Global Smart Mining Market - Segmented by Solution (Smart Control Systems, Smart Asset Management, Safety and Security Systems, Data Management etc.), Service Type, Mining Type, and Region - Growth, Trends and Forecasts (2018 - 2023)

  • ID: 4703444
  • Report
  • Region: Global
  • 135 pages
  • Mordor Intelligence
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The global smart mining market was valued at 4,860 million in 2017, and is expected to reach USD 13,960 million by 2023, registering a CAGR of 19.7% over the forecast period of 2018-2023.

Mining is a labor-intensive activity that needs to take under consideration various safety concerns. Smart mining refers to the optimal usage of technology, to achieve higher safety and productivity with minimal costs, within the mines. The incorporation of holistic ICT solutions for the industrial segment as a whole, offering a much-enhanced operational efficiency, productivity, and connectivity, enabling a safe working environment for the mining employees, are some major factors that are expected to help the smart mining market scale up positively over the forecast period.

Increasing IoT Penetration to Open Avenues in the Future

Mining automation is a key factor in mining innovation, where the Internet of Things is the chief architect for the automation. By enabling the Internet of Things, miners could increase the benefits further than mining automation and enhance the information technology’s products and services. The need for innovation in the mining industry is on the rise, and IoT is making its way into mining plants.

Generally, mining companies have been followers and late adopters on the technology front, whereas, recently they have made massive headways towards establishing themselves as technological innovators. At present, the pace of technology-driven change has increased due to various factors, such as capital availability, geographical dispersion of key operations, large differences in fundamental equipment and control technologies, managerial conservatism, and the inherent complexity of certain operations. In such a scenario, the investment in IoT helps reduce energy expenditure and maintenance costs. Furthermore, it provides an efficient process where all the parts involved in the mining operation are monitored continuously. With this, it leads to a reduction in the expenditure on workers, which allows the industry to become profitable.

North America Holds the Largest share

The discovery of shale formations and the global dependency on oil & gas resources, has created an unprecedented pace in the development of mining activities, especially in the oil & gas sector. With the changing supply structure, proper infrastructure development to ensure the efficient delivery of these supplies is crucial. Adequate infrastructure leads to the smooth functioning of the industry in the market. A strong demand for base and precious metals has driven the exploration, expansion, and growth of the metals & mining industry in North America.

The latest technological breakthroughs have aided the advancement of new smart mining systems, which can make the overall processes more efficient and can significantly improve accuracy in various services and solutions. A series of mergers and acquisitions have been taking place in the United States, to take advantage of this opportunity. The major driver for investments has been the continuous evolution and application of new technologies, which were previously considered non-commercial. Owing to these series of investments, smart assets, smart logistics, and smart safety & security systems are in place, and the US smart mining market is poised to boom over the next five years. The increasing investment on ICT, enhanced safety of mineworkers, and fluctuating commodity prices are the factors leading to the growth of the US smart mining market during the forecast period.

Fastest Adoption of Smart Mining Technology in Underground Mines

Smart mining solutions play a key role in underground mining. Smart marking systems are helpful in collecting data about flow of the ore, feasible areas of extraction, and potential dilutions in the mine. This kind of data is helpful for mining organizations to draw feasible strategies, in order to maximize the ore recovery. Ventilation plays a huge role in underground mining. Owing to the increasingly high rate of ventilation solutions developed by the vendors in the market, the deployment of smart solutions is increasing. Safety concern of miners has been the main reason behind the minimal intrusion of smart mining methods in underground mining, as the lack of proper ventilation techniques can result in difficult conditions for the workforce, and thereby affect the productivity of the mining operation. The evolution of smart mining techniques is suited to ease the process of extraction, by performing preliminary analysis of the geo-specific data, collected by automated vehicles. The continuous tracking of the vehicle movement for delivery and other applications is monitored and controlled, which drastically reduces the possibility of accidents.

Major Players: Cisco Systems Inc., Wenco International Mining Systems Ltd, Sap Se, Rockwell Automation, Komatsu Mining Corporation, Symboticware Inc., Abb Ltd, Trimble Inc., Ibm Corporation, Atlas Copco, Outotec Oyj, Hexagon Ab, And Intellisense Io among others.

Key Developments in the Market
  • Apr 2017 - Cisco announced a planned series of initiatives in Kazakhstan, to help accelerate the country’s digital transformation, over the next three years. Cisco is working to help improve the safety of the mining industry in Kazakhstan, by developing a collision avoidance system. The system provides an early warning indication for mining vehicles, to alert drivers of nearby vehicles and workers. In addition, Cisco is working with Kazatomprom, a national mining operator, to develop a Convergent Digital Mine Network that will connect previously separate networks for voice collaboration, industrial and automation control, and office control
  • Mar 2017 - Gekko Systems and Rockwell Automation signed a Memorandum of Understanding (MoU) to develop software solutions that will assist mining customers across the globe, to account for metal content in the various stages of ore processing plants and provide the analytical capability to audit and improve operating performance.
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1. Introduction
1.1 Scope of the Study
1.2 Executive Summary

2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases

3. Market Insights
3.1 Market Overview
3.2 Porter’s Five Forces Analysis
3.3 Value Chain Analysis

4. Market Dynamics
4.1 Introduction
4.2 Factors Driving the Market
4.2.1 Growing Focus On Safety And Health
4.2.2 Increasing Penetration of Internet of Things (Iot) Solutions in Mining
4.3 Factors Challenging the Market
4.3.1 Lack Of Qualified and Highly- Skilled Labor
4.3.2 Challenging Equipment Management

5. Segmentation
5.1 By Solution Type
5.1.1 Smart Control System
5.1.2 Smart Asset Management
5.1.3 Safety & Security System
5.1.4 Data Management and Analytics Software
5.1.5 Monitoring System
5.2 By Service Type
5.2.1 System Integration
5.2.2 Consulting
5.2.3 Engineering & Maintenance

6. Segmentation By Mining type
6.1 Underground Mining
6.2 Surface Mining

7. Segmentation By Region
7.1 North America
7.2 Europe
7.3 Asia-Pacific
7.4 Latin America
7.5 Middle East & Africa

8. Key Vendor Profiles
8.1 Cisco Systems Inc.
8.2 Wenco International Mining Systems Ltd
8.3 Sap SE
8.4 Rockwell Automation
8.5 Komatsu Mining Corporation (Joy Global)
8.6 Symboticware Inc.
8.7 ABB Ltd
8.8 Trimble Inc.
8.9 IBM Corporation
8.10 Atlas Copco
8.11 Outotec OYJ
8.12 Hexagon AB
8.13 Intellisense.IO

9. Investment Analysis

10. Future of the Market
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  • Cisco Systems Inc.
  • Wenco International Mining Systems Ltd
  • Sap SE
  • Rockwell Automation
  • Komatsu Mining Corporation (Joy Global)
  • Symboticware Inc.
  • ABB Ltd
  • Trimble Inc.
  • IBM Corporation
  • Atlas Copco
  • Outotec OYJ
  • Hexagon AB
  • Intellisense.IO
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown