According to the new research report titled “Smart Mining Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the market is expected to reach US$ 23,055.4 million by 2028, registering a CAGR of 13.3% from 2021 to 2028.
Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enables mining operators to track operational properties, such as dams, to overcome the risk associated with the mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.
Increasing demand for minerals and metals leads to growing need for the expansion of mining activities that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increasing concerns about safety and security, and growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared with the traditional mining technology.
Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operations. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services. The introduction of IIoT helps attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market that adds to the safety of miners on-site.
North America is known to adopt the highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people’s reluctance about joining the work floors, governments of several countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
The global smart mining market is segmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific accounted for the largest market in 2019 and is expected to maintain its dominance during the forecast period. Metals and minerals extracted from the region are transported to a large number of manufacturing hubs in South and East Asia, creating the world’s technologically sophisticated manufacturing region and also supporting the world’s construction. The smart mining industry in APAC is mainly driven by the rising demand for technological equipment, coupled with the pressing infrastructure needs of miners.
In North America, the US mining industry was benefited from the global increase in commodity prices, which increased its total output value of non-fuel minerals. Due to mines and processing facilities remaining idle or permanently shuttered due to the COVID-19 outbreak, the US experienced a reduced total output value of metals in 2020. Drilling activities have decreased across the US, resulting in a drop in output of several industrial mineral products. Although the US is seeing a minor drop in output, the rise in global commodity prices has allowed it to retain a steady industry.
Reasons to Buy
Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enables mining operators to track operational properties, such as dams, to overcome the risk associated with the mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.
Increasing demand for minerals and metals leads to growing need for the expansion of mining activities that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increasing concerns about safety and security, and growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared with the traditional mining technology.
Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operations. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services. The introduction of IIoT helps attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market that adds to the safety of miners on-site.
North America is known to adopt the highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people’s reluctance about joining the work floors, governments of several countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
Key Findings of Study:
The global smart mining market is segmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific accounted for the largest market in 2019 and is expected to maintain its dominance during the forecast period. Metals and minerals extracted from the region are transported to a large number of manufacturing hubs in South and East Asia, creating the world’s technologically sophisticated manufacturing region and also supporting the world’s construction. The smart mining industry in APAC is mainly driven by the rising demand for technological equipment, coupled with the pressing infrastructure needs of miners.
In North America, the US mining industry was benefited from the global increase in commodity prices, which increased its total output value of non-fuel minerals. Due to mines and processing facilities remaining idle or permanently shuttered due to the COVID-19 outbreak, the US experienced a reduced total output value of metals in 2020. Drilling activities have decreased across the US, resulting in a drop in output of several industrial mineral products. Although the US is seeing a minor drop in output, the rise in global commodity prices has allowed it to retain a steady industry.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global smart mining market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global smart mining market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction1.1 Study Scope1.2 The Publisher's Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Smart Mining Market Landscape4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia Pacific - PEST Analysis
4.2.4 Middle East and Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Smart Mining Market - Key Market Dynamics5.1 Market Drivers
5.1.1 The growing need to keep the workforce safe
5.1.2 Ensuring data security
5.1.3 Growth in mining projects
5.2 Market Restraints
5.2.1 Stringent government regulations concerning greenhouse effect, air and environment effect
5.3 Market Opportunities
5.3.1 The Mining Technological Advancement Across the World is Leading to the Adoption of Various Automated Mining Equipment
5.4 Future Trends
5.4.1 Rapid Adoption of Industrial Internet of Things (IIoT), Transforming the Mining Sector to be More Productive and Sustainable
5.5 Impact Analysis of Drivers and Restraints
6. Smart Mining - Global Market Analysis6.1 Smart Mining Market Overview
6.2 Smart Mining Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Smart Mining Market - By Component7.1 Overview
7.2 Smart Mining Market Breakdown, by Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
7.3.3 RFID Tags
7.3.3.1 Overview
7.3.3.2 RFID Tags Market Forecast and Analysis
7.3.4 Sensors
7.3.4.1 Overview
7.3.4.2 Sensors Market Forecast and Analysis
7.3.5 Intelligent Systems
7.3.5.1 Overview
7.3.5.2 Intelligent System Market Forecast and Analysis
7.3.6 Others
7.3.6.1 Overview
7.4 Software and Solutions
7.4.1 Overview
7.4.2 Software & Solutions: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
7.4.3 Logistics Software
7.4.3.1 Overview
7.4.3.2 Logistics Software Market Forecast and Analysis
7.4.4 Data and Operation Management
7.4.4.1 Overview
7.4.4.2 Data and Operation Management Market Forecast and Analysis
7.4.5 Safety and Security Systems
7.4.5.1 Overview
7.4.5.2 Safety and Security Systems Market Forecast and Analysis
7.4.6 Connectivity Solutions
7.4.6.1 Overview
7.4.6.2 Connectivity Solutions Market Forecast and Analysis
7.4.7 Analytics Solutions
7.4.7.1 Overview
7.4.7.2 Analytics Solutions Market Forecast and Analysis
7.4.8 Remote Management Solutions
7.4.8.1 Overview
7.4.8.2 Remote Management Solutions Market Forecast and Analysis
7.4.9 Asset Management Solutions
7.4.9.1 Overview
7.4.9.2 Asset Management Solutions Market Forecast and Analysis
7.5 Services
7.5.1 Overview
7.5.2 Services: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
8. Smart Mining Market - By Mining Type8.1 Overview
8.2 Smart Mining Market Breakdown, by Mining Type (2020 and 2028)
8.3 Underground Mining
8.3.1 Overview
8.3.2 Underground Mining: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Surface Mining
8.4.1 Overview
8.4.2 Surface Mining: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9. Smart Mining Market - Geographic Analysis9.1 Overview
9.2 North America: Smart Mining Market
9.2.1 North America: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America: Smart Mining Market, by Component
9.2.3 North America: Smart Mining Market, by Mining Type
9.2.4 North America: Smart Mining Market, by Key Country
9.2.4.1 US: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US: Smart Mining Market, by Component
9.2.4.1.2 US: Smart Mining Market, by Hardware
9.2.4.1.3 US: Smart Mining Market, by Software and Solution
9.2.4.1.4 US: Smart Mining Market, by Mining Type
9.2.4.2 Canada: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada: Smart Mining Market, by Component
9.2.4.2.2 Canada: Smart Mining Market, by Hardware
9.2.4.2.3 Canada: Smart Mining Market, by Software and Solution
9.2.4.2.4 Canada: Smart Mining Market, by Mining Type
9.2.4.3 Mexico: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico: Smart Mining Market, by Component
9.2.4.3.2 Mexico: Smart Mining Market, by Hardware
9.2.4.3.3 Mexico: Smart Mining Market, by Software and Solution
9.2.4.3.4 Mexico: Smart Mining Market, by Mining Type
9.3 Europe: Smart Mining Market
9.3.1 Europe: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe: Smart Mining Market, by Component
9.3.3 Europe: Smart Mining Market, by Mining Type
9.3.4 Europe: Smart Mining Market, by Key Country
9.3.4.1 Germany: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 Germany: Smart Mining Market, by Component
9.3.4.1.2 Germany: Smart Mining Market, by Hardware
9.3.4.1.3 Germany: Smart Mining Market, by Software and Solution
9.3.4.1.4 Germany: Smart Mining Market, by Mining Type
9.3.4.2 France: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 France: Smart Mining Market, by Component
9.3.4.2.2 France: Smart Mining Market, by Hardware
9.3.4.2.3 France: Smart Mining Market, by Software and Solution
9.3.4.2.4 France: Smart Mining Market, by Mining Type
9.3.4.3 Italy: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 Italy: Smart Mining Market, by Component
9.3.4.3.2 Italy: Smart Mining Market, by Hardware
9.3.4.3.3 Italy: Smart Mining Market, by Software and Solution
9.3.4.3.4 Italy: Smart Mining Market, by Mining Type
9.3.4.4 UK: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 UK: Smart Mining Market, by Component
9.3.4.4.2 UK: Smart Mining Market, by Hardware
9.3.4.4.3 UK: Smart Mining Market, by Software and Solution
9.3.4.4.4 UK: Smart Mining Market, by Mining Type
9.3.4.5 Russia: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia: Smart Mining Market, by Component
9.3.4.5.2 Russia: Smart Mining Market, by Hardware
9.3.4.5.3 Russia: Smart Mining Market, by Software and Solution
9.3.4.5.4 Russia: Smart Mining Market, by Mining Type
9.3.4.6 Rest of Europe: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe: Smart Mining Market, by Component
9.3.4.6.2 Rest of Europe: Smart Mining Market, by Hardware
9.3.4.6.3 Rest of Europe: Smart Mining Market, by Software and Solution
9.3.4.6.4 Rest of Europe: Smart Mining Market, by Mining Type
9.4 APAC: Smart Mining Market
9.4.1 APAC: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.2 APAC: Smart Mining Market, by Component
9.4.3 APAC: Smart Mining Market, by Mining Type
9.4.4 APAC: Smart Mining Market, by Key Country
9.4.4.1 Australia: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 Australia: Smart Mining Market, by Component
9.4.4.1.2 Australia: Smart Mining Market, by Hardware
9.4.4.1.3 Australia: Smart Mining Market, by Software and Solution
9.4.4.1.4 Australia: Smart Mining Market, by Mining Type
9.4.4.2 China: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 China: Smart Mining Market, by Component
9.4.4.2.2 China: Smart Mining Market, by Hardware
9.4.4.2.3 China: Smart Mining Market, by Software and Solution
9.4.4.2.4 China: Smart Mining Market, by Mining Type
9.4.4.3 India: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 India: Smart Mining Market, by Component
9.4.4.3.2 India: Smart Mining Market, by Hardware
9.4.4.3.3 India: Smart Mining Market, by Software and Solution
9.4.4.3.4 India: Smart Mining Market, by Mining Type
9.4.4.4 Japan: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 Japan: Smart Mining Market, by Component
9.4.4.4.2 Japan: Smart Mining Market, by Hardware
9.4.4.4.3 Japan: Smart Mining Market, by Software and Solution
9.4.4.4.4 Japan: Smart Mining Market, by Mining Type
9.4.4.5 South Korea: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 South Korea: Smart Mining Market, by Component
9.4.4.5.2 South Korea: Smart Mining Market, by Hardware
9.4.4.5.3 South Korea: Smart Mining Market, by Software and Solution
9.4.4.5.4 South Korea: Smart Mining Market, by Mining Type
9.4.4.6 Rest of APAC: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.6.1 Rest of APAC: Smart Mining Market, by Component
9.4.4.6.2 Rest of APAC: Smart Mining Market, by Hardware
9.4.4.6.3 Rest of APAC: Smart Mining Market, by Software and Solution
9.4.4.6.4 Rest of APAC: Smart Mining Market, by Mining Type
9.5 MEA: Smart Mining Market
9.5.1 MEA: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Smart Mining Market, by Component
9.5.3 MEA: Smart Mining Market, by Mining Type
9.5.4 MEA: Smart Mining Market, by Key Country
9.5.4.1 South Africa: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Smart Mining Market, by Component
9.5.4.1.2 South Africa: Smart Mining Market, by Hardware
9.5.4.1.3 South Africa: Smart Mining Market, by Software and Solution
9.5.4.1.4 South Africa: Smart Mining Market, by Mining Type
9.5.4.2 Saudi Arabia: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 Saudi Arabia: Smart Mining Market, by Component
9.5.4.2.2 Saudi Arabia: Smart Mining Market, by Hardware
9.5.4.2.3 Saudi Arabia: Smart Mining Market, by Software and Solution
9.5.4.2.4 Saudi Arabia: Smart Mining Market, by Mining Type
9.5.4.3 UAE: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 UAE: Smart Mining Market, by Component
9.5.4.3.2 UAE: Smart Mining Market, by Hardware
9.5.4.3.3 UAE: Smart Mining Market, by Software and Solution
9.5.4.3.4 UAE: Smart Mining Market, by Mining Type
9.5.4.4 Rest of MEA: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Rest of MEA: Smart Mining Market, by Component
9.5.4.4.2 Rest of MEA: Smart Mining Market, by Hardware
9.5.4.4.3 Rest of MEA: Smart Mining Market, by Software and Solution
9.5.4.4.4 Rest of MEA: Smart Mining Market, by Mining Type
9.6 SAM: Smart Mining Market
9.6.1 SAM: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Smart Mining Market, by Component
9.6.3 SAM: Smart Mining Market, by Mining Type
9.6.4 SAM: Smart Mining Market, by Key Country
9.6.4.1 Brazil: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Smart Mining Market, by Component
9.6.4.1.2 Brazil: Smart Mining Market, by Hardware
9.6.4.1.3 Brazil: Smart Mining Market, by Software and Solution
9.6.4.1.4 Brazil: Smart Mining Market, by Mining Type
9.6.4.2 Argentina: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Argentina: Smart Mining Market, by Component
9.6.4.2.2 Argentina: Smart Mining Market, by Hardware
9.6.4.2.3 Argentina: Smart Mining Market, by Software and Solution
9.6.4.2.4 Argentina: Smart Mining Market, by Mining Type
9.6.4.3 Rest of SAM: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 Rest of SAM: Smart Mining Market, by Component
9.6.4.3.2 Rest of SAM: Smart Mining Market, by Hardware
9.6.4.3.3 Rest of SAM: Smart Mining Market, by Software and Solution
9.6.4.3.4 Rest of SAM: Smart Mining Market, by Mining Type
10. Impact Of COVID-19 Pandemic10.1 Impact of COVID-19 Pandemic on Global Smart Mining Market
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
10.1.2 Europe: Impact Assessment of COVID-19 Pandemic
10.1.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.1.5 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles12.1 ABB Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Alastri
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Caterpillar Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hexagon AB
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Intellisense.io
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Hitachi, Ltd.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 MineSense
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 SWOT Analysis
12.7.5 Key Developments
12.8 Rockwell Automation, Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 SAP SE
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Trimble Inc.
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix13.1 About the Publisher
13.2 Word Index
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- Alastri
- Atlas Copco
- Caterpillar Inc.
- Cisco Systems Inc.
- Hexagon AB
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Mining Corporation
- Rockwell Automation, Inc.
- Trimble
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 181 |
| Published | July 2021 |
| Forecast Period | 2020 - 2028 |
| Estimated Market Value ( USD | $ 9334.5 Million |
| Forecasted Market Value ( USD | $ 23055.4 Million |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
