According to a new report published by Allied Market Research, titled, “Smart Mining Market by Type and Category: Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027. In 2019, in terms of revenue, Asia-Pacific dominated the market, accounting for over one-thirds of the global smart mining market share.
Smart mining technologies include integration of hardware and software to improve the mining productivities and reduce the operational time and costs. Mining companies emphasize on enhancing productivity by providing state-of-the-art software & solutions. These software & solutions are integrated with the equipment, personnel, and operations to obtain enhanced safety and higher material extraction from the mining operations. These technologies find applications in both underground and surface (open pit & open cast) mining operations.
The surface mining operations mainly benefit by utilizing the autonomous robotic fleet used for loading, hauling & dumping (LHD) operations. In addition, increased awareness regarding harsh influences of mining atmospheres caused by UV radiations, noise, dust, chemical hazards, poisonous gases, and others on the mine workers drives the dependency on robotic equipment. The robotic equipment allows remotely controlled operations, which eliminate the exposure of these polluted environment on workers. This acts as one of the major driving factors for the global smart mining market growth.
Further, constant technological developments in software & solutions allow the mining companies to obtain proper risk management; thus, reducing the unplanned expenditure. For instance, by integration of data analytic solutions, the sustainability, safety, and profitability of the mining site can be ensured to a great extent.
The involvement of analytics solutions by the U.S.-based software provider Cognizant increased the output of the mine by 8%. In addition, the equipment and mining parts on-time delivery was more than 95%, and the mean time to resolve (MTTR) breaches in services reduced by 5%. The recognition of these advantages can motivate the mining companies to introduce various smart technologies & services in the operations.
Asia-Pacific accounted for the highest revenue in 2019 compared to other regions, due to increased adoption from mining sites in Australia and China. In Europe, the necessity of raw materials and dependency on import of metals drive the mining industry. Thus, the growth in mining operations is expected to create lucrative opportunities for the growth of the global smart mining market in this region during the forecast period.
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 component. The automated equipment includes excavators, load haul dump, drillers & breakers, robotic trucks, and other automated equipment. By component, the global smart mining 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.
The global smart mining market is analyzed across four geographical regions that include North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global smart mining market trends and dynamics.
- By type, the surface mining segment was the largest revenue contributor in 2019.
- By category, the automated equipment segment generated the highest revenue in 2019, and component is projected to grow at a significant CAGR of 17.4% from 2020 to 2027.
- By region, the LAMEA segment is projected to grow at a significant CAGR of 17.6% during the forecast period.
- Region-wise, Asia-Pacific region is projected to be one of the most dominant regions in the global smart mining market and is expected to witness a high growth rate during the forecast period.
- The report provides an extensive global smart mining market analysis, trends and emerging opportunities.
- The global smart mining market forecast analysis from 2020 to 2027 is included in the report.
The key players in this market adopted product launch and product development as their key strategies to cater to the increase in consumer demands. Furthermore, they launched energy-effective smart mining of different types and categories to strengthen their market position. The key players profiled in this report include ABB Ltd., Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Robert Bosch GmbH, Sandvik AB, Cisco Systems, Inc., and Hexagon AB.