The global Smart Mining Market is estimated to be valued at US$ 17.45 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart mining involves the integration of advanced technologies like internet of things, AI, and big data analytics to improve performance and productivity of mining operations. It enhances safety, reduces operational costs, and optimizes resource usage through real-time data analysis and remote monitoring.
Market key trends:
One of the major trends in the smart mining market is increasing adoption of autonomous hauling and transportation systems. Autonomous trucks use advanced sensors to drive themselves without the need for human operators. They provide navigation for loading, transporting, and unloading of materials efficiently. This significantly improves productivity while reducing labor costs as fewer operators are required to monitor multiple trucks. Usage of AI-based algorithms for autonomous operation also enhances safety by removing humans from hazardous work environments.
Strength: The Smart Mining Market is witnessing high adoption of advanced technologies such as AI, IoT, automation, and analytics. These technologies help improve safety, productivity, and reduce operational costs.
Weakness: High initial investment requirements for deployment of smart mining solutions is a major challenge. Also, lack of skilled workforce for handling advanced technologies poses a barrier.
Opportunity: Increasing focus on underground mining from mining companies due to depletion of open-pit reserves creates opportunities for growth. Adoption of smart mining can optimize resource utilization of underground mines.
Threats: Cyber security threats to networked equipment can compromise operations. Regulatory barriers for autonomous equipment adoption pose challenges.
The global smart mining market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand for optimization of mining operations and improving safety standards.
North America dominates the global smart mining market currently owing to strong presence of key technology players and early adoption among mining companies. The Asia Pacific region is expected to exhibit the fastest growth due to rising mining activities in countries such as China, Australia, and India. Countries are increasingly investing in advanced technologies to gain efficiency and sustainability benefits in the mining sector.
Key players operating in the smart mining market are ABB Ltd., Komatsu Ltd., Sandvik Mining and Construction, Atlas Copco, Alcatel-Lucent, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., Outotec Oyj, and Joy Global Inc. These players are focusing on deploying integrated smart mining solutions comprising hardware, software, and services. They are also involved in development of autonomous equipment and partnerships to offer end-to-end smart mining capabilities.
The global smart mining market size for 2023 is US$ 17.45 Mn and is expected to showcase substantial growth over the forecast period driven by growing mines digitization across regions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it