- Growing adoption of IoT in mining industry helps companies bolster equipment and people safety and reduce environmental impacts, thus unlocking incredible avenues in smart mining market
- Mining companies deploying automated equipment to boost productivity and operators' efficiency; adoption of smart mining practices in African countries to generate colossal opportunities in MEA
ALBANY, N.Y., April 15, 2022 /PRNewswire/ -- Firms engaged in smart mining operations are increasingly leveraging automation technologies and advanced connectivity solutions in order to unlock productivity gains. Mining companies globally are investing in these products and solutions to continuously improve safety and boost real-time equipment monitoring, all of which help them raise bottom-lines. A study by TMR scrutinizing key drivers and lucrative opportunities has projected the global smart mining market to reach US$ 29.10 Bn by 2031.
Adoption of data operation & management software has helped mining companies in smart mining market garner revenue gains by optimizing equipment performance in real-time. At the same time, such solutions support proactive maintenance methods which are instrumental in ensure safer mining.
The analysts in the TMR study observed that innovation in various equipment pieces such as drillers & beakers, automated excavators, and load haul dumps allow controlling of mining and exploration activities remotely and more efficiently. In addition to prospects of smart connectivity solutions in remote management, adoption of asset management solutions are poised to have significant impact on the growth.
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Key Findings of Smart Mining Market Study
- Connectivity Solutions Powered by IoT to Make Mining Safer and Productive: Mining companies are realizing the benefits of connected solutions to improve safety and productivity in mining. The drive toward sustainable mining operations will bolster the application of IoT notably in autonomous haulage vehicles has made steady improvements in safety by reducing haulage accidents. Aside from the safety aspects, telecom companies are offering 5G-ready connectivity solutions, which is likely to greatly boost the mine's productivity.
- Adoption of Excavators Automated Equipment to Propel Abundant Opportunities: OEMs are aiming to introduce automatic control of the various equipment used in mining. Excavators automated equipment has witnessed a sizable demand in recent years, which is expected to translate into revenue opportunities for market players. The authors of the TMR study have found that the excavators segment accounted for approximately 30% of the global market in 2020.
- Smart Mines to Reduce Environmental Impacts: There is intense focus on reducing environmental and climate footprint of the mining sector. The trend is pivoting technological advancements in automation equipment, with focus on accuracy. The adoption of automated drillers & beakers is boosting the smart mining market.
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Smart Mining Market: Key Drivers
- Ever-rising global demand for metals and minerals has put immense pressure on stakeholders to adopt sustainable mining practices that are characterized by lowering the environmental and climate footprints. This is driving evolution of the smart mining market.
- Steady utilization of minerals in a booming cosmetic & personal care industry is generating colossal revenue potential for companies in the smart mining market. The increasing trend of clean energy transition is expected to open up promising frontiers in the coming years.
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Smart Mining Market: Regional Growth Dynamics
- Asia Pacific held dominant share of the smart mining market in 2020. The mining industry in many countries notably India and China are shifting toward smart mining operations to make mining safer, sustainable, and productive.
However, the availability of inexpensive labor has hindered the widespread penetration of automated equipment among mining companies. On the other hand, indisputable benefits of smart mining operations on the bottom-line will spur adoption. - The Middle East and Africa (MEA) is a potentially lucrative smart mining market. The authors of the TMR study have found that growing number of miners are realizing the benefits of smart connected solutions and automation technology. The sales will be fueled by massive scale of mining of metals and minerals in African countries.
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Smart Mining Market: Key Players
Some of the key players in the smart mining market are:
- Komatsu Ltd.
- Joy Global Inc.
- Hitachi Construction Machinery Co. Ltd.
- Caterpillar Inc.
- Atlas Copco
- ABB Ltd.
Global Smart Mining Market: Segmentation
Smart Mining Market by Automated Equipment
- Excavators
- Load Haul Dump
- Drillers & Breakers
- Robotic Trucks
- Other Automated Equipment
Smart Mining Market by Hardware Component
- Sensors
- RFID Tags
- Intelligent Systems
- Others
Smart Mining Market by Software Solution
- Logistics Software
- Data & Operation Management Software
- Safety & Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management Solutions
- Asset Management Solutions
Smart Mining Market by Service
- Support & Maintenance
- System Integration & Implementation Services
- Automated Equipment Training Services
- Consulting Services
Smart Mining Market by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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