 Growing Importance of Data Security
5.2 Market Restraints
5.2.1 Strict Government Regulations
5.3 Market Opportunities
5.3.1 Escalating Mining Technological Advancement Across the Region
5.4 Future Trends
5.4.1 Surging Adoption of Industrial internet of Things (IIoT)
5.5 Impact Analysis of Drivers and Restraints
6. Smart Mining Market – North America Analysis
6.1 North America Smart Mining Market Overview
6.2 North America Smart Mining Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Smart Mining Market Analysis – By Component
7.1 Overview
7.2 North America Smart Mining Market Breakdown, by Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 RFID Tags
7.3.3.1 Overview
7.3.3.2 RFID Tags Market Forecast and Analysis
7.3.4 Sensors
7.3.4.1 Overview
7.3.4.2 Sensors Market Forecast and Analysis
7.3.5 Intelligent Systems
7.3.5.1 Overview
7.3.5.2 Intelligent System Market Forecast and Analysis
7.3.6 Others
7.3.6.1 Overview
7.4 Software and Solutions
7.4.1 Overview
7.4.2 Software & Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
7.4.3 Logistics Software
7.4.3.1 Overview
7.4.3.2 Logistics Software Market Forecast and Analysis
7.4.4 Data and Operation Management
7.4.4.1 Overview
7.4.4.2 Data and Operation Management Market Forecast and Analysis
7.4.5 Safety and Security Systems
7.4.5.1 Overview
7.4.5.2 Safety and Security Systems Market Forecast and Analysis
7.4.6 Connectivity Solutions
7.4.6.1 Overview
7.4.6.2 Connectivity Solutions Market Forecast and Analysis
7.4.7 Analytics Solutions
7.4.7.1 Overview
7.4.7.2 Analytics Solutions Market Forecast and Analysis
7.4.8 Remote Management Solutions
7.4.8.1 Overview
7.4.8.2 Remote Management Solutions Market Forecast and Analysis
7.4.9 Asset Management Solutions
7.4.9.1 Overview
7.4.9.2 Asset Management Solutions Market Forecast and Analysis
7.5 Services
7.5.1 Overview
7.5.2 Services: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Smart Mining Market Analysis– By Mining Type
8.1 Overview
8.2 North America Smart Mining Market Breakdown, by Mining Type (2020 and 2028)
8.3 Underground Mining
8.3.1 Overview
8.3.2 Underground Mining: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Surface Mining
8.4.1 Overview
8.4.2 Surface Mining: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Smart Mining Market – Country Analysis
9.1 Overview
9.1.1 North America: Smart Mining Market, by Key Country
9.1.1.1 US: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Smart Mining Market, by Component
9.1.1.1.2 US: Smart Mining Market, by Hardware
9.1.1.1.3 US: Smart Mining Market, by Software and Solution
9.1.1.1.4 US: Smart Mining Market, by Mining Type
9.1.1.2 Canada: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Smart Mining Market, by Component
9.1.1.2.2 Canada: Smart Mining Market, by Hardware
9.1.1.2.3 Canada: Smart Mining Market, by Software and Solution
9.1.1.2.4 Canada: Smart Mining Market, by Mining Type
9.1.1.3 Mexico: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Smart Mining Market, by Component
9.1.1.3.2 Mexico: Smart Mining Market, by Hardware
9.1.1.3.3 Mexico: Smart Mining Market, by Software and Solution
9.1.1.3.4 Mexico: Smart Mining Market, by Mining Type
10. Impact Of COVID-19 Pandemic on North America Smart Mining Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
12.1 ABB Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Caterpillar Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hexagon AB
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hitachi, Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 MineSense
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 SWOT Analysis
12.5.5 Key Developments
12.6 Rockwell Automation, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 SAP SE
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Trimble Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Smart Mining Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Smart Mining Market, by Component –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Smart Mining Market, by Hardware –Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Smart Mining Market, by Software and Solution –Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Smart Mining Market, by Mining Type –Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Smart Mining Market, by Component – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Smart Mining Market, by Hardware – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Smart Mining Market, by Software and Solution – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Smart Mining Market, by Mining Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Smart Mining Market, by Component – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Smart Mining Market, by Hardware – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Smart Mining Market, by Software and Solution – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Smart Mining Market, by Mining Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Smart Mining Market Segmentation
Figure 2. North America Smart Mining Market Segmentation – By Country
Figure 3. North America Smart Mining Market Overview
Figure 4. Hardware Segment Held the Largest Market Share in 2020
Figure 5. Surface Mining Held the Largest Market Share in 2020
Figure 6. US was the Largest Revenue Contributor in 2020
Figure 7. North America – PEST Analysis
Figure 8. Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. North America Smart Mining Market Impact Analysis of Drivers and Restraints
Figure 11. North America Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. North America Smart Mining Market Revenue Share, by Component (2020 and 2028)
Figure 13. North America Hardware: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America RFID Tags: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Sensors: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Intelligent System: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Others: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Software & Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Logistics Software: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America Data and Operation Management: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Safety and Security Systems: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. North America Connectivity Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. North America Analytics Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America Remote Management Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America Asset Management Solutions: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America Services: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. North America Smart Mining Market Revenue Share, by Mining Type (2020 and 2028)
Figure 28. North America Underground Mining: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. North America Surface Mining: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. North America: Smart Mining Market, by Key Country – Revenue (2020) (USD Million)
Figure 31. North America: Smart Mining Market Revenue Share, by Key Country (2020 and 2028)
Figure 32. US: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Canada: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Mexico: Smart Mining Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Impact of COVID-19 Pandemic in North American Country Markets
The List of Companies - North America Smart Mining Market
- ABB Ltd.
- Caterpillar Inc.
- Hexagon AB
- Hitachi, Ltd.
- MineSense
- Rockwell Automation, Inc.
- SAP SE
- Trimble Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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