Press release
Smart Mining Technologies Market is Expected to Reach US$ 9 Bn by 2032 | FMI
Rising penetration of IoT in the mining industry for performance improvements, analytical maintenance, cost optimization and improved safety is expected to boost the smart mining technologies market.
Moreover, most mining companies are inclined towards digitalization to manage mining operations. IoT in the mining industry improves mining operations by improving data accuracy rates, reduction in energy expenditure and predictive maintenance. Also, IIoT (Industrial Internet of Things) can anticipate machine failures during mining, reducing downtimes.
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Within the next five years, several mining organizations are expected to digitize at least some aspects of their operations using operational intelligence systems. Wireless monitoring mining systems digitizes assets with real time performance tracking and connects large number of sensors, eliminating the need for wired monitoring.
Furthermore, increasing investments in predictive maintenance for full integration of network, continuous monitoring and reduced downtimes is fuelling the market demand for smart technologies in the mining industry.
Key Takeaways:
By technology solution, the blockchain-based metal trading platform segment is estimated to grow at a robust CAGR of 17.5% through 2032.
By application, the risk & compliance management segment is anticipated to increase at a CAGR of 16.6% between 2022 & 2032.
North America region is dominating smart mining technologies market followed by Europe region in 2022. South Asia & Pacific is estimated as the fastest growing region during the forecast period.
The market in U.S. is expected to progress at a CAGR of around 10.0% through 2032.
In India, smart mining technologies market is expected to grow by 7.6X during the forecast period.
Smart mining technologies market in China is estimated to witness the absolute opportunity of US$ 447.3 Mn in the forecast period.
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Smart Mining Technologies Market by Category
By Technology Solution:
AI/ML-enabled Supply Chain Management
Mining Analytics Platform
Blockchain-based Metal Trading Platform
Emissions Management Software
Others
By Application:
Risk & Compliance Management
Mining Operations & Process Control
Mining Data Warehousing
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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