Smart Mining Market by Type and Category : Global Opportunity Analysis and Industry Forecast, 2020–2027

Smart Mining Market by Type and Category : Global Opportunity Analysis and Industry Forecast, 2020–2027

  • March 2021 •
  • 251 pages •
  • Report ID: 5897575 •
  • Format: PDF
Smart Mining Market by Type (Underground Mining and Surface Mining) and Category (Automated Equipment and Component): Global Opportunity Analysis and Industry Forecast, 2020–2027

The global smart mining market size is expected to reach $23,465.8 million in 2027, from $9,265.7 million in 2019, growing at a CAGR of 16.3% from 2020 to 2027. Smart mining is a process of extracting minerals, resources, and metals utilizing a varied range of technology and planning solutions. It contains IT planning and logistics, detection of poisonous gases, extraction, and remote communication.
In addition, it offers varied benefits such as increased production efficiency, high protection of workers, increased productivity, and reduction of risks & production costs. Smart mining has witnessed unprecedented adoption in recent years, due to increase in concerns pertaining to rise in pollution and environment protection. In addition, there is an increase in the adoption of smart mining due to rise in awareness regarding health hazards, owing to air pollution and land pollution.
Increasing penetration of advanced technologies in mining automation such as internet of things (IoT), artificial intelligence, and machine learning, are anticipated to cut down substantial costs of the workforce, and thereby, result in significant cost optimization. IoT solutions offer opportunities in the complex mining industry to track visibility, safety, and efficiency. It connects the workforce, machines, and products in addition to services. Mining companies have deployed advanced digital technologies at mine sites to monitor safety controls; thereby, fostering the mining efficiencies. These factors drive the growth of the smart mining market significantly.
In addition, the safety & health concerns of miners and operators, due to harsh mining atmospheres drive the demand for autonomous equipment in the mining industry. The implementation of IoT and AI in the mining industry has resulted in a low fatality rate. Further, the adoption of digital technologies such as logistics software, remote-controlled equipment, and high-precision GPS drives productivity. Major companies such as Caterpillar, Cisco, and Siemens, have established software & solutions that meet safety standards of the National Mining Association and Mine Safety and Health Administration (MSHA). These factors drive the growth of the smart mining industry globally. However, the scarcity of skilled and qualified labor and mining graduates for operating the smart mining equipment and software restrains the market growth.
On the contrary, rise in application of environmental laws concerning the mining industry is anticipated to create opportunities for the implementation of smart mining technologies in the mining industry. The integration of smart mining technologies helps in maintaining the atmospheric conditions on mining site as well as improve the mineral extraction productivities; thereby, maintaining the environmental sustainability.
The global smart mining market is divided on the basis of type, category, and region. By type, the market is segmented into underground mining and surface or open pit mining. By category, the market is classified into automated equipment and components. The automated equipment includes excavators, load haul dump, drillers & breakers, robotic trucks, and other automated equipment. By component, the market is categorized into hardware, software & solution, and services. Hardware component encompasses sensors, RFID tags, intelligent systems, and others. By software & solution, it is segmented into logistics software, data & operation management software, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. By services, it is divided into support & maintenance (engineering services), system integration (deployment services), and consulting services.
By region, the global smart mining market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Australia, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest share of the market throughout the study period, and LAMEA is expected to grow at the fastest rate.
COMPETITION ANALYSIS
The key smart mining market players profiled in the report include ABB Ltd., Caterpillar Inc., Cisco Systems, Inc., Hexagon AB, Hitachi Ltd., Komatsu Ltd., Robert Bosch GmbH, Rockwell Automation Inc., Sandvik AG, and Trimble Inc.
The players are adopting agreement strategy to offer better products and services in the smart mining industry. For instance, in May 2019, the company Caterpillar entered into an agreement with Rio Tinto, a mining company based in the UK. Under the agreement, both the companies collaboratively created an automated mine operation system using data analytics and integration to optimize production, enhance safety, increase mining machinery utilization, and reduce operational costs.


KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging global smart mining market trends and dynamics.
? In-depth analysis of the global market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
? Global smart mining market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
? The global smart mining market forecast analysis from 2020 to 2027 is included in the report.
? The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the industry.

GLOBAL SMART MINING MARKET SEGMENTS

By Type
• Underground Mining
• Surface Mining (Open Pit or Open Cast Mining)

By Category
• Automated Equipment
o Excavator
o Robotic Truck
o Driller & Breaker
o Load Haul Dump
o Other Automated Equipment
• Component
o Hardware
Sensors
RFID tags
Intelligent systems
Others
o Software
Data & Operation Management Software
Safety & Security Systems
Connectivity Solutions
Analytics Solutions
Remote Management & Logistics Solutions
Asset Management Solutions
o Services
Support & Maintenance (Engineering Service)
System Integration (Deployment Service)
• Consulting Services

BY REGION
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o Sweden
o UK
o Russia
o Rest of Europe

• Asia-Pacific
o China
o Japan
o Australia
o South Korea
o Rest of Asia-Pacific

• LAMEA
o Latin America
o Middle East
o Africa

KEY PLAYERS
• ABB
• Caterpillar
• Cisco Systems, Inc.
• Hexagon
• Hitachi Ltd.
• Komatsu Ltd.
• Robert Bosch GmbH
• RockWell Automation
• Sandvik AG
• Trimble Navigation Limited