According to the latest report by IMARC Group, titled “Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global smart mining market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 17.77% during 2022-2027.
Smart mining represents the automation of the mining process utilizing advanced solutions, including cloud, 3D imaging, modeling software, automated equipment, hardware, etc. It assists in providing real-time visibility of equipment conditions, minimizing downtime, eliminating maintenance costs, reducing operational pressure, etc. As a result, smart mining also ensures data security and long-term maintenance of critical assets, due to which it is gaining traction across the globe.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Smart Mining Market Trends:
As conventional mining practices involve continuous exposure of the workers to ultra-violet (UV) rays, dust, noise, chemicals, etc., which causes severe health problems, there is a rise in demand for smart mining. Moreover, it is integrated with the autonomous fleet, remote-controlled equipment, and ventilation solutions to offer safe working conditions and enhance operational productivity. This, in turn, is acting as another growth-inducing factor. In addition to this, the implementation of novel technologies to ensure better quality production and the increasing adoption of price-cutting schemes in the mining industry are further catalyzing the product demand. Additionally, the growing environmental concerns, continuous technological advancements, and the implementation of stringent regulations by government bodies to control greenhouse gas emissions and air pollution are anticipated to drive the smart mining market in the coming years.
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Smart Mining Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- ABB Ltd
- Caterpillar Inc
- Cisco Systems Inc
- Hexagon AB
- Hitachi Ltd
- Komatsu Ltd
- Robert Bosch GmbH
- Rockwell Automation Inc
- Sandvik AB
- SAP SE
- Trimble Inc
The report has segmented the market on the basis on region, type, component, automated equipment.
Breakup by Type:
- Underground Mining
- Surface Mining
Breakup by Component:
- RFID Tags
- Intelligent System
- Data and Operation Management Software
- Safety and Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote Management and Logistics Solutions
- Asset Management Solutions
- Support and Maintenance
- System Integration
- Consulting Services
Breakup by Automated Equipment:
- Robotic Truck
- Driller and Breaker
- Load Haul Dump
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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