According to the smart mining technologies market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a CAGR of around 14.3% from 2022-2032. The report states that the market is expected to reach the valuation of US$ 2.3 Bn by end of 2022 and expected to reach US$ 9 Bn in 2032. Surging demand for digitalization and the adoption of IoT devices in mining operations is expected to drive growth in the smart mining technologies market.
Rising penetration of IoT in the mining industry for performance improvements, analytical maintenance, cost optimization and improved safety is expected to boost the smart mining technologies market.
Moreover, most mining companies are inclined towards digitalization to manage mining operations. IoT in the mining industry improves mining operations by improving data accuracy rates, reduction in energy expenditure and predictive maintenance. Also, IIoT (Industrial Internet of Things) can anticipate machine failures during mining, reducing downtimes.
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Within the next five years, several mining organizations are expected to digitize at least some aspects of their operations using operational intelligence systems. Wireless monitoring mining systems digitizes assets with real time performance tracking and connects large number of sensors, eliminating the need for wired monitoring.
Furthermore, increasing investments in predictive maintenance for full integration of network, continuous monitoring and reduced downtimes is fuelling the market demand for smart technologies in the mining industry.
- By technology solution, the blockchain-based metal trading platform segment is estimated to grow at a robust CAGR of 17.5% through 2032.
- By application, the risk & compliance management segment is anticipated to increase at a CAGR of 16.6% between 2022 & 2032.
- North America region is dominating smart mining technologies market followed by Europe region in 2022. South Asia & Pacific is estimated as the fastest growing region during the forecast period.
- The market in U.S. is expected to progress at a CAGR of around 10.0% through 2032.
- In India, smart mining technologies market is expected to grow by 7.6X during the forecast period.
- Smart mining technologies market in China is estimated to witness the absolute opportunity of US$ 447.3 Mn in the forecast period.
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Smart Mining Technologies Market by Category
By Technology Solution:
- AI/ML-enabled Supply Chain Management
- Mining Analytics Platform
- Blockchain-based Metal Trading Platform
- Emissions Management Software
- Risk & Compliance Management
- Mining Operations & Process Control
- Mining Data Warehousing
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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