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 to 2032. The report states that the market is expected to reach a valuation of US$ 2.3 Billion by end of 2022 and expected to reach US$ 9 Billion 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.
“Growing preference for automation in the mining sector, along with the introduction of machine learning (ML) and blockchain-based smart mining technologies and solutions will augment the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- 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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More Valuable Insights on Smart Mining Technologies Market
Future Market Insight’s report on the smart mining technologies industry research is segmented into three major sections – technology solution (AI/ML- enabled supply chain management, mining analytics platform, blockchain-based metal trading platform, emissions management software, and others), application (risk & compliance management, mining operations & process control, mining data warehousing, and others) 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 Technologies Market by Category
By Technology Solution:
- AI/ML-enabled Supply Chain Management
- Mining Analytics Platform
- Blockchain-based Metal Trading Platform
- Emissions Management Software
- Others
By Application:
- Risk & Compliance Management
- Mining Operations & Process Control
- Mining Data Warehousing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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