Press release
Connected Mining Market Growth Accelerates: Strategic Forecast Predicts $31.45 Billion by 2029
Connected Mining
What Will the Connected Mining Industry Market Size Be by 2025?
The market size of connected mining has witnessed a fast-paced expansion in the past few years. It's projected to expand from $15.31 billion in 2024 to $17.37 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%. The surge in growth during the historical period is due to the escalating demand for resource extraction, advancements in sensor technology, the need to reduce costs, the necessity for remote monitoring and control, as well as safety and environmental regulations.
What's the Long-Term Growth Forecast for the Connected Mining Market Size Through 2029?
The market for connected mining is projected to witness a significant growth spurt in the upcoming years, with the market size forecasted to reach $31.45 billion in 2029, growing at a compound annual growth rate (CAGR) of 16.0%. Factors contributing to this projected surge in the forecasted period include heightened emphasis on sustainable and ESG practices, increasing energy expenditures and environmental issues, escalating demand for minerals and metals, and the requirement for enhanced safety and productivity. Key trends for the forecasting period encompass the implementation of digital twin technology in mining operations, the use of edge computing for real-time data manipulation, incorporation of robotics and automation in mining procedures, usage of blockchain for ensuring transparent and secure dealings, and the adoption of cloud-based platforms for facilitating collaborative mining operations.
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What Are the Key Growth Drivers Fueling the Connected Mining Market Expansion?
The surge in demand for a digital transformation is anticipated to fuel the expansion of the connected mining market in the future. Digital transformation represents the transition into a digital business, leveraging digital technologies to change a business model and create new opportunities for revenue and value. This transformation within connected mining implies the application of cutting-edge technology like mixed reality, automation, IoT-driven temperature sensors, among others. As an illustration, in May 2022, the International Business Machines Corporation (IBM), an American technology firm, reported that globally, 35% of businesses had adopted artificial intelligence (AI) in 2022, marking a 4% rise from 2021. Moreover, there was a 13% climb in organizations adopting AI in 2022 compared to the previous year. Consequently, the escalating demand for digital transformation is enhancing the growth of the connected mining market.
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What Are the Key Trends Driving Connected Mining Market Growth?
Leading firms in the connected mining market are focusing on the progression of digital technologies, including IoT and data analytics, to improve operational effectiveness, safety, and sustainability in mining ventures. ABB Care for Hoisting, an offering from ABB, is a forward-thinking maintenance service developed to improve the efficiency and reliability of mining hoisting systems, while minimizing downtime through state-of-the-art services and digital technologies. For example, in September 2024, Switzerland-based automation firm ABB Ltd., introduced a new set of services named ABB Care for Mining Automation and ABB Care for Hoisting. These services aim to transition mining operations from conventional reactive maintenance to more anticipatory solutions, improving productivity and operational well-being while reducing downtime. The Care framework from ABB provides proactive and preventive services to ensure smooth and efficient functioning of operations.
How Is the Connected Mining Market Segmented?
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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Which Companies Are Leading the Charge in Connected Mining Market Innovation?
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.
Which Regions Are Leading the Global Connected Mining Market in Revenue?
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
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