The global smart mining market was valued at US$ 11.7 billion in 2021 and it is anticipated to grow up to US$ 29.5 billion by 2031, at a CAGR of 9.4% during the forecast period.
Smart mining is a process that uses autonomy, information, and technology to obtain reduce operational costs, improve safety, and gain better productivity for a mine site. Mining corporations emphasize enhancing productivity by providing state-of-the-art software & solutions. It also comprises remote-controlled robotic equipment for mineral & metal extraction, known as telerobotic mining, and decreases the danger for miners. Further, smart mining equipment is applied in underground and surface mining, also known as open pit or open cast mining operations. However, the integration of smart mining in underground mining has improved the working conditions on-site and increased the productivity of underground mines.
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Market Drivers and Trends
Rapid advancement in technology will continue to influence mining operations. In the mining industry, internet-of-things (IoT) is increasingly being adopted in mining equipment and vehicles. Furthermore, IoT in scheduling and predicting maintenance and repair tasks is expected to play a key role in its widespread adoption across the mining industry. Moreover, to reduce downtime and increase operational efficiency, miners also use advanced predictive maintenance tools. Secondly, simulation technology is gaining popularity among miners due to its proven benefits in responding to emergencies. The simulation technology is poised to witness widespread adoption in the long run. Thus, robust adoption of IoT and gaining popularity of simulation technology anticipated to aid the growth of smart mining market in the forecast period.
Market Restraints and Challenges
The capital-intensive nature of smart mining equipment is predicted to cause a slight impediment to market growth. Moreover, a lack of awareness about technologies in developing economies is anticipated to hamper the market growth. Thus, besides providing automated equipment and hardware components, companies should offer automated equipment training services and consulting services to facilitate the efficient use of machines & their components. The growing acceptance of smart mining equipment is expected to lower its cost in the long run. Therefore, the high equipment cost is acting as a challenge for the smart mining market growth.
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Major Players in the Global Smart Mining Market
The key players studied in the global smart mining market are ABB Ltd (Switzerland), Caterpillar Inc. (US), Cisco Systems, Inc. (US), Hexagon AB (Sweden), Hitachi, Ltd. (Japan), Komatsu (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (US), Sandvik AB (Sweden), and Trimble, Inc. (US).
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