According to Future Market Insights (FMI), the global smart mining market is expected to grow from US$ 12.7 Bn in 2022 to US$ 36.3 Bn by 2032, with overall demand accelerating at 11.1% CAGR throughout the forecast period.
Rapid growth of mining industry and increasing adoption of smart technologies and automation in mining processes are some of the key factors driving growth in the global smart mining solutions.
Numerous processes are involved in mining, including the management of resources and the transportation and logistics of tools like drills, conveyor belts, excavators, and trucks used for mining. These complicated processes demand a system to streamline and automate them in order to guarantee that everything operates effectively and concludes more quickly. This will continue to push the demand for smart mining solutions.
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The mining industry is in the early stages of a technological revolution that will fundamentally change the face of mining, as it has done in industries such as manufacturing, finance, and communications. Automation, digitization, and electrification are three rapidly developing technological innovations that are significantly altering how the mining industry functions.
The mining value chain will undoubtedly undergo changes as a result of automation, the replacement of diesel-powered equipment with electric ones, drones that provide real-time data, safer underground equipment, deep-sea robots, and water-neutral processing. All these developments will in turn positively influence the smart mining market.
Key Takeaways: Smart Mining Market
- By automated equipment, the mining excavator segment is anticipated to account for the leading share in the global demand for smart mining technologies during the forecast period while the robotic truck segment is estimated to grow at a robust CAGR of 6% through 2032.
- By component, the intelligent system segment is anticipated to increase at a CAGR of 5% between 2022 & 2032.
- By solution, the analytics solution segment is anticipated to increase at a CAGR of 1% between 2022 & 2032.
- By services, the consulting service segment is anticipated to increase at a CAGR of 1% between 2022 & 2032.
- North America, spearheaded by the U.S., will continue to dominate the global smart mining market during the forecast period.
- The smart mining market in China is likely to grow by 5X during the forecast period of 2022 and 2032.
- In India, smart mining market is expected to grow by 6X during the assessment period.
“Organizations must implement smart technologies by increasing investments in smart mining technology solutions to fulfil the rising need for automation”, says FMI analyst.
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Growing Demand for Predictive Maintenance and Intelligent Sensors in Smart Mining to Fostering Market Growth
Automated predictive maintenance is related to production robotization as a result of the introduction of new technologies in modern smart mines. Intelligent sensors enable the collection of an ever-growing volume of data, which must be efficiently and effectively analyzed to assist the management and decision-making of ever-more complex systems.
Predictive maintenance improves mine productivity, safety, and profitability significantly. It is not necessary to start maintenance work until a critical piece of equipment fails when using predictive maintenance.
IoT-connected sensors integrated into machinery continuously track the health of the equipment and relay this information to central hubs where AI and human operators may spot issues before they arise and assign repair personnel.
Combining data analytics and predictive maintenance can save money while increasing productivity by 10-20%. Thus, the smart mining concept is gaining traction in the mining industry and has significant implications for the sector’s future, with several companies already digitizing and automating their operations.
Who is Winning?
Market players operating in residential robotic vacuum cleaner market include Hitachi Construction Machinery Co. Ltd, ABB Ltd, Komatsu Ltd, Outotec Oyj, Copco, Caterpillar Inc, Rockwell Automation, Cisco Systems Inc, Rio Tinto, Bosch Global, and Trimble among others.
These leading players are continuously introducing new smart mining solutions that can significantly improve the overall productivity, reduce costs, and improve workers safety.
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More Valuable Insights on Smart Mining Market
Future Market Insight’s report on the smart mining technologies industry research is segmented into five major sections – automated equipment (driller & breaker, load haul dump, mining excavator, robotic truck, and other automated equipment), component (hardware, intelligent system, RFID tag and sensor, and other hardware), solution (data & operation management software, analytics solution, connectivity platform), services (engineering & maintenance service, consulting service, product training service, implementation & integration service), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart mining technologies demand outlook.
Smart Mining Market by Category
By Automated Equipment:
- Driller & Breaker
- Load Haul Dump
- Mining Excavator
- Robotic Truck
- Other Automated Equipment
- Intelligent System
- RFID Tag and Sensor
- Other Hardware
- Data & Operation Management Software
- Analytics Solution
- Connectivity Platform
- Engineering & Maintenance Service
- Consulting Service
- Product Training Service
- Implementation & Integration Service
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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