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Mining is the extraction of valuable minerals from the earth, usually an ore body or reef, lode, or placer deposit. Smart mining is a novel concept, which includes advanced technologies to increase the productivity and safety of mining activities. It involves Integrated Communication Technology (ICT) solution for all levels such as mining operations and supply chain management. Moreover, the cost-cutting strategy has provided a competitive edge and encouraged organizations to adopt new technologies, which ensure improved operations and output, both in quantity and quality. The global smart mining market is segmented into automated equipment and component.

Market Statistics:

The global smart mining market is expected to surpass US$ 43,511.2 Mn in terms of value by the end of 2028.

Global Smart Mining Market: Driver

Enhanced operational efficiency offered by smart mining is expected to boost the global smart mining market growth over the forecast period. Technological advancements in automation have led to lucrative opportunities for mining companies to attain higher performance. Installation of automated equipment has enabled companies to improve productivity and increase efficiency, and also to operate in hazardous environments, which is not possible using traditional mining methods and techniques or human workforce.

Market Opportunity

Rising supply chain integration in the mining industry can present significant opportunities. Mining companies are laying emphasis on transforming the conventional supply chain management into an integrated supply chain network, in order to obtain real-time control and visibility of logistics proceedings and also to minimize commodity loss by improving commodity management. Furthermore, supply chain solutions are being increasingly deployed by mining companies to ensure better coordination across all nodes of the supply chain thereby helping mining companies respond to supplier, customer, and market in real-time.

Global Smart Mining Market: Recent Developments

  1. In August 2021, Komatsu a Japan based company launched new Modular Mining open-technology platform smart mining vision for customers, in which mining environments are linked, interoperable ecosystems that bring together the customer's preferred equipment and technologies.
  2. In April 2021, Outotec Oyj a Europe based company introduced a new comprehensive range of smart & sustainable mining filtration solutions such as pressure filters, vacuum filters and polishing filters.
  3. In May 2020, Caterpillar a U.S based company launched MineStar Edge Mine Management Technology Platform. MineStar Edge uses cloud computing and technologies like data fusion, machine learning, and artificial intelligence to identify patterns and learn how to make decisions that are best suited to the demands of a mining operation.
  4. In 2019, ABB Ltd. introduced a ground-breaking digital application for real-time integration in open-pit and underground mines. In collaboration with Boliden AB and Arcelor Mittal Mining Canada, the firm developed the ABB Ability Operations Management System for mining (OMS).
  5. Major companies in the market are focused on product launches, in order to enhance product portfolio. For instance, in March 2020, Sandvik Mining and Construction launched AutoMine for trucks to facilitate unmanned truck haulage.
  6. Key players involved in business and capacity expansion, in order to gain a competitive advantage market. For instance, in April 2017, Atlas Copco inaugurated a new manufacturing unit at Hyderabad, India.

Global Smart Mining Market: Restraint

High capital investment and training costs are expected to hinder the global smart mining market growth over the forecast period. Capital costs associated with the deployment of automated mining devices and technologies in the mining industry are significantly high. Moreover, skilled personnel is required to monitor automated mining equipment. Thus, these factors are expected to hinder the global smart mining market growth in the near future.

Global Smart Mining Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic has impacted the global smart mining market similar to other industries and markets. Since the outbreak of pandemic, many countries have decided to opt for nationwide lockdowns with temporary halt on international travel. This has disrupted major economic activities, resulting in major decline in the global smart mining market. Besides, there are strict regulations on physical distancing, which has temporarily suspended mining activities in different parts of the world. However, with rollout of vaccines and declining spread of the virus, the market players are optimistic about the potential growth of the market. Moreover, many countries have started relaxing regulations on international travel, which can aid in growth of the market.

To know the latest trends and insights prevalent in Global Smart Mining Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/smart-mining-market-4672

Key Takeaways:

  • The global smart mining market was valued at US$ 13,000.6 Mn in 2020 and is forecast to reach a value of US$ 43,511.2 Mn by 2028 at a CAGR of 3% between 2021 and 2028. This is owing benefits offered by the smart mining

Market Trends

According to Coherent Market Insights’ analysis, service sub-segment is expected to account for service sub-segment, in terms of value, outperforming the solution sub-segment. According to the same source, the engineering and maintenance service segment is expected to register the fastest CAGR of 19.8% as compared to other services and maintain its dominance during the forecast period. However, due to the expected increase in demand for deployment and integration of various intelligent systems and connectivity platforms, demand for implementation and integration service is likely to increase in the near future.

Automated excavator machines have witnessed a massive demand in the recent past since these units function without an operator. As a result of this, productivity has improved as compared to conventional mining excavators. According to Coherent Market Insights’ analysis, automated mining excavators were valued at US$ 1,238.8 Mn in 2014 and is expected to account for US$ 1,397.3 Mn by the end of 2015.

Competitive Section

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.

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