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.

To have an edge over the competition by knowing the market dynamics and current trends of “Smart mining Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The smart mining market is forecast to expand at a notable rate, owing to the increasing adoption of autonomous vehicles, growing emphasis on health and safety, and rising environmental concerns. The increasing adoption of smart mining technologies by leading companies to attain sustainable growth and growing deployment of latest mining technologies in place of obsolete techniques are the major drivers fueling the global smart mining market. For example, IBM and Shell, in 2020 entered in a partnership to develop a new smart mining platform integrated with artificial intelligence to help the mining sector enhance with improved safety and health monitoring. Also, smart mining technologies are comparatively safe and environment friendly as compared to traditional mining technology and allows monitoring pollution to meet environmental regulatory norms, which will further augment the market growth. Growing emphasis on safety, increasing adoption of IoT solutions, and the enforcement of strict norm such as the Environmental Protection Law by several government agencies to control emission will offer enormous opportunities to the market. On the other hand, lack of adequate infrastructure, high deployment cost of smart mining technologies and insufficient trained labor workforce to effectively operate smart technologies are some factors anticipated to hamper the smart mining market size over the upcoming years.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

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.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

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 2021, Cisco established an Advanced Technology Center in capital Santiago to support innovation in Chilean mining companies. The ATC is part of Cisco’s global program, ‘Country Digital Acceleration,’ an initiative that support countries with significant growth potential and assigns an investment to acquire resources for prompting innovation and development.
  • In 2021, Komatsu developed sustainable and autonomous mining technology at MINExpo 2021. The main offerings included by the company are ZR122 Surface Blast Hole Drill with automated features, Battery-tram powered ZJ32Bi Jumbo Drill for underground hard rock mining and underground hard rock drilling and bolting retrofits, WE1850 Gen 3 Surface Wheel Loader with proven SR (Switched Reluctance) Hybrid Drive Technology, Battery Hauler for Underground Mining powered by lithium-ion battery technology, compatible with all major and most other OEMs.
  • In 2021, Rockwell Automation and Plex Systems, signed an agreement with Rockwell to acquire Plex for USD 2.22 billion in cash. Plex offers multi-tenant SaaS manufacturing platform operating at scale, including advanced production execution systems, quality, and supply chain management capabilities. This adoption will help Rockwell to expand its cloud offerings for mining and related industries.
  • 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. 

For detailed scope of the “Smart mining Market” report request a Sample Copy of the report

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?

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)
    • By Automated Equipment
    • By Hardware Components
    • By Software Solutions
    • By Services
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart mining Market (Option 2: As a part of the free 25% customization)
    • By Automated Equipment
    • By Hardware Components
    • By Software Solutions
    • 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)
    • By Automated Equipment
    • By Hardware Components
    • By Software Solutions
    • 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)
    • By Automated Equipment
    • By Hardware Components
    • By Software Solutions
    • 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.