The global Smart Mining Market is estimated to be valued at US$ 17.45 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart mining utilizes integrated automation solutions and data analytics solutions to optimize mining operations. It helps improve safety, productivity, and reduce operational costs. Smart mining provides real-time monitoring and analysis of equipment condition and operations. It also helps optimize mining cycles and equipment utilization by analyzing sensor data from machines. The increasing adoption of IoT, AI, and automation technologies across mining operations is driving the growth of the smart mining market.
Market key trends:
One of the major trends in the smart mining market is growing adoption of automation and AI technologies. Leading mining companies are increasingly automating mining processes such as drilling, loading, hauling, and autonomous trucks to improve safety and productivity. For instance, autonomous trucks assist workers in hazardous environments and optimize routes. Mining companies are also implementing AI and advanced analytics to monitor equipment health, predict maintenance needs, and optimize extraction cycles. IoT sensors deployed across the mining area help collect real-time operational data which is analyzed using AI and predictive maintenance techniques. This helps reduce unplanned downtime and operational expenditure. Another key trend is the growing focus on digitization of mining processes. Miners are implementing digital twin models and simulations to optimize mining operations in a safe and sustainable manner.
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D and technology. Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have a limited number of suppliers to choose from. Bargaining power of suppliers: The bargaining power of suppliers is moderate given the differentiated nature of components and technologies supplied. Threat of new substitutes: The threat of new substitutes is low as smart mining solutions offer improved productivity and efficiency over traditional mining methods. Competitive rivalry: rivalry is intense due to the presence of major players.
The global Smart Mining Market Size is expected to witness high, exhibiting CAGR of 7.5% over the forecast period, due to increasing focus on improving productivity and optimizing operations. Regional analysis North America accounts for over 35% share of the global market owing to large-scale adoption of advanced technologies across metallurgical and thermal coal mines. Asia Pacific is anticipated to grow at the fastest rate during the forecast period, driven by rapid industrialization and increasing infrastructural investments in countries such as China and India.
Key players operating in the 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. Growth strategies adopted by major players include new product launches, partnerships and mergers & acquisitions to expand their global reach. For instance, in 2018 Komatsu partnered with Caterpillar to develop autonomous hauling vehicles for mining operations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it