Smart Mining Market was valued at USD 6,800 Million in 2019 and is expected to register a CAGR of 20.4% during the forecast period.

Introduction of the Smart mining Market Report

Smart mining is a process that uses autonomy, technology, and information for achieving better mining productivity with reduced operational costs which leads to enhanced safety. Mining firms emphasize more on improving productivity by offering state-of-the-art software solutions. Smart mining equipment and components find their application in surface mining and underground mining and are known as open cast or pit mining. Thus, with the integration of smart mining in underground mining, a noticeable difference in mine production has been observed. The smart mining market covers a wide range of services which include support and maintenance, system integration and implementation services, and other types of services.

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Market Dynamic

Key Drivers and Emerging Trends

Advanced data analytics have been applied to the raw data to create insights, visualizations, and recommendations which provides emerging growth and is responsible for the robust growth of the market. For instance, Dundee Precious Metals, a vital player of the smart mining market, has introduced wireless network technology into an underground mine. The company utilized Wi-Fi and RFID technology for detecting the location of equipment and people. The smart mining companies have adopted this technology for improved efficiency and sustainable growth. Furthermore, rise in the use of novel mining technologies in the replacement of obsolete mining technologies is upsurging the growth of the market. For instance, in 2020 IBM and Shell agreed on a joint venture to launch a new smart mining platform with incorporated artificial intelligence that helps the mining sector move forward with improved safety and health monitoring.

The rise in the adoption of autonomous equipment for improved mining efficiency which meets the demand for today’s mining firms, is another factor that is primarily responsible for the rapid growth of the global smart mining market. Smart mining techniques or smart mining technologies is considered as the safest and environment-friendly method as compared to the traditional mining methods because it provides pollution monitoring to meet the environmental regulations.

Restraint in the Smart mining Market

However, the unavailability of adequate infrastructure & the high investment cost in the adoption of novel technology are the factors that are hampering the market’s growth.

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Automated Equipment – Segment Analysis

Based on the automated equipment, excavators segment is expected to grow at a higher CAGR over the forecast period. The mining industry has been increasingly opting for various novel technology excavators. For example, an electric-hydraulic excavator that offers numerous advantages over other equipment like electric power, which costs less than diesel, no carbon dioxide emissions, and does not require consumables such as oil and filters. Thus, the increasing adoption of automated equipment is contributing for the rapid growth of the smart mining industry.

Software Solutions – Segment Analysis

Based on the software solutions, logistics software is expected to dominate the smart mining market over the forecast period. This is due to the emerging digital technologies and its advantages such as it keeps the data ensured, improves the safety of the workplace etc. Key players of the market such as Caterpillar, Cisco, and Siemens have established software & solutions that meet safety standards of the National Mining Association and Mine Safety and Health Administration (MSHA). For instance, Siemens in 2020 launched a new platform for creating customer specific apps for distribution grids which is A8000 with the powerful CP-8050 processor module, which is surging the growth of the market.

Services – Segment Analysis

Based on the services, support and maintenance services are expected to grow at a higher CAGR over the forecast period. Maintenance of equipment is an essential consideration in all areas of the mining industry. Thus for efficient result, regular maintenance is required which is a major factor that is supporting the growth of the segment in the market. The mining industries cannot compromise with the service part, as all the equipment’s needs to be serviced at regular intervals for efficient results. Thus, this factor is also leading to an increase in the demand for services segment in the market.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the global smart mining market. China is one of the largest producer of coal across the region and the adoption of smart mining technologies has risen to prevent accidents. For instance, the number of pieces of machinery equipped with smart mining technologies reached 494 at the end of 2020, which is up to 80% more than the previous fiscal year. Furthermore, the smart mining technology promotes safety, smart driving, and greener outputs, thus propelling the market’s growth. With these recent trends & development of smart mines in China with less man and more efficiency, the smart mines’ demand is expected to increase.

Top Market Players

Various notable players operating in the market include IBM, ABB, Komatsu Ltd., Metso Outotec, Atlas Copco, Caterpillar, Joy Global, CISCO, ALE International, ALE USA Inc., and Rockwell Automation, among others. 

Key Developments:

• • In 2020, IBM and Shell launched a novel platform for smart mining platform with autonomous mining equipment. This launch helped attract key mining firms, which helped in completing the company’s sales target.
  • In 2019, ABB launched a digital portfolio for optimizing the world’s efficient mines across the globe. This product launch helped in maximizing the productivity of the operations.

Segments covered in the Report:

The global smart mining market has been segmented based on automated equipment, hardware components, software solutions, services, and regions. Based on hardware components, the market is segmented into sensors, RFID tags, intelligent systems, and others. Based on software solutions, the market is segmented into logistics software, data and operation management software, safety and security systems, connectivity solutions, analytics solution, remote management solutions & asset management solutions. Based on services market is segmented into support and maintenance, system integration and implementation services, product training services & consulting services. 

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Key questions answered in this research report:

• • At what pace is global smart mining market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in smart mining market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global smart mining market?
  • Which automated equipment generated maximum revenues in 2019 and identify the most promising automated equipment during the forecast period?
  • What are the various hardware components areas of global smart mining market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 6,800 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Automated Equipment, By Hardware Components, By Software Solutions, By Services, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IBM, ABB, Komatsu Ltd., Metso Outotec, Atlas Copco, Caterpillar, Joy Global, CISCO, ALE International, ALE USA Inc., Rockwell Automation; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart mining Market by Automated Equipment

• • Excavators
  • Load Haul Dump
  • Drillers & Breakers
  • Robotic Truck
  • Other

Global Smart mining Market by Hardware Components

• • Sensors
  • RFID Tags
  • Intelligent Systems
  • Others

Global Smart mining Market by Software Solutions

• • Logistics Software
  • Data and Operation Management Software
  • Safety and Security Systems
  • Connectivity Solutions
  • Analytics Solutions
  • Remote Management Solutions
  • Asset Management Solutions

Global Smart mining Market by Services

• • Support and Maintenance
  • System Integration and Implementation Services
  • Product Training Services
  • Consulting Services

Global Smart mining Market by Region

• • North America Smart mining Market (Option 1: As a part of the free 25% customization)
    • North America Market by Automated Equipment
    • North America Market by Hardware Components
    • North America Market by Software Solutions
    • North America Market by Services
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart mining Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Automated Equipment
    • Europe Market by Hardware Components
    • Europe Market by Software Solutions
    • Europe Market by Services
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart mining Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Automated Equipment
    • Asia-Pacific Market by Hardware Components
    • Asia-Pacific Market by Software Solutions
    • Asia-Pacific Market by Services
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart mining Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Automated Equipment
    • RoW Market by Hardware Components
    • RoW Market by Software Solutions
    • RoW Market by Services
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Smart mining (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • ABB
  • Komatsu Ltd.
  • Metso Outotec
  • Atlas Copco
  • Caterpillar
  • Joy Global
  • CISCO
  • Rockwell Automation
  • ALE International, ALE USA Inc.