Press release
Smart Mining Market Size Worth US$ 29.2 Billion by 2028 | CAGR 17.3%
Smart Mining Market
Report Highlights
How big is the smart mining market?
The global smart mining market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2028, exhibiting a growth rate (CAGR) of 17.3% during 2023-2028.
What is smart mining?
Smart mining is an innovative approach that employs various technologies to streamline mining operations while enhancing safety, reducing operational costs, and boosting productivity. It can be tracked remotely and in real-time by utilizing cloud computing technology, 3D imaging software, and automated hardware and equipment. In addition, it leverages remote-controlled robotic equipment, known as telerobotic mining, for mineral and metal extraction, thus minimizing the risks to miners. As a result, smart mining finds extensive applications in underground and open-cast mining operations across the globe.
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What are the growth prospects and trends in the smart mining industry?
The smart mining market is primarily driven by the increasing adoption of autonomous equipment in mining operations due to the rising awareness about various chemical hazards, ground instability, and UV exposure that can cause serious health problems among mine workers. Moreover, the rising use of the Internet of Things (IoT) to develop digital solutions for underground wireless networks and connected mines is positively influencing market growth.
Additionally, the implementation of stringent government regulations to control emissions and air pollution has catalyzed market growth. Furthermore, ongoing product innovations, such as the development of autonomous fleets, remote-controlled equipment, and ventilation solutions that offer improved safety conditions for workers, are contributing to the market growth. Other factors, including extensive research and development (R&D) activities, rising focus on worker safety, the emergence of Mining 4.0, and rapid industrialization, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Underground Mining
Surface Mining
Breakup by Component:
Hardware
Sensors
RFID Tags
Intelligent Systems
Others
Software
Data and Operation Management Software
Safety and Security Systems
Connectivity Solutions
Analytics Solutions
Remote Management and Logistics Solutions
Asset Management Solutions
Services
Support and Maintenance
System Integration
Consulting Services
Breakup by Automated Equipment:
Excavator
Robotic Truck
Driller and Breaker
Load Haul Dump
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd
Caterpillar Inc
Cisco Systems Inc
Hexagon AB
Hitachi Ltd
Komatsu Ltd
Robert Bosch GmbH
Rockwell Automation Inc
Sandvik AB
SAP SE
Trimble Inc.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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