The global smart mining market is on track to generate US$ 13,919.5 million in revenue by 2023, and it is projected to exceed US$ 40,365.1 million by 2033. This significant growth is driven by the mining sector’s rapid expansion and the increasing use of automation in mining operations. Between 2023 and 2033, the demand for smart mining is expected to grow consistently at an impressive annual rate of 11.2%.
One of the main drivers propelling growth in global smart mining solutions is the industry’s rapid expansion and the growing usage of smart technologies and automation in mining processes.
The management of resources and the transportation and logistics of equipment like drills, conveyor belts, excavators, and trucks used for mining are just a few of the operations that go into mining. To ensure that everything runs smoothly and gets finished faster, these complex procedures require a system to automate and streamline them. This will increase the demand for intelligent mining technologies.
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The mining sector is in the early phases of a technology revolution that, as it has in other sectors like manufacturing, finance, and communications, will radically alter how mining is done. Three technical advancements that are fast advancing-automation, digitization, and electrification-are fundamentally changing how the mining industry operates.
Automation, the switch from diesel to electric power, real-time data-providing drones, safer subterranean equipment, deep-sea robotics, and water-neutral processes will all surely alter the mining value chain. All of these advancements will favorably impact the market for smart mining.
Key Takeaways from the Smart Mining Market Report:
- 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. 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, the 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 Sudip Saha, Managing Director and Co-founder at Future Market Insights.
Growing Demand for Predictive Maintenance and Intelligent Sensors in Smart Mining to Fostering Market Growth
Automated predictive maintenance is related to production robotization due to introducing 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 unnecessary 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.
Leading Key Players:
- Hitachi Construction Machinery Co. Ltd
- ABB Ltd
- Komatsu Ltd
- Outotec Oyj
- Copco
- Caterpillar Inc
- Rockwell Automation
- Cisco Systems Inc.
- Rio Tinto
- Bosch Global
- Trimble
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Smart Mining Market Segmentation:
By Automated Equipment:
- Driller & Breaker
- Load Haul Dump
- Mining Excavator
- Robotic Truck
- Other Automated Equipment
By Component:
- Hardware
- Intelligent System
- RFID Tag and Sensor
- Other Hardware
By Solution:
- Data & Operation Management Software
- Analytics Solution
- Connectivity Platform
By Services:
- Engineering & Maintenance Service
- Consulting Service
- Product Training Service
- Implementation & Integration Service
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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