Smart Mining Market At a CAGR of 16.3% Forecasting Growth by 2027

Primary Drivers of Market Growth:

Enhanced focus on the safety and health of miners, increased adoption of advanced technologies, and a rising demand for automation in mining equipment have propelled the expansion of the global smart mining market. Conversely, the growing application of environmental regulations in the mining industry and initiatives undertaken by governments and mining companies are anticipated to generate lucrative opportunities in the near future.

The global smart mining market size was valued at $9.3 billion in 2019 and is expected to reach $23.4 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027.

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The surface mining operations mainly benefit by utilizing the autonomous robotic fleet used for loading, hauling & dumping (LHD) operations. In addition, increased awareness regarding harsh influences of mining atmospheres caused by UV radiations, noise, dust, chemical hazards, poisonous gases, and others on the mine workers drives the dependency on robotic equipment. The robotic equipment allows remotely controlled operations, which eliminate the exposure of these polluted environment on workers. This acts as one of the major driving factors for the global smart mining market growth.

The involvement of analytics solutions by the U.S.-based software provider Cognizant increased the output of the mine by 8%. In addition, the equipment and mining parts on-time delivery was more than 95%, and the mean time to resolve (MTTR) breaches in services reduced by 5%. The recognition of these advantages can motivate the mining companies to introduce various smart technologies & services in the operations.

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Dominance of Surface Mining Segment:

In terms of type, the surface mining segment emerged as the market leader in 2019, contributing to approximately two-thirds of the global smart mining market. Furthermore, this segment is poised to achieve the highest compound annual growth rate (CAGR) of 13.3% during the forecast period. This can be attributed to the implementation of automation systems, such as autonomous haulage systems in open-pit mines, aimed at providing cost reduction benefits to mining operations.

Preeminence of Automated Equipment Segment:

The automated equipment segment took precedence in the market in 2019, accounting for over two-thirds of the global smart mining market. This dominance is attributed to the improved productivity and reduced operational costs resulting from the adoption of automated equipment. However, the component segment is projected to exhibit the highest CAGR of 14.0% during the study period, owing to the ease of implementation.

Leadership of Asia-Pacific and North America:

In 2019, the global smart mining market was predominantly led by Asia-Pacific, followed closely by North America, collectively contributing to over one-third of the market. This dominance is driven by extensive mining operations in these regions. Nonetheless, the market in LAMEA is expected to witness the fastest CAGR of 14.2% during the forecast period. The abundant mineral resources in Africa and Latin America attract significant mining activities, prompting mining companies to introduce new technologies for mineral extraction at lower investment costs, thereby fostering market growth in the region.

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Top Players:
The key players in this market adopted product launch and product development as their key strategies to cater to the increase in consumer demands. Furthermore, they launched energy-effective smart mining of different types and categories to strengthen their market position. The key players profiled in this report include ABB Ltd., Rockwell Automation, Inc., Komatsu Ltd., Trimble Navigation Limited, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Robert Bosch GmbH, Sandvik AB, Cisco Systems, Inc., and Hexagon AB.

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