Smart Mining Market Size USD 31,276 Million by 2030 | CAGR of 16.6%

Introduction

When one thinks of mining, dynamite is the first thing that springs to mind. Humans physically carried out mining tasks with primitive digging and drafting tools during artificial mining. This is due partly to research advancements, technological developments, and a greater understanding of the dangerous nature of newly excavated mining regions and ore chemical compositions. Smart mining is the extraction of minerals, resources, and metals using various technology and strategic planning solutions. IT planning and logistics, gas detection and extraction, and remote communication are included.

In addition, it offers several advantages, such as improved production efficiency, superior worker protection, enhanced output, and decreased production risks and costs. In recent years, smart mining has been implemented at an unprecedented rate as environmental and pollution concerns have increased. In addition, there is a rise in the use of smart mining due to a greater awareness of the health concerns posed by air and land pollution. It is anticipated that the increasing adoption of current technologies in mining automation, such as the internet of things (IoT), artificial intelligence, and machine learning, would dramatically cut labour expenses, resulting in substantial cost reductions and optimization. IoT technologies offer the opportunity to monitor visibility, safety, and productivity in the complex mining industry. In addition to connecting personnel, machines, and things, it connects personnel. Companies in the mining industry have used sophisticated, cutting-edge technologies at mine sites to monitor safety measures, boosting mining output. These factors significantly contribute to the expansion of the global smart mining market.

Market Dynamics

Improvements Towards Safety and Health of Mineworkers and Growing Advanced Technologies to Drive the Global Market

Mining has various health and safety risks, including fragile ground, UV exposure, chemical hazards, dust, and noise. The risk of injury increases as the size and depth of mines increases. If these dangers are not appropriately addressed, they can result in severe fatalities, agonizing injuries, and occupational illness. Smart mining enhances miner and operator health and safety. The deployment of IoT and AI in the mining industry has reduced the fatality rate. In addition, adopting digital technologies such as logistics software, remote-controlled equipment, and precise GPS boosts productivity.

In addition, significant providers have been focusing on developing products that ensure miner safety. For instance, in 2019, Jannatec Technologies of Canada announced the official release of the ENSO SmartHelmet, a revolutionary intelligent mining helmet designed to improve miner safety. The helmet serves as a connected device hub for hard rock miners and enables the collection of a wide range of user-specific data. It has a 360° high visibility feature with an inbuilt programmable brim-mounted camera, LEDs, biosensors, proximity detection, and RFID. Consequently, it is anticipated that these solutions given by market leaders would fuel the expansion of the global smart mining market.

Internet access is necessary for smart mining, enabling mine operators and management to monitor the status of equipment and workforce. IoT technologies enable monitoring visibility, safety, and productivity in the complex mining industry. It connects individuals, machines, and things and offers services. Mining corporations have implemented sophisticated digital technologies on mine sites to monitor safety measures, decreasing operating expenses. Consequently, IoT solutions drive the expansion of the global market for smart mining.

The rising penetration of current technologies such as the internet of things, artificial intelligence, machine learning, and robotics in the sector is anticipated to drastically lower labour expenses, resulting in substantial cost optimization. Moreover, cutting-edge data analytics are applied to the raw data to produce visualizations, recommendations, and insights. The data is then relayed to mobile devices belonging to mine operators and staff. In addition, firms employ several strategies, such as corporate expansions and collaborations, to track mineworkers working underground.

Regional Insights

Asia-Pacific is most likely to command the regional market with a CAGR of 17.1% during the forecast period. As a result of the size and scope of their respective mining industries, the Asia-Pacific region's smart mining industry is dominated by the countries of China and Australia. Additionally, according to a report released in January 2020 by the journal The Asia Miner, India and other Asian countries were projected to fuel the expansion of the global copper mining sector throughout the forecast period. The vast bulk of the copper that is utilized in the manufacturing of electronic components comes from China. As a result, there has been a rise in the number of mining operations carried out in the Asia-Pacific region, which has led to an increase in the demand for technologically advanced mining infrastructure.

North America will hold the second-largest share of USD 9,094 million with a CAGR of 15.9% by 2030. The smart mining market in North America is seeing explosive expansion because of the enormous investments that mining companies have made in recent years toward developing cutting-edge technology for use in mining operations. Implementing intelligent automation technology is more accessible in countries such as the United States and Canada because skilled personnel are already available. It is widely known that Canada is the most advanced and prosperous mining nation in the modern world. The major mining businesses in Canada have a prominent presence in the country thanks to the adoption of intelligent mining technology, which satisfies the requirements of the mining industry in Canada.

LAMEA is expected to grow at the highest CAGR of 17.8% during the forecast period. Numerous mining companies are enticed by Africa's abundance of natural resources to implement automation technology in this region. Africa and Latin America have abundant mineral resources mined in large quantities. Large-scale mining activities encourage mining corporations to deploy new technology for mineral extraction with lower initial investment expenses. Even though the Middle East is still in its infancy in terms of automation, the region's vibrant economic culture offers development potential for the future. These factors generate tremendous market potential for smart mining in the LAMEA region.

Key Highlights

• The global smart mining market had a revenue share of USD 9,154 million in 2021, estimated to grow at a CAGR of 16.6% and reach USD 31,276 million during the forecast period.
• Based on market segmentation by type, surface mining is estimated to hold the largest market share during the forecast period, with a CAGR of 16.8%.
• Based on market segmentation by category, the automated equipment of smart mining is estimated to hold the largest market share, advancing with a CAGR of 16.1% during the forecast period.
• Based on regional analysis, the Asia-Pacific region is most likely to generate the highest revenue share with a CAGR of 17.1% during the forecast period.

Competitive Players

Competitive Players in the Market

• 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.
• Hexagon AB

Recent Developments

Market News

• In 2022, ABB Ltd. was selected to lead the consortium providing shore-to-ship power connections for ferries and cruise ships in the Port of Toulon.
• In 2022, ABB Ltd. and Shell announced the launch of the first nationwide network of Terra 360s, the world's fastest all-in-one electric car charger.
• In 2022, Komatsu Ltd. and its subsidiary Komatsu Chile SA announced the plans for Komatsu FrontRunner, an autonomous haulage system (AHS), to be deployed on a total of 62 930 E ultra-class haul trucks by 2024 at Los Bronces.

Segmentation

Global Smart Mining Market: Segmentation

By Type

• Underground Mining
• Surface Mining (also called Open Pit or Open Cast Mining)

By Category

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

By Region

• North America
• Asia-Pacific
• Europe
• LAMEA