Data Management & Analytics Software Segment is Expected to Dominate the Global Underground Smart Mining Market
Automation and Remote Monitoring and Resource
Optimization are major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Underground Smart Mining Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Underground Smart
Mining is anticipated to project robust growth in the forecast period with a
CAGR of 3.83% through 2028, Mining involves many processes, including resource
allocation and equipment management, such as mining trucks, excavators, drills,
conveyor belts, transportation, and logistics. To make sure that everything
runs efficiently and finishes faster, these complex processes require a system
to simplify and even automate them.
Wireless
mining sensor networks are the latest step in the evolution of my monitoring.
To continually monitor the geological and geo-mechanical factors inside
underground mines and assess potential safety and productivity risks posed by
rapid or out-of-safe-range changes, many modern underground mines install a
variety of geotechnical and other monitoring instruments.
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Based
on Solution, Data Management & Analytics Software segment is projected to
dominate the market throughout the forecast period. Data is a valuable asset. Every day, automated
mining equipment produces enormous amounts of useful data. Several vendors
combine data with intelligent analytics, AI, machine learning, and automation
to improve the security and productivity of operations.
Mining
companies can unlock immediate value and increase revenues by gathering and
utilizing big data from data sources, analyzing the same with contemporary data
analytics, and putting the results into practice. With reliable data, the
mining industry can increase output, decrease operational inefficiencies, and
respond to risks more quickly.
The
World Economic Forum estimates the mining industry's value due to digital
transformation initiatives may exceed USD 320.0 billion in the following ten
years. The next-generation digital transformation software for mining
operations, Inter Systems IRIS, integrates seamlessly with current hardware and
software programs. It provides customizable Key Performance Indicators (KPIs)
delivered in real-time, such as Overall Equipment Effectiveness (OEE), and
instant notifications when data levels and KPIs get close to predetermined
thresholds.
Big
data is a promising technology that has the potential to change the mining
industry. It is fueled by rapid advancements in information and communication
technology. Big data management (BDM) in the mining sector continues to have
fundamental issues, despite numerous attempts to implement it.
Big
data analytics and big data management can create intelligent infrastructure
that can develop over time in the mining industry. Thus, analytics is expected
to significantly enhance asset utilization, raise productivity, and address
material flow delays.
Based
on Region, North America is Expected to dominate the market. The North American region is a significant
contributor to the smart mining market, with the United States and Canada
taking up major market shares. The Environmental Protection Agency of the
United States developed a graphic to provide users of Toxic Release Inventory
data with a better understanding of mining operations and related
TRI-reportable chemical releases. The metal mining sector handles large volumes
of material each year. This sector reports the most significant total quantity
of releases of TRI-covered chemicals of any industry sector covered by the
Toxic Release Inventory Program. This sector influences the TRI data viewed by
the public, driving several significant national and local trends.
Mining
companies need software solutions to manage the exploration and production of
minerals, optimize human resources and equipment use, and comply with
environmental, health, and safety regulations.
In
June 2022, the Biden-Harris administration invested over USD 74 million in
Federal-State partnerships to map critical minerals. This investment will be
distributed in 30 states to support mapping, geoscience data collection,
scientific interpretation, and data preservation of areas with potential for
critical minerals under the US Geological Survey (USGS) Earth Mapping Resources
Initiative, or Earth MRI.
These
investments improve the understanding of domestic critical mineral resources, a
crucial step in securing a sustainable and reliable supply of the essential
minerals that power numerous industries, from electronics to household
appliances and clean energy technologies like wind turbines and batteries.
With
the internet advancement, the region's most notable players focus on providing
real-time analysis. Cisco Connected Mining enables real-time insight into each
step of the mining and production process and accurate monitoring of output,
equipment, worker location, and security.
Key
market players in the Global Underground 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
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“The
global smart mining market is driven by a convergence of factors aimed at enhancing
the mining industry's efficiency, safety, and sustainability. Key drivers
include automation and autonomous vehicles, which boost productivity while
reducing labor costs, predictive maintenance technologies that minimize
downtime, IoT and sensor integration for real-time data insights, and data
analytics and AI for informed decision-making. Additionally, the imperative to
meet stringent environmental regulations, coupled with a growing emphasis on
resource optimization, is pushing mining companies to adopt 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 Region,
Competition 2018-2028 has
evaluated the future growth potential of Global Underground 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 Underground
Smart Mining Market.
Contact
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Techsci Research
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Avenue, Suite 300,
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