Smart Mining is a new kind of mining that mine, and uses several approach to minimize environmental impacts. Virtualization technologies allow miners to mine from multiple locations at same operational costs. Software solutions are used to maintain overall security. Lastly, the algorithms used by these mining companies to help them in finding areas that have lower levels of security to reduce operational costs. These types of mining operations are a very feasible way for smaller companies to mine efficiently and at a lower cost. They also provide an added level of security. As technology continues to improve and new mines are found, it is expected that these operations will only continue to grow.
Global Smart Mining Market- Drivers
Rising concerns regarding climate is expected to drive the market growth. The mining industry is implementing environmentally friendly mining technologies that maximizes mineral and ore recovery while minimizing waste. These advancements permit administrators to screen and control contamination by assessing air and water quality, and helps the mining organizations to conform to administrative arrangements. Copper NuWave conveyed a metal handling innovation at the Kennecott Utah Copper mine in the U.S., which augments mineral recuperation and decreases waste, energy and water utilization.
Global Smart Mining Market- Opportunities
Internet of Things (IoT) is a widespread technology in the mining sector that transform the industry's operations by increasing mine safety and productivity. RFID tags, connectivity platforms, and sensing technologies are IoT components that enable data to be automatically sent and received over the Internet, and improves visibility and traceability of mining operations.
Rising usage of 3D imaging technology in large mines all over the world is expected to offer major opportunities to the market. Mining organizations uses this innovation to fabricate 3D geographical guides through spatial information caught utilizing lasers. 3D imaging innovation is used in other mining-related errands like preparation and focusing of drill openings.
Global Smart mining Market- Restraints
Global smart mining market can be hampered by lack of standardization in the mining industry. Lack of technology and connectivity layer standardization is expected to hinder the market growth. The market's lack of clearly defined standards is resulting in significant product differentiation and is anticipated to limit the smart mining market's expansion.
Global Smart Mining Market- Trends
Ability to remotely monitor mine sites, intelligent systems like monitoring and control systems, cellular monitoring, and fleet haulage systems are gaining popularity among mining companies.
Global Smart Mining Market- Impact of Coronavirus (Covid-19) Pandemic
Global smart mining market was impacted by the ongoing COVID-19 outbreak and trade restrictions. However, reopening of country borders is expected to resolve imposed transport and logistical issues due to stringent regulations regarding the transportation of raw materials.
During the ongoing COVID-19 outbreak, there were restrictions on international trade that prevented workers from entering the smart mining market. Strict regulations regarding transportation of raw materials, and the reopening of national borders is contributing to the resolution of transport and logistical issues.
To maintain cash flow, mining companies are concentrating on key software products that generate revenue such as date operation and management software and safety and security systems. Mining companies are making investments for enhancements of support and maintenance services as well as system integration and implementation services.
Global Smart Mining Market: Competitive Landscape
Key players operating in the global 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.
To know the latest trends and insights prevalent in this market, click the link below:
Global smart mining market was valued at US$ 16.22 Billion in 2022 and is estimated to reach US$ 29.1 Billion by 2030 exhibiting CAGR of 7.58% between 2023 and 2030.
Global Smart Mining Market- Recent Developments
On June 9, 2022, ABB Ltd., an automation company, was selected to lead the consortium providing shore-to-ship power connections for ferries and cruise ships in the Port of Toulon
On May 16, 2022, ABB Ltd., an automation company, and Shell, a mobility retailer, launched Terra360s, one of the world's fastest all-in-one electric car charger
On July 15, 2022, Komatsu Ltd., a manufacturing company, with its subsidiary Komatsu Chile SA announced the plans for Komatsu FrontRunner, an autonomous haulage system (AHS), to be deployed on a total of 62 930 E ultra-class haul trucks by 2024 at Los Bronces.