Press release
Connected Mining Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Connected Mining Market
Connected Mining Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $26.95 billion In 2028 At A CAGR Of 14.6% :
The connected mining market size has grown rapidly in recent years. It will grow from $13.66 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increased resource extraction demands, advances in sensor technologies, cost reduction pressures, remote monitoring and control needs, safety and environmental regulations.
The connected mining market size is expected to see rapid growth in the next few years. It will grow to $26.95 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to increased focus on sustainability and esg practices, rising energy costs and environmental concerns, growing demand for minerals and metals, need for improved safety and productivity, rising energy costs and environmental concerns. Major trends in the forecast period include digital twin technology in mining operations, edge computing for real-time data processing, robotics and automation in mining processes, blockchain for transparent and secure transactions, cloud-based platforms for collaborative mining operations.
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Connected Mining Market Major Segments
The connected mining market covered in this report 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
Key Driver - The Rising Demand For Digitalization Fuels Growth In The Connected Mining Market
Increasing demand for digitalization is expected to propel the growth of the connected mining market going forward. 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. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. In addition, there was a 13% increase in organizations adopting artificial intelligence (AI) in 2022 compared to 2021. Therefore, the increasing demand for digitalization is driving the connected mining market growth.
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Prominent Trend - The Rise Of Smart Monitoring Systems Revolutionizes Connected Mining
Technology advancements are a key trend gaining popularity in the connected mining market. 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 accessed. It also reduces the complexity of the supply chain and increases operator adoption.
Connected Mining Market Players
Major companies operating in the connected mining market report are ABB Ltd., International Business Machines Corporation (IBM), SAP SE, Cisco Systems Inc., Schneider Electric SE, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hexagon AB, Sandvik AB, Epiroc AB, Wenco International Mining Systems Ltd., MineWare Pty Ltd., RPMGlobal Holdings Limited, Siemens AG, Rockwell Automation Inc., Trimble Inc., OSIsoft LLC, Maptek Pty Ltd., Dassault Systèmes SE, IntelliSense. io Ltd., Motion Metrics International Corp., Thingstream Ltd., MST Global Pty Ltd., Fluidmesh Networks LLC, Swift Navigation Inc., MineSense Technologies Ltd., Micromine Pty Ltd., TrenDS
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Largest And Fastest Growing Region In The Market
North America was the largest region in the connected mining market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Connected Mining Market Report Structure
3. Connected Mining Market Trends And Strategies
4. Connected Mining Market - Macro Economic Scenario
5. Connected Mining Market Size And Growth
…..
27. Connected Mining Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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