IMARC Group, a leading market research company, has recently releases report titled “Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart mining market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the smart mining market?
The global smart mining market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2028, exhibiting a growth rate (CAGR) of 17.3% during 2023-2028.
What is smart mining?
Smart mining is an innovative approach that employs various technologies to streamline mining operations while enhancing safety, reducing operational costs, and boosting productivity. It can be tracked remotely and in real-time by utilizing cloud computing technology, 3D imaging software, and automated hardware and equipment. In addition, it leverages remote-controlled robotic equipment, known as telerobotic mining, for mineral and metal extraction, thus minimizing the risks to miners. As a result, smart mining finds extensive applications in underground and open-cast mining operations across the globe.
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What are the growth prospects and trends in the smart mining industry?
The smart mining market is primarily driven by the increasing adoption of autonomous equipment in mining operations due to the rising awareness about various chemical hazards, ground instability, and UV exposure that can cause serious health problems among mine workers. Moreover, the rising use of the Internet of Things (IoT) to develop digital solutions for underground wireless networks and connected mines is positively influencing market growth.
Additionally, the implementation of stringent government regulations to control emissions and air pollution has catalyzed market growth. Furthermore, ongoing product innovations, such as the development of autonomous fleets, remote-controlled equipment, and ventilation solutions that offer improved safety conditions for workers, are contributing to the market growth. Other factors, including extensive research and development (RD) activities, rising focus on worker safety, the emergence of Mining 4.0, and rapid industrialization, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Underground Mining
- Surface Mining
Breakup by Component:
- RFID Tags
- Intelligent Systems
- Data and Operation Management Software
- Safety and Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management and Logistics Solutions
- Asset Management Solutions
- Support and Maintenance
- System Integration
- Consulting Services
Breakup by Automated Equipment:
- Robotic Truck
- Driller and Breaker
- Load Haul Dump
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd
- Caterpillar Inc
- Cisco Systems Inc
- Hexagon AB
- Hitachi Ltd
- Komatsu Ltd
- Robert Bosch GmbH
- Rockwell Automation Inc
- Sandvik AB
- SAP SE
- Trimble Inc.
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