Press release
Smart Mining Market size to surpass around US$ 29.5 billion by 2031 | ABB Ltd (Switzerland), Caterpillar Inc. (US), Cisco Systems, Inc. (US)
Smart Mining Market
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The global smart mining market was valued at US$ 11.7 billion in 2021 and it is anticipated to grow up to US$ 29.5 billion by 2031, at a CAGR of 9.4% during the forecast period.
Smart mining is a process that uses autonomy, information, and technology to obtain reduce operational costs, improve safety, and gain better productivity for a mine site. Mining corporations emphasize enhancing productivity by providing state-of-the-art software & solutions.
Market Drivers and Trends:
Rapid advancement in technology will continue to influence mining operations. In the mining industry, internet-of-things (IoT) is increasingly being adopted in mining equipment and vehicles. Furthermore, IoT in scheduling and predicting maintenance and repair tasks is expected to play a key role in its widespread adoption across the mining industry. Moreover, to reduce downtime and increase operational efficiency, miners also use advanced predictive maintenance tools. Secondly, simulation technology is gaining popularity among miners due to its proven benefits in responding to emergencies. The simulation technology is poised to witness widespread adoption in the long run. Thus, robust adoption of IoT and gaining popularity of simulation technology anticipated to aid the growth of smart mining market in the forecast period.
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Global Smart Mining Market Segmentation:
By Type
Underground Mining
Surface Mining
By Category
Automated Equipment
Excavator
Robotic Truck
Driller & Breaker
Key Players:
ABB Ltd (Switzerland)
Caterpillar Inc. (US)
Cisco Systems, Inc. (US)
Hexagon AB (Sweden)
Hitachi, Ltd. (Japan)
Komatsu (Japan)
Robert Bosch GmbH (Germany)
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