Smart Mining Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Smart Mining Market was valued at USD 8 billion in 2020 and is expected to reach USD 24.23 billion by 2026 growing at a CAGR of 20.40% over the forecast period 2021 - 2026. Mining is a resource critical industry, where the ability to remotely monitor personnel and control equipment can have a significant impact.

• Numerous mining operations have begun to partner with technology companies to invent creative solutions for deploying wireless networks underground. Along the way, they’re keeping better track of employees and equipment, increasing safety, improving maintenance, and boosting efficiencies.
• From an application on a mobile device, supervisors at mine sites can receive the alerts via email, SMS, or in-app notifications. This helps the supervisors to react to critical problems that are occurring in real-time and help in the maximization of productivity.
• Furthermore, advanced data analytics are being applied to the raw data to create visualizations, insights, and recommendations. This information is then delivered to mine managers and employees in real-time on their mobile devices.
• For instance, Dundee Precious Metals was one of the first mining companies to introduce wireless network technology into an underground mine. The company utilized RFID and Wi-Fi technology to monitor the location of people and equipment. The networks also acted as a means of surveillance as they allowed the person to stay connected to the surface.
• The Mining industry is suffering from a skilled labor shortage. The shallow talent pool has made it complicated for mining companies to hire new employees with the technical skills required to work on new energy sources. Moreover, in the wake of COVID-19 outbreak and industries shut down, the situation is expected to drive the mining companies to improve their production efficiency which in turn is expected to drive the demand for smart mining solutions.

Scope of the Report

Smart mining refers to the use of 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, where these solutions are mostly offered as one-point solution and are customized to an organization needs, to help them to easily integrate it with their existing enterprise platform.

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Key Market Trends

System Integration is Expected to have Significant Share

• The integration of IoT and smart systems is being undertaken to replace the legacy parts of the systems. This practice is making the operations in these industries much more accessible, productive, and efficient.
• Nowadays, IoT adoption can also depend on how the integration unfolds, in the existing mines. For instance, the proper integration of radiofrequency technology and wireless sensor network can enhance the safety inside the mines. As smarter technologies and IoT devices are adopted in the sector, the need for advanced integration systems is projected to grow simultaneously.
• In December 2018, ABB expanded its ABB AbilityTM system 800xA power control library (formerly MIDAS library) software, to integrate more options, in order to communicate with and control electrical devices throughout the power infrastructure, for mining and mineral processing operations. It helps in integrating the PLC connect functionality, to extend power automation beyond IEC 61850 devices and infrastructure.

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