Smart Mining Market Size, Share and Global Trend By Type (Surface Mining, Underground Mining), By Component (Automated Equipment, Hardware, Software, Services) and Geography Forecast till 2023-2030

The global smart mining market size to grow exponentially, during 202-2030 forecast period. The technologies used in smart mining such as the Internet of Things (IoT) and automation offers a profitable, efficient, and safe results along with smart control over mining activities. Digital transformation is reality and mining are going through one of the most intense periods of change.

Technology is radically transforming mining for better productivity, safety, and sustainability. Mining companies across the world are adopting automation technology to modernize their operation in order to gain more control and real-time data. With global demand for an array of natural resources persistently increasing, mining companies must implement smart technology to unearth and distribute these commodities around the world. Smart mining plays a key role which involves a specific, measurable, attainable, realistic, and timely process for the sustainable growth of the mining industry. Companies that embrace smart innovation not only nimble and profitable but also improve decision-making ability, empower employees and build an ecosystem that is healthy, safe and environment-friendly. Consequently, automation increase the overall productivity and efficiency that manoeuvre smart mining growth.

Smart Mining Market can be segmented on the basis of Type i.e. Surface Mining and Underground Mining. Automated equipment avoid unnecessary man hours by implying excavators, load haul dump, drill and, breakers, etc. for removing minerals overlying in soil and rock. Underground mining carried out to recover valuable metals such as gold, silver, diamond, zinc, nickel, and minerals. For easy and risk-free operation digitalization of mining activities necessary by using hardware and software solution which helps to monitor overall mining with less manual interference. Before mining, geological research and training should be carried out for better explorations and to enhance operational qualities. Thus, it is requisite in mining for empowering and controlling overall mining smart technology inevitably.

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Implementation of automation in mining offers greater control and higher productivity that moves the Smart Mining Market towards higher growth. The advanced technologies used in mining empower employees, promote safety and healthy environment and build a strong socio-economic relation which enhances overall growth of the company. Smart mining is a solution having vibrant advantages which inflate market opportunities and growth.

Automation requires a huge capital investment along with highly qualified personnel which inhibits smart mining growth. The implementation cost of the Internet of Things, Automatic Equipment, Data Analysis, and other automation involves huge capital that hinders the overall growth of smart mining.

KEY PLAYERS COVERED

The highly recognized companies in the smart mining are Rio Tinto, Rockwell Automation, ABB Ltd., Trimble Navigation Ltd., Atlas Copco., Caterpillar Inc., Hitachi Construction Machinery, Komatsu Mining, Cisco Systems Inc., Siemens, Deloitte Intelligent Mining, SAP ERP, Bosch Global, Codelco, and Hitachi and Mining Solution.

SEGMENTATION

REGIONAL ANALYSIS

The global smart mining market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Mining has been done in North America since colonial time and in the 19^th century with new discoveries of minerals causing a rise in number of mining activities. North America is a leading producer of coal, bauxite, iron, copper, and nickel used in the various industrial operation which dominates its economy by providing billions of dollars and millions of jobs throughout the continent. Mining accidents claimed thousands of death in the past century that intensify the companies to adopt smart mining for enhancing its operational capability.

The Asia Pacific is a significant producer of metal ore and metals. It holds the world’s largest coal reserves but distributed in different countries like Australia which is the second largest producer of gold, lead, lithium ore and manganese. Mining conglomerate Rio Tinto have some of the largest mining projects in the bucket. The implementation of automation and digitalization in mining have already upgraded smart mining and has an enormous potential for growth in the forthcoming year.

The mining in Europe has a long tradition and now it is self-sufficient to produce many industrial minerals. Europe is a net exporter to a wide variety of minerals and encouraging sustainable material value chain in terms of social acceptance, environmental soundness and economic viability which stimulate the growth of smart mining. MEA is the top producer of hydrocarbons along with many minerals found in this area such as zinc, nickel, copper, gold, lead, etc. The companies involved in mining activities are employing automation for better control and productivity which seems to be positive for smart mining growth.