Smart Mining Market Outlook - 2027 | Covid-19 Impact Analysis & Global Industry Insights

According to a new report published by Allied Market Research, titled, "Smart Mining Market by Type and Category: Global Opportunity Analysis and Industry Forecast, 2020–2027," the global smart mining market size is expected to reach $24,047.6 million in 2027, from $9,256.7 million in 2019, growing at a CAGR of 13.0% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 37.0% of the global smart mining market share.

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Smart mining technologies include the integration of hardware and software to improve the mining productivities and reduce operational time and costs. Mining companies emphasize enhancing productivity by providing state-of-the-art software & solutions. These software & solutions are integrated with the equipment, personnel, and operations to obtain enhanced safety and higher material extraction from the mining operations. These technologies find applications in both underground and surface (open pit & open cast) mining operations.

The surface mining operations mainly benefit by utilizing the autonomous robotic fleet used for loading, hauling & dumping (LHD) operations. In addition, increased awareness regarding the harsh influences of mining atmospheres caused by UV radiations, noise, dust, chemical hazards, poisonous gases, and others on the mine workers drives the dependency on robotic equipment. The robotic equipment allows remotely controlled operations, which eliminate the exposure of this polluted environment on workers. This acts as a major driving factor for the growth of the smart mining market.

Further, constant technological developments in software & solutions allow the mining companies to obtain proper risk management; thus, reducing the unplanned expenditure. For instance, by the integration of data analytic solutions, the sustainability, safety, and profitability of the mining site can be ensured to a great extent. The involvement of analytics solutions by the U.S.-based software provider Cognizant increased the output of the mine by 8%.

In addition, the equipment and mining parts on-time delivery was more than 95%, and the meantime to resolve (MTTR) breaches in services reduced by 5%. The recognition of these advantages can motivate the mining companies to introduce various smart technologies & services in the operations.

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Asia-Pacific accounted for the highest revenue in 2019 compared to other regions due to increased adoption from mining sites located in Australia and China. In Europe, the necessity of raw materials and dependency on the import of metals drive the mining industry. Thus, the growth in mining operations is expected to create lucrative opportunities for the smart mining market growth in this region during the forecast period.

Key Segments

The global smart mining market is divided on the basis of type, category, and region. By type, the market is segmented into underground mining and surface or open-pit mining. By category, the market is classified into automated equipment and component. The automated equipment includes excavators, load haul dump, drillers & breakers, robotic trucks, and other automated equipment. By component, the smart mining market is categorized into hardware, software & solution, and services.

The hardware component encompasses sensors, RFID tags, intelligent systems, and others. By software & solution, it is segmented into logistics software, data & operation management software, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. By services, it is divided into support & maintenance (engineering services), system integration (deployment services), and consulting services.

Geographic Review

The global smart mining market is analyzed across four geographical regions that include North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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Key Players

The major players operating in the smart mining industry include ABB Ltd., Caterpillar Inc., Cisco Systems, Inc., Hexagon AB, Hitachi Ltd., Komatsu Ltd., Robert Bosch GmbH, Rockwell Automation Inc., Sandvik AG, and Trimble Inc.

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This release was published on openPR.