Press release
The Rising Demand For Digitalization Fuels Growth In The Connected Mining Market: An Emerging Driver Transforming The Connected Mining Market Landscape
Connected Mining
What Is the Projected Growth of the Connected Mining Market?
The market size of connected mining has seen a fast-paced expansion in the past few years. The projections indicate a rise from $15.31 billion in 2024 to $17.37 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 13.4%. The unprecedented growth during the historic era can be correlated with factors like heightened demand for resource extraction, progress in sensor technologies, pressures to cut costs, necessities for remote monitoring, and control needs, along with safety and environmental standards.
In the coming years, the size of the connected mining market is anticipated to surge. With a compound annual growth rate (CAGR) of 16.0%, it's projected to reach $31.45 billion by 2029. This predicted growth within the forecast period can be attributed to a heightened emphasis on sustainability and ESG practices, increasing energy costs, rising environmental concerns, and growing demand for minerals and metals. There is also a necessity for enhanced safety and efficiency. Key trends for this period encompass the utilization of digital twin technology in mining operations, edge computing for instantaneous data processing, the introduction of robotics and automation in mining procedures, blockchain for secure and transparent transactions, and the usage of cloud-based platforms for joint mining operations.
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What Are the Different Connected Mining Market Segments?
The connected mining market covered in this report is segmented -
1) By Component: Solution, Services
2) By Mining Type: Surface, Underground
3) By Deployment Mode: On-premises, Cloud
4) By Application: Exploration, Processing and Refining, Transportation
Subsegments:
1) By Solution: Asset Tracking And Optimization, Industrial Safety And Security, Analytics And Reporting, Process Control, Operational Performance, Quality Optimization Solutions
2) By Services: Professional Services, Managed Services
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What Are the Primary Drivers Shaping the Connected Mining Market?
The connected mining market is expected to be driven by the growing requirement for digitalization. Digitalization, which signifies a shift to a digital business model, incorporates the use of advanced technologies to modify business models and create new income and value opportunities. In essence, it equates to employing cutting-edge technology like mixed reality, automation, IoT-driven temperature sensors, and more in connected mining. As an example, data from the International Business Machines Corporation (IBM), an American technology company, indicates that worldwide, 35% of businesses used AI in 2022, representing a 4% increase on 2021 figures. Moreover, the adoption of AI in organizations went up by 13% in 2022 relative to 2021. Consequently, this growing requirement for digitalization is contributing to the expansion of the connected mining market.
Which Companies Are Leading in the Connected Mining Market?
Major companies operating in the connected mining market include 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., MST Global Pty Ltd., Fluidmesh Networks LLC, Swift Navigation Inc., MineSense Technologies Ltd., Micromine Pty Ltd.
What Are the Major Trends Shaping the Connected Mining Market?
Leading firms in the connected mining market are giving priority to digital technology improvements, including IoT and data analytics, in order to optimize operational effectiveness, safety, and sustainability in mining practices. ABB Care for Hoisting, a service offering from ABB, focuses on improving the performance and availability of mining hoisting systems and reducing downtime through sophisticated services and digital solutions. For instance, in September 2024, ABB Ltd., an automation company based in Switzerland, introduced new service packages: ABB Care for Mining Automation and ABB Care for Hoisting. These solutions aim to shift mining operations from traditional reactive maintenance to more proactive measures, thus boosting productivity, enhancing operational wellbeing, and reducing downtime. ABB's Care framework provides operations with proactive and preventive services to ensure seamless and efficient functioning.
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What Are the Top Revenue-Generating Geographies in the Connected Mining Market?
North America was the largest region in the connected mining market in 2024.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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Connected Mining Market?
2. What is the CAGR expected in the Connected Mining Market?
3. What Are the Key Innovations Transforming the Connected Mining Industry?
4. Which Region Is Leading the Connected Mining Market?
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