Market Size of Smart Mining Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 34.16 Billion |
| Market Size (2029) | USD 34.53 Billion |
| CAGR (2024 - 2029) | 0.21 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Mining Market Analysis
The Smart Mining Market size is estimated at USD 34.16 billion in 2024, and is expected to reach USD 34.53 billion by 2029, growing at a CAGR of 0.21% during the forecast period (2024-2029).
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.
- 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 mine 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.
- Digitalization may have come a little later to mining than other sectors, but it is quickly catching up. Mining companies have recently adopted a growing range of digital solutions. Many have mechanized their operations, moved from the physical to the digital realm by adding equipment sensors, and adopted unified networks to transmit data. Despite this progress, these steps are only the beginning.
- Mining operational costs have risen dramatically, and salary expenditures increased in emerging countries in recent years globally. For instance, according to the Ministry of Economy Argentina, salary expenditure in the mining and quarrying sector in Argentina increased to over ARS 355.38 Billion (USD 2.21 Billion) in Q2 2021 and by ARS 118.86 Billion (USD 0.74 Billion) compared to Q2 2020.
- The ongoing COVID-19 outbreak and restrictions on international trade affected business operations in the smart mining market. However, due to strict regulations in the transportation of raw materials, the reopening of country borders is expected to assist in resolving transport and logistic issues.
