Smart Mining is anticipated to project robust growth in the forecast period with a CAGR of 1.89% through 2029
Automation and Remote Monitoring and Resource
Optimization are major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Smart Mining Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029”. The Global Smart Mining is
anticipated to project robust growth in the forecast period with a CAGR of 1.89%
through 2029, Mining encompasses a multitude of
operations, from resource allocation to equipment management, involving mining
trucks, excavators, drills, conveyor belts, transportation, and logistics.
Simplifying and automating these intricate processes is crucial for efficiency
and speed. The latest advancement in monitoring is wireless mining sensor
networks, facilitating streamlined operations. Modern underground mines
increasingly deploy various geotechnical and monitoring instruments to
continuously monitor geological and geo-mechanical factors, identifying
potential safety and productivity risks posed by rapid or out-of-safe-range
changes.
Browse over xx market data Figures spread through 188 Pages
and an in-depth TOC on "Smart Mining Market"
Based
on Solution, Data Management & Analytics Software segment is projected to
dominate the market throughout the forecast period. Data stands as a precious asset in
mining operations, with automated equipment generating vast volumes daily.
Numerous vendors leverage data alongside intelligent analytics, AI, machine
learning, and automation to bolster security and productivity. Mining firms can
swiftly unlock value and boost revenues by harnessing big data from diverse
sources, analyzing it with modern analytics, and implementing insights.
Reliable data empowers the mining industry to ramp up output, minimize
operational inefficiencies, and swiftly address risks. The World Economic Forum
predicts digital transformation initiatives could add over USD 320.0 billion in
value to the mining sector over the next decade. Inter Systems IRIS, a next-gen
digital transformation software for mining operations, seamlessly integrates
with existing systems, offering customizable real-time Key Performance
Indicators (KPIs) like Overall Equipment Effectiveness (OEE) and instant alerts
for data and KPI thresholds. Big data emerges as a transformative technology
poised to revolutionize the mining industry, driven by rapid advancements in
information and communication technology. Despite challenges, such as
fundamental issues in big data management (BDM), its adoption in mining
continues to evolve. Big data analytics and management hold the potential to
create intelligent infrastructure, fostering continual improvement in asset
utilization, productivity, and addressing material flow delays.
Based
on Region, North America is Expected to dominate the market, The North American region plays a significant role in the smart mining market, with the United States and Canada holding substantial market shares. The Environmental Protection Agency (EPA) of the United States developed a graphic to enhance users' understanding of mining operations and related Toxic Release Inventory (TRI) data. The metal mining sector, handling vast material volumes annually, reports the highest total quantity of TRI-covered chemical releases among industries, influencing public TRI data and driving national and local trends. Mining firms require software solutions to manage mineral exploration, production, resource optimization, and compliance with environmental and safety regulations. In June 2022, the Biden-Harris administration allocated over USD 74 million in Federal-State partnerships to map critical minerals across 30 states under the US Geological Survey's Earth Mapping Resources Initiative (Earth MRI). These investments enhance domestic critical mineral resource understanding, crucial for ensuring a sustainable supply for industries ranging from electronics to clean energy technologies. Leveraging internet advancements, prominent players in the region, such as Cisco Connected Mining, prioritize real-time analysis, offering insights into mining and production processes, accurate monitoring of output, equipment, worker locations, and security.
Key
market players in the Global Smart Mining Market are following:-
- Cisco
Systems Inc.
- Wenco
International Mining Systems Ltd
- SAP
SE
- Rockwell
Automation Inc.
- Komatsu
Mining Corporation (Joy Global)
- Symboticware
Inc.
- ABB
Ltd
- Trimble
Inc.
- IBM
Corporation
- Epiroc
AB
Download Free Sample Report
Customers can also request for 10% free customization on
this report.
“The global smart mining market is
propelled by various factors converging to enhance efficiency, safety, and
sustainability in the industry. Key drivers encompass automation and autonomous
vehicles, increasing productivity while cutting labor costs, predictive
maintenance technologies reducing downtime, IoT and sensor integration
providing real-time data insights, and data analytics and AI facilitating
informed decision-making. Moreover, stringent environmental regulations and a
focus on resource optimization are compelling mining companies to embrace smart
technologies. These drivers collectively propel the smart mining market, shaping a more
efficient, safer, and environmentally responsible industry.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management
consulting firm.
Smart Mining
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
by Solution (Smart Control System, Smart Asset Management, Safety &
Security System, Data Management & Analytics Software, Monitoring System), by Service Type (System
Integration, Consulting Service, Engineering and Maintenance), by Mining Type
(Underground Mining, Surface Mining), By Region, Competition 2019-2029 has evaluated the future growth
potential of Global Smart Mining Market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Smart Mining Market.
Contact
Mr.
Ken Mathews
Techsci
Research LLC
420
Lexington Avenue, Suite 300,
New
York, United States- 10170
Tel:
+13322586602
Email: [email protected]
Website: www.techsciresearch.com