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Smart Mining Market is expected to reach US$ 23,055.4 million by 2028

08-30-2022 02:07 PM CET | Energy & Environment

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to the new research report published by The Insight Partners, titled "Smart Mining Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component (Hardware, Software and Solution, and Service) and Mining Type (Underground Mining and Surface Mining)," the market was valued at US$ 9,334.5 million in 2020 and is projected to reach US$ 23,055.4 million by 2028; it is expected to grow at a CAGR of 13.3% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players with their developments in the market. Increase in surface mining activties to contribute heavily to smart mining market growth

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis - https://www.theinsightpartners.com/sample/TIPRE00007870/?utm_source=OpenPR&utm_medium=10593

Surface mining is the oldest and the most common mineral removal method from the earth. It is predominantly utilized to obtain iron, copper, aluminum, coal, crushed stone, gravel, phosphates, and sand. The surface mining method offers considerably better recovery, safety, flexibility, grade control, and environmental conditions. Surface mining involves open-pit mining, strip mining, and mountaintop removal mining. The smart surface mining helps the user in illustrating the problem related to mining, calculating how individual collisions contributed to the overall damage noticed on the machine.

The growth of the surfacre mining is driven by growing demand for both non-metallic and metallic minerals, an abundance of reserves that can be exploited utilizing surface mining, increasing energy consumption, the lesser capital requirement, technological advancements in mining, and growing concerns amid countries about energy security. The additional factors that are propelling the market growth include increasing use of coal, growing electricity consumption across the globe; rising need for minerals and metals; increasing environmental regulations, rapid urbanization, and industrialization; and growing demand for metal such as steel in numerous industries, namely transportation, construction, manufacturing, and various consumer products. However, strict environmental rules and regulations associated with land acquisition and utilization of coal to generate power coupled with the scarcity of skilled labor are various factors that may deter the growth of the surface mining segment over the assessment period.

Smart mining refers to the use of technology, information, and autonomy to facilitate high productivity, improved safety, and low operational costs during mining. Mining companies are focusing on improving productivity by offering innovative software and solutions that raise demand for the smart mining market. The increasing penetration of advanced technology is projected to cut down high costs of the workforce, and hence result in considerable cost optimization. These factors are boosting the demand for smart mining. Smart mines with already incorporated technologies can automate their operations faster than those lacking technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors.

Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enable mining operators to track operational properties, such as dams, to overcome the risk associated with mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.

Have a 15-minute-long discussion with the lead analyst and author of the report in a time slot decided by you. You will be briefed about the contents of the report and queries regarding the scope of the document will be addressed as well - https://www.theinsightpartners.com/speak-to-analyst/TIPRE00007870?utm_source=OpenPR&utm_medium=10593

Companies Mentioned are: ABB Ltd., Alastri, Caterpillar Inc., Intellisense.io, Hexagon AB, Hitachi, Ltd., MineSense, Rockwell Automation, Inc., SAP SE, Trimble Inc.

Market Insights
Growing Need to Keep the Workforce Safe

The mining area is one of the hazardous places for people to work, and the security of the workers is a crucial issue. For example, when dams fail, both workers and those around mines are affected, or even lose their lives. In the US alone, there were more 400 fatalities between 2008 and 2018. Figures remain challenging to confirm but estimates suggest that mining accidents are responsible for nearly 12,000 deaths per year, and according to the International Labour Organization (ILO), mining around the world employs ~1% of the global workforce but is responsible for 8% of fatal accidents. Workers conducting manual readings in remote mining sites are at risk of harm. The implementation of automated mobile assets such as vehicles, wireless gadgets, and remote sensors in mining sites reduce the need for workforce on-site, which, in turn, increases the protection level of workers. Predictive analysis and observations also enable mining operators to anticipate and avoid dangerous accidents. Workforce monitoring, with the help of wireless wearable devices, often facilitates operators to efficiently organize their staff and keep workers away from the risky region of the mining site. The advanced smart mining technologies help minimize the threat and damage caused during mining operations. Specific uses of IoT in mining include adding up of sensors to mining equipment to communicate and monitor the data in real time and keep the workers safer. Sensors can also be attached to the workers' clothing to monitor their health by tracking and transmitting data about their physical health and condition and can also raise alerts at the time of accidents.

Global Smart Mining - Market Segmentation
Smart Mining Market - By Component
Hardware (RFID Tags, Sensors, Intelligent System, Others)
Software (Logistics Software, Data & Operation Management Software, Safety & Security Systems, Connectivity Solutions, Analytics Solutions, Remote Management Solutions, Asset Management Solutions)
Service

Smart Mining Market - By Mining Type
Underground Mining
Surface Mining

Global Smart Mining Market by Region
North America
Europe
Asia Pacific
Middle East and Africa
South America

Moreover, key companies contributing to Fiber Laser market valuation are studied thoroughly. The study entails a list of these companies along with exhaustive information regarding their offerings, strategic decisions such as partnerships, product launches, mergers & acquisitions and SWOT analysis.

Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods - https://www.theinsightpartners.com/buy/TIPRE00007870/?utm_source=OpenPR&utm_medium=10593

Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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