Press release
Connected Mining Market Size, Share, Business Opportunities And Forecast To 2032
Connected Mining Market Analysis
The Business Research Company's Connected Mining Global Market Report 2023 identifies Increasing demand for digitalization as the major driver for the connected mining market's growth in the forecast period. Digitalization is the transition to a digital business that involves the use of digital technologies to alter a business model and offer new revenue and value-producing opportunities. Digitalization in connected mining involves the usage of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, and others.
The global connected mining market size grew from $12.24 billion in 2022 to $14.12 billion in 2023, at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The connected mining market size is expected to grow to $24.63 billion in 2027 at a CAGR of 14.9%.
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Major competitors in the connected mining market are ABB, IBM, SAP SE, Cisco Systems Inc., Schneider Electric, Komatsu Ltd., Hexagon AB, Hitachi Ltd.
A key trend in the connected mining market includes technological advancement. Major companies operating in the market are developing new technologies, such as smart monitoring systems that are connected to cloud servers, to sustain their position in the market. For instance, in September 2021, Hexagon AB, a Sweden-based provider of information technology solutions, introduced Power of One a life-of-mine smart solution that connects sensors, software, and infield apps. This helps to connect the mine to the boardroom through a single onboard ecosystem comprising a smart computer, an antenna, and a display. By using cloud servers mine data is automatically stored in the systems and can be easily accessible. It also reduces the complexity of the supply chain and increases operator adoption.
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The connected mining market is segmented -
1) By Component: Solution, Services
2) By Service: Professional Services, Managed Services
3) By Solution: Asset Tracking and Optimization, Industrial Safety and Security, Analytics and Reporting, Process Control, Operational Performance, Quality Optimization Solutions
4) By Automated Equipment: Driller and Breaker, Load Haul Dump, Mining Excavator, Robotic Truck
5) By End Users: Engineering and Maintenance, Consulting Services, Production Training Service, Implementation and integration Service
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the connected mining market.
The Business Research Company's "Global Connected Mining Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Connected Mining Market Include:
1. Executive Summary
2. Connected Mining Market Characteristics
3. Connected Mining Market Trends And Strategies
4. Connected Mining Market - Macro Economic Scenario
5. Connected Mining Market Size And Growth
……..
26. Africa Connected Mining Market
27. Connected Mining Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Connected Mining Market
29. Connected Mining Market Future Outlook and Potential Analysis
30. Appendix
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