Press release
Smart Mining Market worth US$ 23,055.4 million by 2028 - Exclusive Research by The Insight Partners
According to our new research study on “Smart Mining Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Mining Type, and Geography,” the market is projected to reach US$ 23,055.4 million by 2028 from US$ 9,614.5 million in 2021; it is expected to grow at a CAGR of 13.3% from 2021 to 2028.The mining industry is witnessing growth in its activities owing to the rising demand for coal for power generation and growing demand for minerals and metals. In the industry, mining projects are rising rapidly. For instance, Aurania Resources (a Toronto-headquarter company) is putting efforts into exploring gold in southeastern Ecuador in the Cordillera del Cutucu. The region consists of gold–copper skarn, porphyry copper clusters, and epithermal gold deposits. Similarly, another Toronto-located large-scale gold mining company, Ari Sussman-led Continental Gold developed a wholly-owned Buritica gold mine project in Antioquia, which was scheduled for production in 2020. New mining projects prevailing across different countries are expected to promote the mining business, which would bolster the growth of the smart mining market during the forecast period.
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APAC held the largest share in the smart mining market, followed by North America and Europe. Upsurge in the middle-class population and rise in urbanization across Asian countries offer lucrative opportunities for key players in the smart mining market. Many of the largest mining companies in the world reside in the region, i.e., of the top 40 mining companies by market capitalization globally, close to half are in or closely tied to the region. Furthermore, the most important recent mining deals involve the region. The mentioned factors are anticipated to contribute to the growth generated by the smart mining market in APAC
The smart mining market in MEA is expected to grow fastest during the forecast period. Industry players in Middle East point to the fact that most of the area has yet to be explored utilizing contemporary techniques and equipment. Even though Africa has more than 30% of the world's mineral reserves, the region receives less than 5% of the overall global mining exploration and extraction budget. The potential for a thriving mining sector in the MEA region is enormous. Many nations in the MEA have recently enacted or are in the process of enacting new mining regulations to stimulate investment.
Impact of COVID-19 Pandemic on Smart Mining Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mining equipment, including the hardware component of mining. The emergence of COVID-19 across the globe, followed by lockdown scenarios, has led the mining industry experts to analyze that the industry would face at least a quarter of lag in mining equipment supply chain. This disruption is expected to create tremors till mid-2021. The mining industry is likely to pick up pace soon after the governments across the globe steadily lift the various containment measures in order to revive the economy. The production of the mining equipment is anticipated to gain pace from 2022, which is further foreseen to positively influence the mining industry, including hardware components of mining.
Smart Mining Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/32aLizO
Smart Mining Market for Hardware Segment to Grow in Coming Years
Wearable devices found applications in the mining industry for regulating production processes in hard rock mines, health and safety management in coal mines, and monitoring environmental quality in industrial mineral mines. For instance, wearable cameras are used at mining sites for many purposes, depending on the characteristics of the mining activity. In most cases, the cameras are useful tools for site monitoring and process controlling in outdoor environments. Nevertheless, there are a few regulations that need to be considered before introducing any smart mining hardware component.
Smart Mining Market: Mining Type Overview
Based on mining type, the smart mining market is bifurcated into underground mining and surface mining. The surface mining segment dominates the market. The market growth for the segment is driven by the surging demand for both nonmetallic and metallic minerals, increasing consumption of energy, growing concerns regarding energy security across various countries, rising technological advancements in mining, an abundance of reserves that can be exploited utilizing surface mining, and the lesser capital requirement.
Smart Mining Market: Competitive Landscape and Key Developments
ABB Ltd.; Alastri; Atlas Copco; Caterpillar Inc.; Cisco Systems Inc.; Hexagon AB; Hitachi Construction Machinery Co. Ltd.; Komatsu Mining Corporation; Rockwell Automation, Inc.; and Trimble are among key players operating in the global smart mining market. The leading companies are focusing on the expansion and diversification of their market presence and acquisition of a new customer base, thereby tapping prevailing business opportunities.
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A few of the recent key developments are:
In June 2020, Trimble introduced the Trimble SX12 Scanning Total Station.
In January 2021, ABB delivered trolley assist solution to meet Copper Mountain Mining’s sustainable development goals in Canada.
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The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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