|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The smart mining market was valued at USD 9.27 billion in 2021 and is expected to reach USD 28.05 billion by 2027. It is expected to register a CAGR of 20.62% from 2022 to 2027. Mining involves many processes, including resource allocation management of equipment, such as mining trucks, excavators, drills, conveyor belts, transportation and logistics, and more. To ensure that everything runs efficiently and finishes faster, these complex processes require a system to simplify and automate them.
· As per Komatsu, mining represents nearly 12% of the global GDP, measured by revenues and products sold. The Fourth Industrial Revolution has developed into an “integrated intelligent society” and is now spreading across all sectors. Digital solutions have become well established in day-to-day mining operations, and more mines and mining areas are set to benefit.
· According to research by Ericsson, when deployed concurrently, autonomous vehicles, real-time site monitoring, and remote-controlled drilling rigs deliver improved efficiency, productivity, safety, and a combined ROI of 207% over ten years in surface operations. In underground mining, the ROI equates to 256%. Digital technology is driving fundamental changes in mining.
· In recent years, mining businesses across emerging countries have faced an increase in the number of challenges, including price instability, the need to drill deeper to uncover new resources, and a skills shortage across the industry. Many mining businesses have resorted to digital transformation to overcome these issues. The market is focusing on using advanced technology to transform traditional mines into smart mines that are more efficient, safer, and more productive.
· Various companies launched innovative solutions to deal with unprecedented challenges due to the COVID-19 pandemic. For instance, in May 2020, Axora, one of the prominent players in the smart mining market, launched its Smart Mining Resource Center to aid companies in recovering from the pandemic. According to companies, the mining sector can get back on track by adopting digital technologies to enhance safety, increase profits, and minimize overall operational costs. Thus, the launch of the online Smart Mining Resource Center is anticipated to help companies regain their market value post-pandemic.
Scope of the Report
Smart mining refers to information and data, autonomy, and technology to facilitate high productivity, enhanced safety, and diminished operational costs during the mining process. The service type is classified based on system integration, consulting services, and engineering and maintenance. These solutions are primarily offered as one-point solutions and are customized to an organization's needs to help them easily integrate it with their existing enterprise platform.
|Smart Control System|
|Smart Asset Management|
|Safety and Security System|
|Data Management and Analytics Software|
|Engineering and Maintenance|
|Middle-East and Africa|
Key Market Trends
Data Management & Analytics Expected to Show Highest Growth
· Data is one of the most valuable assets. Every day automated drills, trucks, shovels, conveyors, trains, and ships produce vast amounts of valuable data. By combining this data with smart analytics, artificial intelligence, machine learning, and automation, various vendors are making their businesses safer and more productive.
· According to the World Economic Forum, digital transformation initiatives in the mining sector will generate more than USD 320 billion of industry value over the next decade. InterSystems IRIS for Mining Operations is next-generation digital transformation software for mining operators that works seamlessly with existing machinery and software applications. It delivers real-time, customizable Key Performance Indicators (KPIs), including Overall Equipment Effectiveness (OEE) and real-time alerts as data levels and KPIs approach pre-defined thresholds.
· Big data, driven by the accelerating progress of information and communication technology, is a promising technology that can reshape the entire mining landscape. Despite numerous attempts at applying big data in the mining sector, fundamental problems of big data massive data management (BDM) in the mining sector persist.
· Harnessing the potential of BDM and BDA (Big Data Analytics) might help the mining sector increase its productivity and respond more actively to uncertainties. Cost estimation for adopting BDM in the mining sector should be performed, and instant data communication should be improved. With the support of Big Data, companies can save up to 80% while locating new mines, compared to the traditional methods, which have complicated and expensive bureaucratic processes that precede field exploration.
· Machine learning has shown to be a promising tool in processing an overwhelming amount of data collected during exploration and is key to finding more complex deposits. Goldspot Discoveries Corp. uses artificial intelligence (AI) to improve mineral exploration by ingesting different data sets to discover potential gold deposit locations. The company can add more than USD 11 billion in additional value to the mining sector through AI, advanced analytics, and simulation modeling.
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North America to Hold Major Market Share
· The North American region is a significant contributor to the global smart mining market, with major countries being the US and Canada.
· The search for extraction, beneficiation, and processing of naturally occurring solid minerals from the earth are all part of the mining business in the US. Coal, metals like iron, copper, or zinc, and industrial minerals like potash, limestone, and other broken rocks, are the minerals mined. This industry excludes oil and natural gas extraction (NAICS code 211).
· Metals and other minerals are vital raw resources for the construction and chemical sectors in the US and the manufacturing of everyday electronics and consumer goods. A modern computer, for example, necessitates the use of over 65 distinct minerals. Furthermore, coal is responsible for nearly half of the electricity generated in the US.
· The discovery of shale formations, together with the world's reliance on oil and gas resources, has accelerated the expansion of mining activities, particularly in the oil and gas sector, to unprecedented levels.
· With the advancement of the internet, several of the region's most notable players are focusing on providing real-time analysis. Cisco Connected Mining, for example, enables real-time insight into each step of the mining and production process and accurate monitoring of output, equipment, worker location, and security.
· Equipment assignment, payload compliance, dispatch, and equipment health monitoring have all been simplified by Wencolite Fleet Management. As a result, giving simple access to the mine or quarry will result in a more productive and safer operation.
· The advancement of new smart mining systems has been supported by recent technological breakthroughs, which can make overall processes more efficient and considerably enhance accuracy in various services and solutions.
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The smart mining market has been gaining a competitive edge in recent years. Major players include Cisco Systems Inc., SAP SE, and Rockwell Automation Inc., among others. A few recent developments are:
· In April 2021, Cisco opened an Advanced Technology Center in capital Santiago to provide innovation support to Chilean mining companies. The ATC is part of Cisco’s global program, ‘Country Digital Acceleration,’ an initiative that looks for countries with significant growth potential and assigns an investment amount to obtain resources for boosting innovation and development. In Chile, the primary focus is mining, followed by electricity.
· In March 2021, SAP SE completed the acquisition of Signavio. Signavio’s products become part of SAP’s Business Process Intelligence portfolio and complement SAP’s holistic process transformation portfolio. With Signavio now an official part of its business process intelligence unit, SAP can help companies transform and manage their business processes at scale.
· In September 2021, Komatsu exhibited sustainable and autonomous mining technology at MINExpo 2021. The key offerings by the company included WE1850 Gen 3 Surface Wheel Loader with proven SR (Switched Reluctance) Hybrid Drive Technology, ZR122 Surface Blast Hole Drill with automated features, Battery Hauler for Underground Mining powered by lithium-ion battery technology, Battery-tram powered ZJ32Bi Jumbo Drill for underground hard rock mining and underground hard rock drilling and bolting retrofits, compatible with all major and most other OEMs.
· In June 2021, Rockwell Automation and Plex Systems, a cloud-native smart manufacturing platform, announced that Rockwell had signed an agreement to acquire Plex for USD 2.22 billion in cash. Plex provides the only single-instance, multi-tenant SaaS manufacturing platform that operates at scale, including advanced manufacturing execution systems, quality, and supply chain management capabilities. This acquisition may enable Rockwell to scale up its cloud offerings for mining and related industries.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness: Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Emphasis on Worker Safety and Health
5.1.2 Rising Adoption of Wireless Monitoring and Centralized Solutions among Several Large Mining Installations
5.1.3 Technological Advancements and Convergence of Various Digital Transformation Practices
5.2 Market Challenges
5.2.1 Operational and Cost Challenges Remain a Concern in Emerging Regions
5.3 Market Opportunities
5.3.1 Initial Success of Connected Mining Installations
5.4 Key Application Areas and Case Studies in the Mining Sector
5.4.1 Worker Safety and Health (Shanxi – China)
5.4.2 Cost Reduction and Efficiency (Rio Tinto - Australia)
5.4.3 Remote Monitoring (Dundee Metals – Bulgaria)
5.4.4 Critical Asset Protection (Gold Corp. - Canada)
6. MARKET SEGMENTATION
6.1.1 Smart Control System
6.1.2 Smart Asset Management
6.1.3 Safety and Security System
6.1.4 Data Management and Analytics Software
6.1.5 Monitoring System
6.1.6 Other Solutions
6.2 Service Type
6.2.1 System Integration
6.2.2 Consulting Service
6.2.3 Engineering and Maintenance
6.3 Mining Type
6.3.1 Underground Mining
6.3.2 Surface Mining
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle-East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Cisco Systems Inc.
7.1.2 Wenco International Mining Systems Ltd
7.1.3 SAP SE
7.1.4 Rockwell Automation Inc.
7.1.5 Komatsu Mining Corporation (Joy Global)
7.1.6 Symboticware Inc.
7.1.7 ABB Ltd
7.1.8 Trimble Inc.
7.1.9 IBM Corporation
7.1.10 Epiroc AB
7.1.11 Metso Outotec OYJ
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Smart Mining Market market is studied from 2020 - 2027.
What is the growth rate of Smart Mining Market?
The Smart Mining Market is growing at a CAGR of 20.62% over the next 5 years.
Which region has highest growth rate in Smart Mining Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Smart Mining Market?
North America holds highest share in 2021.
Who are the key players in Smart Mining Market?
Cisco Systems Inc., Wenco International Mining Systems Ltd, SAP SE, Rockwell Automation Inc., Komatsu Mining Corporation are the major companies operating in Smart Mining Market.