Smart Mining Market
PUBLISHED: 2023 ID: SMRC22673
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Smart Mining Market

Smart Mining Market Forecasts to 2028 - Global Analysis By Mining Type (Surface Mining, Underground Mining and Other Mining Types), Hardware Components (Intelligent systems, Sensors, Radio-frequency identification tags and Other Hardware Components) , Software Solution, Service, Automated Equipment and By Geography

4.7 (89 reviews)
4.7 (89 reviews)
Published: 2023 ID: SMRC22673

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $15.7BN

Projected Year Value (2028)

US $44.1BN

CAGR (2022 - 2028)

18.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Smart Mining Market is accounted for $15.7 billion in 2022 and is expected to reach $44.1 billion by 2028 growing at a CAGR of 18.7% during the forecast period. Smart mining employs information, autonomy, and technology to raise productivity, enhance mine site safety, and save operating costs. By providing cutting-edge software solutions, mining businesses emphasize boosting productivity. Telerobotic mining, which lessens risk to miners, also entails remote-controlled robotic machinery for mineral and metal extraction. In order to improve safety, lower operating costs, and boost productivity at a mine site, smart mining uses information, autonomy, and technology.

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.



Market Dynamics:

Driver:

Increased awareness

The harsh effects of the mining environment, including UV exposure, chemical dangers, ground instability, and others, are becoming more widely known to create health issues in mine workers. Ventilation systems, remote-controlled machinery, and autonomous fleet integration all provide safe working environments and raise operational productivity. Also, a greater emphasis on safety and health, a rise in the adoption of IoT solutions, and a rise in the use of autonomous equipment are all contributing factors to the market's growth.

Restraint:

Depletion of natural resources

Miners would have to extract from deeper and more remote mines due to the fast depletion of natural resources around the world. Several technological difficulties are presented by underground mining. The deeper a mine is, the more energy it requires. Furthermore, as the mine progresses, the probability of rock bursts increases, causing damage to the tunnel, which acts as a restraining factor.

Opportunity:

Improvements towards safety and health

Internet access is necessary for smart mining so that mine operators and managers can monitor the condition of the equipment and work environment. The complicated mining business has chances to track visibility, safety, and production thanks to IoT technologies. In addition to linking services, it also connects people, things, and equipment. Mining companies have put cutting-edge equipment on mine sites to monitor safety regulations. Therefore, the use of IoT drives the market growth.

Threat:

Lack of skilled and qualified labour

The demand for skilled, certified, and experienced workface on mine sites is rising as a result of the mining industry's increased usage of cutting-edge systems. In order to achieve maximum efficiency and lower on-site accidents, the operation of smart mining equipment requires skilled staff. Thus, the unavailability of skilled labour can hamper the growth of the market.

Covid-19 Impact

The COVID-19 pandemic is the greatest global crisis affecting millions of people. Apart from being just a health hazard, it has led to an unprecedented social crisis, affecting several industries and livelihoods. The mining industry is also heavily dependent on large labour and workforce. The short-term impacts include suspension of mineral production, loss of wages on account of absenteeism and pandemic restrictions, unemployment, and sale of minerals in the market. In the long-term, the continuity of many mining businesses, reputation and economic health of industries, new mineral deposit exploration and new mining complex development has been affected.

The surface mining segment is expected to be the largest during the forecast period

The surface mining segment is estimated to have a lucrative growth, due to its advantages. Surface mining is used to extract abundant reserves due to increased demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about the security of the global energy supply, and rising technological developments in mining. The cost of surface mining is less than that of subterranean mining. These factors are driving the market growth for this segment.

The analytics solutions segment is expected to have the highest CAGR during the forecast period

The analytics solutions segment is anticipated to witness the fastest CAGR growth during the forecast period, due to data is a valuable asset. Surface mining is used to extract abundant reserves due to increased demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about the security of the global energy supply, and rising technological developments in mining. The cost of surface mining is less than that of underground mining.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the implementation of automation and digitalization in mining. This region is significant producer of metal ore and metals. The greatest coal reserves in the world are there, although they are spread out over several nations. Automation and digitalization in mining have already improved smart mining and have a very large growth potential. The rise in infrastructure development and automotive production is driving the growth of the metals and mining industry in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to its benefits. Technological advancements and increasing demand for oil sands, coal, and gas are expected to drive the demand for mining equipment. The mining equipment manufacturers look at opportunities like the automation of machinery to attract customers and capture a significant share of the market. The growing demand for raw materials resulted in mining companies exploring new mining projects, thus boosting the region growth.



Key players in the market

Some of the key players profiled in the Smart Mining Market include ABB Ltd., Symboticware Inc., Cisco Systems Inc., Wenco International Mining Systems Ltd, Hitachi Construction Machinery Co. Ltd., Caterpillar Inc., Komatsu Mining Corporation, IBM Corporation, Joy Global Inc., Rockwell Automation Inc., SAP SE, Sandvik Mining and Construction, OutotecOyj, Epiroc AB, Symboticware Inc., Deloitte Intelligent Miningm, Bosch Global, Atlas Copco, Siemens and Alcatel-Lucent.

Key Developments:

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 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.

Mining Types Covered:
• Surface Mining
• Underground Mining
• Other Mining Types

Hardware Components Covered:
• Intelligent systems
• Sensors
• Radio-frequency identification tags
• Other Hardware Components

Software Solutions Covered:
• Connectivity solutions
• Asset management solutions
• Remote management solutions
• Safety and security systems
• Analytics solutions
• Data and operation management software
• Logistics software
• Other Software Solutions

Services Covered:
• System Integration and Implementation services
• Support and Maintenance
• Consulting Services
• Product Training Services
• Other Services

Automated Equipments Covered:
• Drillers & breakers
• Robotic truck
• Load haul dump
• Excavators
• Other Automated Equipments

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Smart Mining Market, By Mining Type
5.1 Introduction
5.2 Surface Mining
5.3 Underground Mining
5.4 Other Mining Types

6 Global Smart Mining Market, By Hardware Component
6.1 Introduction
6.2 Intelligent systems
6.3 Sensors
6.4 Radio-frequency identification tags
6.5 Other Hardware Components

7 Global Smart Mining Market, By Software Solution
7.1 Introduction
7.2 Connectivity solutions
7.3 Asset management solutions
7.4 Remote management solutions
7.5 Safety and security systems
7.6 Analytics solutions
7.7 Data and operation management software
7.8 Logistics software
7.9 Other Software Solutions

8 Global Smart Mining Market, By Service
8.1 Introduction
8.2 System Integration and Implementation services
8.3 Support and Maintenance
8.4 Consulting Services
8.5 Product Training Services
8.6 Other Services

9 Global Smart Mining Market, By Automated Equipment
9.1 Introduction
9.2 Drillers & breakers
9.3 Robotic truck
9.4 Load haul dump
9.5 Excavators
9.6 Other Automated Equipments

10 Global Smart Mining Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 ABB Ltd.
12.2 Symboticware Inc.
12.3 Cisco Systems Inc.
12.4 Wenco International Mining Systems Ltd
12.5 Hitachi Construction Machinery Co. Ltd.
12.6 Caterpillar Inc.
12.7 Komatsu Mining Corporation
12.8 IBM Corporation
12.9 Joy Global Inc.
12.10 Rockwell Automation Inc.
12.11 SAP SE
12.12 Sandvik Mining and Construction
12.13 OutotecOyj
12.14 Epiroc AB
12.15 Symboticware Inc.
12.16 Deloitte Intelligent Mining
12.17 Bosch Global
12.18 Atlas Copco
12.19 Siemens
12.20 Alcatel-Lucent

List of Tables
1 Global Smart Mining Market Outlook, By Region (2020-2028) ($MN)
2 Global Smart Mining Market Outlook, By Mining Type (2020-2028) ($MN)
3 Global Smart Mining Market Outlook, By Surface Mining (2020-2028) ($MN)
4 Global Smart Mining Market Outlook, By Underground Mining (2020-2028) ($MN)
5 Global Smart Mining Market Outlook, By Other Mining Types (2020-2028) ($MN)
6 Global Smart Mining Market Outlook, By Hardware Component (2020-2028) ($MN)
7 Global Smart Mining Market Outlook, By Intelligent systems (2020-2028) ($MN)
8 Global Smart Mining Market Outlook, By Sensors (2020-2028) ($MN)
9 Global Smart Mining Market Outlook, By Radio-frequency identification tags (2020-2028) ($MN)
10 Global Smart Mining Market Outlook, By Other Hardware Components (2020-2028) ($MN)
11 Global Smart Mining Market Outlook, By Software Solution (2020-2028) ($MN)
12 Global Smart Mining Market Outlook, By Connectivity solutions (2020-2028) ($MN)
13 Global Smart Mining Market Outlook, By Asset management solutions (2020-2028) ($MN)
14 Global Smart Mining Market Outlook, By Remote management solutions (2020-2028) ($MN)
15 Global Smart Mining Market Outlook, By Safety and security systems (2020-2028) ($MN)
16 Global Smart Mining Market Outlook, By Analytics solutions (2020-2028) ($MN)
17 Global Smart Mining Market Outlook, By Data and operation management software (2020-2028) ($MN)
18 Global Smart Mining Market Outlook, By Logistics software (2020-2028) ($MN)
19 Global Smart Mining Market Outlook, By Other Software Solutions (2020-2028) ($MN)
20 Global Smart Mining Market Outlook, By Service (2020-2028) ($MN)
21 Global Smart Mining Market Outlook, By System Integration and Implementation services (2020-2028) ($MN)
22 Global Smart Mining Market Outlook, By Support and Maintenance (2020-2028) ($MN)
23 Global Smart Mining Market Outlook, By Consulting Services (2020-2028) ($MN)
24 Global Smart Mining Market Outlook, By Product Training Services (2020-2028) ($MN)
25 Global Smart Mining Market Outlook, By Other Services (2020-2028) ($MN)
26 Global Smart Mining Market Outlook, By Automated Equipment (2020-2028) ($MN)
27 Global Smart Mining Market Outlook, By Drillers & breakers (2020-2028) ($MN)
28 Global Smart Mining Market Outlook, By Robotic truck (2020-2028) ($MN)
29 Global Smart Mining Market Outlook, By Load haul dump (2020-2028) ($MN)
30 Global Smart Mining Market Outlook, By Excavators (2020-2028) ($MN)
31 Global Smart Mining Market Outlook, By Other Automated Equipments (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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