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Global Digital Mining Market 2019 by Company, Regions, Type and Application, Forecast to 2024
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Global Digital Mining Market Size is 4087.34 Million US$ In 2018
Global mining industry is under pressure in this years. In the short term, falling commodity prices are squeezing cash flow. Looking ahead, many existing mines are maturing, resulting in the extraction of lower ore grades and longer haul distances from the mine face, ore-body-replacement rates are in decline; and new-mine-development times are increasing. On top of this, worldwide mining operations are as much as 28 percent less productive today than a decade ago—and that’s after adjusting for declining ore grades.
The industry has shifted its focus to improving productivity by “sweating” existing assets, but this strategy will go only so far. Despite the industry’s booms and busts, the nature of mining has stayed the same for decades. Achieving a breakthrough on productivity performance demands rethinking how mining works.
The potential to achieve such a breakthrough is now coming within the industry’s reach through digital and technology innovations that could transform key aspects of mining. In this report, we describe a number of digital technologies that have long been in the works and are now available and affordable enough to become operational at scale across the mining industry. Their applications include building a more comprehensive understanding of the resource base, optimizing material and equipment flow, improving anticipation of failures, increasing mechanization through automation, and monitoring performance in real time.
Capturing the value from digital innovations represents a fundamental shift in vision, strategy, operating model, and capabilities in the mining industry. In particular, much of the value creation in mining will shift from how well the operation moves material to how well it collects, analyzes, and acts on information to move material more productively. This will be a difficult change, and it will only succeed if industry leadership believes there is a big prize at the end of it. Our analysis indicates that the opportunity is indeed sizable—with a potential economic impact of about $370 billion per year worldwide in 2025. This would amount to 17 percent of the projected cost base of the industry globally in 2025.
According to our research, It is estimated that the global Digital Mining Market Size will reach 8883.75 million US$ in 2025, from 4087.34 million US$ in 2018, with a CAGR of 11.73% during the forecast period.
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