Market Definition
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.
Market Outlook
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.
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.
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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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Global Smart Mining Market Segmental Overview
The report analyses the global smart mining market based on type, category, and region.
Global Smart Mining Market by Type
Based on type, it is bifurcated into underground mining and surface mining. The surface mining segment is likely to dominate the market during the forecast period. The surface mining segment market is growing at a faster rate because Surface mines offer several advantages that it is cheaper, can recover more of the resource (usually up to 100% within the mining excavation), is safer, and can use larger-scale mining equipment offering higher production rates. Thus, several advantages of the surface mining segment boost the market’s growth.
Global Smart Mining Market by Category
Based on category, it is bifurcated into automated equipment and component. The automated equipment segment is likely to hold the major share of the smart mining market in 2021. The automated equipment segment generated high revenues in 2021, due to high adoption of autonomous mining equipment and recognition of advantages offered by the implementation of these equipment. For instance, automated equipment in smart mining allows workers to do their jobs remotely, away from the dangers of unstable areas within the mine.
Geographical Analysis of Global Smart Mining Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. In Asia Pacific, countries such as China, India, Japan, Indonesia, and the Philippines are expected to boost the market, with China and India as the most potential player in smart mining initiatives. Secondly, Japan’s increasing demand for minerals can be considered the next high potential preference for the major global smart mining market vendors. Also, investment programs drive the rise in production capacities in the region. Moreover, the Asia Pacific region is witnessing a high adoption rate of technologies, such as operational analytics and data processing, remote monitoring, and mine safety systems. This, in turn, boosts the demand for smart mining in the Asia Pacific region.
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Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape- Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
Market Size in 2021 – $11.7 bn
Market Size in 2031 – $29.5 bn
Growth Rate (2021-31) – 9.4%
Historic Period – 2015-2020
Forecast Period- 2022-2031
Base Year – 2021
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