Smart Mining Market Statistics-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 that uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Mining corporations emphasize on enhancing productivity by providing state-of-the-art software & solutions. It also comprises remote-controlled robotic equipment for mineral & metal extraction, which is stated as telerobotic mining, and decreases the danger for miners.
Smart mining components and equipment find their application in both underground mining and surface mining, also known as open pit or open cast mining, operations. Although the integration of smart mining in underground mining has improved the working conditions on site as well as increased the productivities of underground mines.
Increased awareness regarding the harsh influences of mining atmospheres such as UV exposure, dust, noise, chemical hazards, ground instability, and others cause health problems in the mine workers. This is influencing many key manufacturers to introduce advanced smart mining solutions in the smart mining market, which is one of the key drivers of the global market. Integration of autonomous fleet, remote-controlled equipment, and ventilation solutions offer safe working conditions and also improve the operational productivities. In addition, the growth of the market is driven by increased focus on safety & health, rise in adoption of IoT solutions, and increase in the implementation of autonomous equipment.
However, lack of highly skilled and qualified labor and accessibility of poor infrastructure confine the growth of the market. The operation of smart mining equipment requires trained personnel to gain maximum efficiencies and reduce accidents on site. Thus, the unavailability of skilled labor can hamper the growth of the market. On the contrary, enforcement of stringent regulations such as the Environmental Protection Law and others by several governments to control emission & air pollution for environment protection are projected to offer remunerative opportunities for the smart mining market growth during the forecast period.
The surface mining type segment accounted for over half of the global smart mining market share in 2019, owing to large-scale surface mining activities conducted globally. By category, the automated equipment segment generated high revenues in the global market, owing to high adoption of autonomous mining equipment as well as recognition of advantages offered by the implementation of these equipment. However, the component segment is expected to witness rapid growth by 2027 due to constant technological advancements in the hardware and software components.
surface mining segment holds dominant position in 2019
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, smart mining market 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.
Component segment is expected to grow at a significant CAGR
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.
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.
Many competitors in the market adopted product launch as their key developmental strategy to expand their smart mining product portfolio for technological upgradations. For instance, in July 2019, the company ABB launched ABB Ability Operations Management System for real-time integration in underground and open-pit mines. It maximizes the co-ordination between dynamic situations, weekly production plans in mining, which in turn increases productivity, improves efficiency, and maximizes productivity.
Asia-Pacific is expected to dominate the market during the forecast period.
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 smart mining industry.
Smart Mining Market Report Highlights
Key Market Players
KOMATSU LTD., SANDVIK AG, TRIMBLE, INC., ROCKWELL AUTOMATION, INC., HEXAGON AB, HITACHI LTD., CISCO SYSTEMS, INC., ABB LTD., CATERPILLAR INC., ROBERT BOSCH GmbH
The global smart mining market accounts for high potential in the surface mining segment. Surface mining technique is most widely adopted for production of minerals. Thus, the utilization of autonomous equipment such as loading, haul & dump (LHD), excavators, robotic trucks, and others can assist in reducing the material haulage costs in the surface mining operations. The remote-controlled driving, speed assessment, equipment tracking, loading, and other features promote optimized transportation of the material as well as reduce the wastage of fuel; thereby, reducing the operational costs.
Moreover, the constant technological developments in software and services related to smart mining increase their implementation in the mining operations. The introduction of internet of things (IoT), artificial intelligence (AI), sensors, and other software assist in improving the productivity of mining. For instance, the UK-based software provider AVEVA offers the asset performance management (APM) software, which has undergone rapid technological developments in the recent years. The 4.0 version of the software launched in 2018 operates on artificial intelligence, machine learning, and combination of industrial internet of things (IIoT) & AR/VR technologies. The integration of APM software improved the asset utilization by up to 30%, increased asset utilization by 20%, and offered 25% reduction in unplanned downtimes in various mining activities. This factor is expected to boost the growth of the smart mining market.
Based on region, Asia-Pacific accounts for the highest revenue in the global smart mining market during the forecast period followed by North America, Europe, and LAMEA.
The key players in the market have focused on product launch and partnership to strengthen their foothold in the smart mining industry. For instance, in July 2019, the company ABB launched ABB Ability Operations Management System for real-time integration in underground and open-pit mines. It maximizes the co-ordination between dynamic situations, weekly production plans in mining, which in turn increases productivity, improve efficiency, and maximizes productivity. Similarly, in May 2019, Wenco, a subsidiary of Hitachi announced partnership with TecWise Sistemas de Automação Ltda. (TecWise) based in Brazil for the distributorship of Wenco solutions in Brazil. TecWise is a leading provider of communication and technology systems and has a strong presence in the Latin American mining industry.